§ Mr. WATTasked the President of the Board of Trade whether his attention has been called to the fact that the late auditors of the Law Guarantee Trust and Accident Society, Limited, in liquidation, had paid over to the liquidators of that company the sum of £20,000 by way of settlement of any claim which the company might have against their firm for negligence in the performance of their duties; whether he is aware that the firm of auditors had effected a policy of insurance to cover any irregularities in the performance of their duties under the Companies (Consolidation) Act, 1908; and whether the Government contemplate any legislation which will make it a misdemeanour for any person upon whom certain duties devolve under the Act from laying wagers by way of policies of insurance or otherwise with any insurance company as to whether such persons will or will not be guilty of a breach of the duties cast upon them by the Companies (Consolidation) Act, 1908, or any other statute?
Mr. BUXTONI have read a report in the Press that a claim made by the liquidators of the Law Guarantee Trust and Accident Society, Limited, against the late auditors has been compromised by the payment of £20,000, and that the auditors were to some extent insured against such claims. The Government do not at present contemplate introducing legislation of the character suggested by my hon. Friend.