HC Deb 19 November 1914 vol 68 c558

asked the President of the Board of Trade whether, having regard to the constant complaints of the unnecessary cost of liquidation, he will supply, or allow to be examined, as a sample, the details of each of the payments of £451 9s. 1d., £545 18s. 11d., £175 11s. 2d., £1,990 4s. 10d., and £179 4s. 1d., in the account issued by the Board of Trade in the matter of the United London and Scottish Insurance Company, Limited; and whether the Board contemplates any legislation for the protection of persons whose money is spent as shown in that account?


The sums of £451 9s. 1d. and £545 18s. 11d. referred to by the hon. Member represent law costs which have been taxed by the Court, and the details can be inspected at the Court by every shareholder of the company and by every creditor whose proof has been admitted. The other payments referred, to have been audited by the Board of Trade, and details shall be produced for the hon. Member's inspection. The Board of Trade receive very few complaints as to the cost of liquidation of companies, and I would remind the hon. Member that the liquidator has realised £52,000 in this case. The Act and Rules contain provisions to prevent excessive charges in the case of compulsory liquidations, and I do not propose to introduce legislation on the subject.