Mr. HUTCHISONasked the President of the Board of Trade whether he is aware that many insolvent traders inform their creditors in the Bankruptcy Court that they realised they were insolvent at a much earlier date; and whether he will consider the desirability of introducing legislation to penalise all trading which may be carried on after any firm or trader knows that the business or trade is insolvent?
§ Mr. RUNCIMANMany bankrupts have to admit under examination in the Bankruptcy Courts that they have continued to trade after knowing themselves to be insolvent. Such action is already one of the grounds for refusal of an unconditional discharge from bankruptcy, but my hon. Friend's suggestion that it should be further penalised will be noted for consideration when any amendment of the Bankruptcy Acts is contemplated.