§ Mr. BOOTH
asked the President of the Board of Trade whether he is aware that in the case of the National Penny Bank the Court expressed itself in favour of an independent liquidation; if the liquidator nominated by the bank has been re-introduced as manager; and if the solicitors of the bank are acting in the liquidation with the consent of the Board of Trade?
The National Penny Bank, Limited, is now being wound up under an Order of the Court. The Court has appointed the liquidator nominated by the bank in the voluntary winding-up to act as special manager in the compulsory winding-up, and he acts under the directions of and has to account to the Official Receiver. The solicitors who acted for the bank are being employed in the liquidation with the consent of the Board of Trade on a small amount of conveyancing work in connection with the realisation of the assets of the bank.
If my hon. Friend refers to the assistant manager of the National Penny Bank, his services were retained for the purposes of the liquidation up to 24th December last, but he is not now employed in the liquidation. Part of the assets available for the creditors of the bank were held by trustees, and those assets were being dealt with by a receiver acting under the control of the 177W Court in proceedings which were independent of the liquidation. With the consent of the receiver in those proceedings an Order has now been made by the Court for his discharge, with the result that all the assets are now brought under the control of the Official Receiver.