HC Deb 08 February 1967 vol 740 cc301-2W
65. Mr. Kenneth Lewis

asked the President of the Board of Trade whether he will give a list of companies, other than insurance companies, with a capital of less than £100,000.

Mr. Jay

No. As there are some 500,000 companies with a capital of less than £100,000, the work of producing a list would not be justified.

Mr. Whitaker

asked the President of the Board of Trade what is the number of private companies being investigated by his Department at present and how this compares with the number in each of the last five years.

Mr. Jay

Inquiries by inspectors appointed to investigate the affairs of companies were at the end of 1966, and still are, in progress in the case of 17 companies of which 4 were public and 13 private companies.

The corresponding figures for the previous five years are:

  • 1961–5 (including 2 private companies).
  • 1962–14 (including 9 private companies).
  • 1963–10 (including 5 private companies).
  • 1964–24 (including 13 private companies).
  • 1965–14 (including 9 private companies).

Investigations are not usually completed in less than 12 months: the average time taken is about 16 months.

Further information about such investigations is contained in the Companies General Annual Reports of which copies are available in the Library. The last report is for the year 1965.

Mr. Whitaker

asked the President of the Board of Trade what is the present strength of the section of his Department which investigates private companies; how many of them are qualified in accountancy; whether this number is sufficient; and whether he has any plans to augment them.

Mr. Jay

Four officers at present deal with applications for the appointment of inspectors to investigate the affairs of companies. Three of them are qualified accountants and the fourth has experience in accountancy. Steps are being taken to increase the staff.

In the main the Board of Trade appoint practising barristers and accountants as inspectors under Sections 164 and 165 of the Companies Act, 1948, to investigate the affairs of companies. Suitably qualified members of the Board's staff are also appointed in appropriate cases.