HC Deb 19 July 1938 vol 338 cc1969-70
8. Mr. H. G. Williams

asked the President of the Board of Trade the number of cases in which declarations as to solvency have been made by directors under Section 230 of the Companies Act, 1929, and the number of cases in which, following such declarations of solvency, the ordinary shareholders have not in fact been paid in full within 12 months of the declaration of solvency?

Mr. Stanley

I regret that the information asked for is not available. A declaration of solvency relates only to the ability of the company to pay its debts and is not concerned with the question of the return of capital to its shareholders. The question of declarations of solvency is one of the matters which will be considered when the Amendment of the Companies Act, 1929, is under review.

Mr. Bellenger

Is any duty thrown upon the registrar to see that these declarations are accurate, and is any penalty incurred for inaccurate declarations?

Mr. Stanley

Perhaps the hon. Member will give me notice of that question.

Mr. Leach

When will the amending Bill be forthcoming?