Can't even run their own whelk stall
Labour Ltd acts to avoid debt burden - Times Online
The Labour Party is considering turning itself into a limited company so that senior figures, including Gordon Brown, can avoid being made personally liable for its spiralling debts.The drastic action is being discussed as the party struggles to stave off bankruptcy by finding new donors or persuading existing ones to hold off on repayment of their loans. ...
The Labour Party is an unincorporated association. As such “members . . . are subject to unlimited personal liability in the event of the association’s insolvency”....
Francis Maude, Shadow Minister for the Cabinet Office, said: “Labour have run their party finances in the same way that Gordon Brown ran the economy – incompetently. Now the party is mired in debt. David Pitt-Watson has already jumped off the sinking ship, how long before others follow him?”
Good to see The Times catching up with Guido et al. The question is would the debtors agree to their debts being transfered to a new company without assets. At the moment the lenders know they have Gordon by the balls, it must concentrate his mind wonderfully. If your squillions are just lent to a limited company run by sporty party youths where is the leverage?