The DfE is still seeking to recover £174,273.59 from the liquidated company Cube International, the former TT merchandise supplier which went on to collapse.
Enterprise Minister Tim Johnston confirmed the figure in Tynwald, stating the amount includes cash “owed relating to contractual commitments for the 2023 TT, plus accumulated late payment penalty clauses”.
John Wannenburgh questioned whether the situation was satisfactory, noting the time elapsed since the 2023 event.
Mr Johnston acknowledged the process has been lengthy, with the liquidator appointed in February 2024, but stated that “every available effort has been made to recover outstanding monies within the formal liquidation process”.
Recovery
Asked how likely it was the government would get the money, Mr Johnston added: “I can’t comment on the actual process. It’s ongoing.”
He did however confirm his department is in a queue for payment, common in liquidations.
Responding to a question from Rob Callister, Mr Johnston outlined new contracts that include “upfront payment against future sales” and “monthly royalty payment against sales”.
When asked if the episode suggested sticking with long-term partners was wiser, Mr Johnston disagreed, stating the new contract is “working very well” and that it is right to ensure the department works with the right partners as the TT expands.