Cabouchon

EDM number 1276 in 1997-98, proposed by DN Campbell-Savours on 30/04/1998.

That this House notes since incorporation in 1991 Cabouchon Ltd. traded profitably, increasing turnover from ú3.7 million in 1992, to ú9.8 million in 1993, ú24.6 million in 1994, and ú54.6 million in 1995; notes on 13th December 1994 Cabouchon Ltd. assigned Cabouchon's class 14 trademark, concerning jewellery and costume jewellery, exclusive of goodwill, to Tarsi Corporation NV; notes Tarsi Corporation is the off-shore parent company of Cabouchon Ltd.; notes both companies were wholly owned by Ms Petra Doring; notes that the consideration for the assignment of the trademark was for an undisclosed sum beneath the ú60,000 stamp duty threshold; understands the assignment followed tax advice in a year when Cabouchon Ltd. turned over ú54 million and believes that the assignment price was totally undervalued; understands trademark valuation enquiries fall outside the jurisdiction of a liquidator because of the assignment date; calls for a public statement from the Direct Selling Association who twice awarded Cabouchon Ltd. awards for excellence concerning possible disciplinary action; notes that Petra Doring is now seeking to re-employ the Cabouchon Ltd. sales team to sell her new range of Cabouchon International jewellery; believes that the assets of Cabouchon Ltd. and therefore its creditors should include the distribution network and the goodwill in the trademark, which are worth millions of pounds; and calls for a full Inland Revenue investigation and DTI inquiry under section 432 of the Companies Act 1985 into the price paid for Cabouchon's trademark in 1994 and a review of procedures governing the sale of trademarks to reflect their true value.

This motion has been signed by a total of 1 MPs.