§ Mr. Leeasked the Secretary of State for Trade if he will publish the criteria guiding his Department's decisions on 3W whether to institute proceedings for the winding up of companies incorporated in the United Kingdom under the provisions of the Companies Acts.
§ Mr. Clinton DavisIn accordance with the provisions of Section 35 of the Companies Act 1967, my right hon. Friend may present a petition for a company to be wound up if it appears to him, from any report made under Section 168 of the Companies Act 1948 or from any information or document obtained under Part III of the Companies Act 1967, that it is expedient in the public interest to do so. This power has been exercised in the main when it appears from the information obtained that there were circumstances suggesting: (i) that its business is being or has been conducted with intent to defraud its creditors or the creditors of any other person, or otherwise for a fraudulent or unlawful purpose, or in a manner oppressive of any part of its members, or that it was formed for any fraudulent or unlawful purpose; or (ii) that persons concerned with its formation or the management of its affairs have been guilty of fraud, misfeasance, or other misconduct towards it or towards its members.
§ Mr. Leeasked the Secretary of State for Trade how many companies incorporated in the United Kingdom under the provisions of Companies Acts have been wound up during the last 10 years by the courts on winding-up motions brought by his Department.
§ Mr. Clinton DavisNinety eight from 1st January 1967 to date.