HC Deb 04 February 1981 vol 998 cc111-2W
Mr. Arthur

Lewis asked the Secretary of State for Trade whether he will make a statement on his Department's inspector's report on the firms of Scotia Investments and Alco Metropolitan Properties; and, in view of the inspector's condemnation of the directors concerned, what action he proposes to take in connection with this matter.

Mr. Eyre

The Department was advised by leading counsel that civil proceedings under its statutory powers were not warranted but the report is available to minority shareholders, loan stock holders, creditors and the Gaming Board to consider what appropriate action they may take.

Since the events investigated occurred, the Companies Act 1980 has introduced more stringent controls over loans and similar transactions between directors and their companies.