This article is from the source 'bbc' and was first published or seen on . It last changed over 40 days ago and won't be checked again for changes.

You can find the current article at its original source at http://www.bbc.co.uk/news/business-36137574

The article has changed 3 times. There is an RSS feed of changes available.

Version 0 Version 1
MPs call Sir Philip Green to answer BHS questions BHS: MPs plan to question Sir Philip Green
(35 minutes later)
Former BHS owner Sir Philip Green will be called to appear before MPs to face questions over the collapse of retailer. Former BHS owner Sir Philip Green is expected to be called to appear before MPs to face questions over the collapse of the retailer into administration.
Frank Field, chairman of the work and pensions committee, made the announcement on Tuesday. Work and pensions committee chair Frank Field told the Press Association he was sure Sir Philip "will be invited".
Sir Philip owned BHS, which went into administration on Monday, for 15 years until selling it for £1 in 2015.Sir Philip owned BHS, which went into administration on Monday, for 15 years until selling it for £1 in 2015.
The committee will investigate how the collapse of BHS will affect the Pension Protection Fund.The committee will investigate how the collapse of BHS will affect the Pension Protection Fund.
The retailer's pension scheme has a deficit of £571m. The retailer's pension scheme has a deficit of £571m and Sir Philip has offered to make an £80m voluntary contribution.
About 11,000 jobs are threatened by the failure of BHS. The Pensions Regulator will investigate whether BHS's former owners sought to avoid their obligations.
BHS, which employs about 11,000 people, will continue trading while the administrators seek a buyer for the business.
BHS: What are the next steps?
Simon Jack: Broken promises at BHS?
Mr Field said: "We need as a committee to look at the Pension Protection Fund and how the receipt of pension liabilities of BHS will impact on the increases in the levy that will now be placed on all other eligible employers to finance the scheme.
"We will then need to judge whether the law is strong enough to protect future pensioners' contracts in occupational schemes."
The administration means members of the pension scheme who are yet to retire will be paid a less generous pension.
John Mann, a Labour member of the Treasury select committee, called on Sir Philip to repay £400m of dividends that he took out of BHS.
"Sir Philip Green and his family have made millions out of BHS and its hardworking staff. He took over a company with a healthy pension pot, yet when he sold BHS a black hole had appeared in its fund," he said.
"There is a very simple and honourable solution to this crisis: repay the dividends, live up to the name he has chosen for his new yacht, 'Lionheart', or lose his knighthood."
Conservative MP Richard Fuller has called on Sir Philip to clarify his involvement in the chain's demise. "Green and Arcadia need to put out a statement immediately clarifying their position. He has a responsibility, a duty," he said.
"Arcadia should be made to make public the documents and correspondence between themselves and Retail Acquisitions so that we can ascertain if the correct due diligence was undertaken in terms of there being enough cash left in the business and to cover the pension liability. If it's found that the correct due diligence was not undertaken, then Sir Philip will face serious consequences."