§ MR. KIMBER (Wandsworth)I beg to ask the President of the Board of Trade whether that part of the Companies Bill which, if passed, would give to simple contract creditors of a company in liquidation preferential right of payment over all secured creditors, is intended by the Government to be persisted in; and whether it is the intention of the Government to have this alteration in the law, invalidating many millions of securities, discussed in Committee of the whole House; and, if not, whether ample notice and time will be given for its full discussion on Second Reading.
§ MR. RITCHIEThe clause referred to by the hon. Member was not in the Bill as introduced in the House of Lords, and was not inserted at the instance of the Government. It will require careful consideration, but I am not able at the present stage to make any statement as regards the attitude of the Government with regard to any particular proposal in the Bill. The Government hope the House will refer the Bill to a Grand Committee.