PARLIAMENTARY EARLY DAY MOTION
IRON TRADES HOLDINGS (No. 2) (14 March 2001)

That this House is appalled to learn from the review by the Administrator of Chester Street Holdings Ltd., into which the Iron Trades Employers Association Ltd. dumped its pre-1990 liabilities, that the company's financial position will only afford payments of 5 per cent. of the value of each claim from its assets and that many thousands of victims of asbestos, some of whom have only a short time to live, could receive only a fraction of the compensation they are due; further notes that the pre-1972 cases will probably find that their share is completely eaten up by legal fees; calls on the insurance industry to face up to its moral responsibility and guarantee to pay in full all the victims of this debacle; and further urges the Government to take over the investigation into the company because if the administrators do it then the costs will come out of the victim's compensation.

Sponsored by:
Mr Michael Clapham (Labour)