Mark Pack

Just how much financial trouble are Labour in?

By | Sat 26th January 2008 - 7:50 am

Really rather a lot it would seem, at least according to this week’s Tribune:

LABOUR finance chiefs are making ‘frantic’ attempts to reschedule up to £14 million of outstanding loans amid legal warnings that the party is ‘skating on thin ice’ in its financial management.

Officers have been told in private talks with financial advisers that radical steps might have to be considered to restructure the party in order to limit the personal liabilities of its national executive committee members if finances are not brought under tighter control …

Discussions on whether the party could be faced with prospect of being forced into administration – leading to the sale of its property assets and making individual members of the NEC personally liable to creditors – have been taking place against a background of acrimonious rows with donors who are demanding their cash be returned.

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