§ Mr. RedmondTo ask the Secretary of State for Trade and Industry if he will list by year, for the last 10 years, the number of companies his Department has referred to the High Court to be wound up due to trading while insolvent.
§ Mr. RedwoodThe Secretary of State has generally no power to present a winding up petition solely on the basis of insolvent trading. However, following inquiries under the Companies Acts 1985 and 1989, the Insurance Company Act 1982, the Financial Services Act 1986 or the Criminal Justice Act 1987 if it appears that it is expedient in the public interest to do so, he may present a petition for a company to be wound up. The table lists the number of winding-up orders made on petitions presented by the Secretary of State for each of the last 10 years.
Number of companies wound up on the petition of the Secretary of State Number 1981 16 1982 2 1983 18 1984 21 1985 21 1986–871 40 1987–88 22 1988–89 16 1989–90 19 1990–91 27 1 January 1986 to 31 March 1987.