HC Deb 11 February 1980 vol 978 c430W
Mr. Squire

asked the Secretary of State for Trade if he will take steps to remove the limited liability status from those limited companies which fail to carry out their obligations under the Companies Act.

Mr. Eyre

The obligations imposed by the Companies Acts are many and various. There are procedures which may be invoked by my Department and others when companies or their officers do not comply with the law. I do not consider that it would be fair to shareholders to add an automatic sanction which imposed unlimited liability on shareholders for the debts of their company.

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