§ Mr. Whitakerasked the President of the Board of Trade, whether he will make a statement about the collapse of Pinnock Finance; and what consequential action he is considering under the Protection of Depositors Act.
§ Mr. DarlingPinnock Finance Co. (G.B.) Ltd. suspended repayment of deposits and ceased taking new deposits as from 1st April, 1967.
The Board of Trade are obtaining information about the state of the company's affairs to enable them to decide whether the interests of depositors would be likely to be served better by leaving the company to continue its efforts to agree with its creditors a scheme of arrangement, which would require the sanction of the Court under Section 206 of the Companies Act, or by the Board petitioning the Court for the winding up of the company under Section 16 of the Protection of Depositors Act.