§ Mr. Molloyasked the Secretary of State for Trade what recent consultations he has had following the collapse of the Nation Life Insurance Company; and if he will make a statement.
§ Mr. ShoreFollowing the preliminary hearing on 3rd July of the company's application for winding-up in order to safeguard the interests of its creditors, its affairs are now in the hands of the court, with the Official Receiver appointed as provisional liquidator and Mr. G. A. Weiss of W. H. Cork Gully and Company as his special manager.
I understand that the company's application for winding-up will be heard sub-
tonnes June 1973 July 1973 August 1973 September 1973 October 1973 November 1973 Crude fertilizers … … … 42 25 6 208 64 62 Manufactured fertilizers: Nitrogenous … … … 6,537 1,307 7,978 5,570 6,539 10,415 Phosphatic … … … 7,846 7,689 7,410 4,941 6,427 4,471 Potassic … … … 260 91 46 431 344 75 Other … … … 25,743 15,094 3,266 11,922 21,418 63,000 306W
tonnes December 1973 January 1974 February 1974 March 1974 April 1974 May 1974 Crude fertilizers … … … 167 131 397 236 85 383 Manufactured fertilizers: Nitrogenous … … … 6,838 12,221 13,285 19,385 6,748 11,092 Phosphatic … … … 4,402 7,149 7,381 6,778 19,855 1,573 Potassic … … … 18 103 101 90 18 100 Other … … … 37,882 49,095 54,234 57,191 55,095 52,515 stantively by the court on 29th July. If it is accepted by the court meetings of creditors and contributories will follow, after which the court will consider the appointment of a liquidator. I understand that the company appears to have substantial assets which it will be the duty of the liquidator, when appointed, to apply for the benefit of creditors. Meanwhile, the financial situation of the company is being investigated by the provisional liquidator and the special manager and no cash can be disbursed to creditors, including bond and policy holders.
My Department continues to consult with those concerned in the affairs of the company. I shall consider the wider implications of the company's difficulties in the light of information disclosed by inquiries which the Official Receiver will be undertaking and any further investigation which may then appear to be needed.