§ 104. Mr. Oakesasked the President of the Board of Trade what action he is taking to investigate the failure of London and Midland Insurance Company Limited; and if he will make a statement.
§ Mr. JayThe company has presented a petition for its compulsory winding-up to the court. As the matter is before the court, it would not be proper for me to comment on the company's affairs at present.
§ Mr. Oakesasked the President of the Board of Trade what inquiries were made as to the age, status and experience of the directors and financial stability of the company when London and Midland Insurance Company Limited applied for registration under the Insurance Companies Act; and when this company was first registered.
§ Mr. DarlingNone. The Company was registered under the Companies Act, 1948, on 28th March, 1966. Neither under this Act nor under the Insurance Companies Act, 1958, have the Board of Trade power to refuse to register a company on the grounds which my hon. Friend has in mind.