4.23 By establishing the partnership through a limited company, the Agency have nominally limited their financial liability to the value of their shareholding - £300. We consider, however, that where the public sector is involved in providing services to other countries, as is the case with the International Business Division of Radio Spectrum International, it would be difficult for the Agency to avoid continuing financial commitments in the event of the failure of the company. The Agency, in setting up the joint venture, took steps to minimise the risk of additional liabilities arising from the failure of Radio Spectrum International. These are discussed in the following paragraphs.