§ Mr. Whitakerasked the President of the Board of Trade what information he has as to the capital and free assets of the Translife Motor Insurance, Belvedere Motor Policies, New City (Motor Policies), Dickinson and Company, B. H. Bowring (Motor Policies) and Coventry Insurance companies; and whether he will institute inquiries into these companies under Section 165 of the Companies Act, 1948 on the ground that the circumstances suggest that these businesses are being conducted with intent to defraud their creditors.
§ Mr. JayThe following is the latest information available to me.
1. Translife Insurance Company Ltd.—Incorporated 10th January, 1966, with nominal capital £50,000. I have no information as to the free assets. A petition for the compulsory liquidation of the company is to be heard on 20th February.
2. Coventry Insurance Company Ltd.—Incorporated 18th April, 1966, with nominal capital £50,000. I have no information as to the free assets.
3. The other companies named are not insurance companies but are engaged in insurance broking. The 186W nominal and paid up capital of Belvedere Motor Policies Ltd., Dickinson & Co. (Insurance) Ltd., and New City (Motor Policies) Ltd., is £100 in each case. The nominal capital of B. H. Bowring (Motor Policies) Ltd. is £1,000 of which £127 is paid up. Insurance broking companies do not make returns to the Board of Trade under the Insurance Companies Act.
4. The affairs of Coventry Insurance Company Ltd., and of certain other insurance companies are under investigation by inspectors appointed under Section 165(b) of the Companies Act, 1948. If the circumstances warrant it, I will not hesitate to appoint inspectors to investigate the affairs of the companies referred to in paragraph 3 above.