The cross-bench peer Lord Myners has called into question Greybull’s preferred creditor status. He is also concerned about a deal made with Boeing PAA former Labour minister has demanded that the government investigate whether the former owner of Monarch Airlines has fraudulently put itself at the top of the list of creditors of the shutdown carrier. Lord Myners, who was an adviser to Gordon Brown, accused ministers and the aviation regulator of failing to understand the company’s finances. Speaking in the House of Lords, he said of Greybull Capital, the private equity firm the owned Monarch: “It has put itself in the position of being a preferred creditor. I hope the government will encourage the authorities to investigate whether that is not an issue of fraudulent preference.”Fraudulent preference is a term used in insolvency law in which one creditor has put itself in a better position than…

Source: The Times October 10, 2017 11:03 UTC