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Tuesday, 8 September 2009

Ex-Longbridge workers face payout wait

MORE than 6,000 ex-Longbridge workers face more months of waiting for four-figure payouts from the employee Trust Fund – despite the imminent release of the Government report into the collapse of MG Rover.
With Government publication of the report into the demise of Longbridge due on Friday, workers were warned today by Phoenix Venture Holdings of further lengthy delays to payments.
In a letter to MG Rover Trust Fund member Carl Chinn, fellow member and PVH non-executive director Nigel Petrie said: “I should make it clear that the completion and publication of the Department for Business, Innovation and Skills report cannot automatically trigger the disbursement of the Trust Fund.
“The process from now onwards is to settle all remaining assets and the liabilities and the directors are hopeful that once the DBIS report is published this process can be completed in a matter of months.
“Suggestions that disbursement can happen immediately fail to take into account the businesses processes involved in the liquidation of a solvent company.
“When this process is complete, the directors will resign their positions and pass the company and its assets to an insolvency practitioner who will perform what is known as a ‘members’ voluntary liquidation’ process.
“The cash generated then passes to the Trust Fund for the trustees to distribute as they see fit.”

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