HC Deb 14 February 1893 vol 8 c1381
MR. BARROW (Southwark, Bermondsey)

I beg to ask the President of the Board of Trade whether his attention has been called to the fact that an insolvent trader can, by forming Ids business into a Limited Liability Company, with seven nominal subscribers of £1 each, acquire the right to issue first, second, and third mortgage debentures over his stock and book debts without public registration, such as is required in the case of an assignment by an individual trader, and thereby defraud his unsecured creditors; and whether he can see his way to take steps to protect the creditors of a company in the same manlier as the creditors of an individual are protected, by requiring assignments of personal property to be registered as bills of sale?


Yes, Sir; my attention has been called to the matter referred to by the hon. Member, and I am in communication with the Lord Chancellor on the subject.