Principle Of Unlimited Liability At Lloyds

EDM number 689 in 1991-92, proposed by Bob Cryer on 17/02/1992.

That this House calls on David Coleridge, Chairman of Lloyd's and the Committee to make an immediate statement condemning the use by working members of family or offshore trusts, or other devices, to divest themselves of assets which might otherwise have been vulnerable to the market's unlimited liability, while many external Names face a liability which extends to their cuff-links; and demands the instant resignation of any working underwriters who has thereby cheated the external Names of Lloyd's by behaving in such a dishonourable way in breach of the trust on which the market has been built.

This motion has been signed by a total of 18 MPs.