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Companies Acts (Breaches)

Volume 889: debated on Monday 24 March 1975

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asked the Secretary of State for Trade whether, in view of the admission of the directors of a public company, details of which have been supplied to him, that they broke the law and evaded the Companies Act in making loans to themselves totalling £250,000 during 1973 and that the company has now collapsed with a £22 million loss to creditors, he will prosecute those concerned.

A decision as to the action which would be appropriate will be taken when the full facts of the case have been obtained and considered.