asked the Minister for Industry and Commerce whether his attention was directed to the report of the proceedings at the final meeting held to wind-up the affairs of the Industrial Trust Company of Ireland; whether he is aware that the shareholders at that meeting adopted a resolution expressing concern at the manner in which the affairs of the Company were conducted and declaring that the directors were deserving of censure, and, if so, whether he can state now if it is his intention to introduce proposals for legislation at an early date to protect the public against the abuse of their confidence by the directors of limited liability companies.
Ceisteanna—Questions. Oral Answers. - Industrial Trust Company of Ireland.
I have seen the report referred to. For some time past the question of amending the law relating to joint stock companies has been under consideration in my Department. Owing, however, to the pressure of other business it has not yet been found possible to arrive at a decision on the matter.
In view of the fact that £250,000 in money apparently has been recklessly squandered in connection with this venture, I should like to know from the Minister if he would undertake to expedite legislation to prevent similar squandermania in the future?