§ 54. Mr. THORNEasked the President of the Board of Trade whether he will appoint a committee to inquire into the causes of a number of insurance companies going into liquidation and not being able to meet their liabilities; whether his attention has been drawn to the case arising out of a motor accident in which the defendant was insured with the London General Insurance Company, who have gone into liquidation; whether he is aware that the defendant has been called upon to meet the damages and costs, which exceed £1,000, and has been ordered by the court to pay one-third of his salary so long as he is in employment until the debt is cleared; whether he has seen the remarks made by Mr. Justice Clausen about the case; and what action he intends taking in the matter?
§ Lieut.-Colonel COLVILLEMy right hon. Friend has seen a report of the case to which the hon. Member refers and I can assure him that earnest consideration is being given to the questions arising from the failure of these companies.
§ Mr. THORNEHas there been any consultation with the Law Officers of the Crown with a view to seeing whether they can deal with these matters, and also look into the position of any other company?
§ Lieut.-Colonel COLVILLEI understand that the question is being examined in every aspect.
§ Mr. MACQUISTENWhy did not one company take all these others over, instead of allowing all these rubbishy companies to get hold?