§ Mr. Arthur Lewisasked the Secretary of State for Trade and Industry (1) if he will introduce legislation to enable him automatically to withdraw the benefits of limited liability of any company which fails to comply with the Companies Act in the matter of making returns;
(2) if he will introduce legislation to enable him automatically to withdraw the benefits of limited liability from any company which fails to comply with the Companies Act in the matter of publishing their annual company accounts within the statutory period;
(3) if he will introduce legislation to enable him automatically to withdraw the benefits of limited liability from any company which fails to comply with the Companies Act in the matter of having their annual meetings within a statutory period;
(4) if he will introduce legislation to enable him automatically to withdraw the benefits of limited liability from any company which fails to comply with the Companies Act in the matter of having their accounts properly audited and cleared as being correct by their auditors:
(5) if he will introduce legislation to enable him automatically to withdraw the benefits of limited liability from any company which fails to comply with the Companies Act in the matter of having properly elected directors.
§ Mr. Peter WalkerI will consider any reasonable suggestions aimed at securing better compliance with the Companies Acts. However, the hon. Member's suggestions would penalise a company's shareholders rather than its directors on whom the main responsibility for compliance is placed.