Restriction on re‐use of company namesN.I.
180.—(1) This Article applies to a person where a company ( “the liquidating company”) has gone into insolvent liquidation on or after the coming into operation of this Article and he was a director or shadow director of the company at any time within the period of 12 months immediately preceding the day before it went into liquidation.
(2) For the purposes of this Article, a name is a prohibited name in relation to such a person if—
(a)it is a name by which the liquidating company was known at any time in that period, or
(b)it is a name which is so similar to a name falling within sub‐paragraph (a) as to suggest an association with that company.
(3) Except with the leave of the High Court or in such circumstances as may be prescribed, a person to whom this Article applies shall not at any time within 5 years from the day on which the liquidating company went into liquidation—
(a)be a director of any other company that is known by a prohibited name, or
(b)in any way, whether directly or indirectly, be concerned or take part in the promotion, formation or management of any such company, or
(c)in any way, whether directly or indirectly, be concerned or take part in the carrying on of a business carried on (otherwise than by a company) under a prohibited name.
(4) If a person contravenes this Article he shall be guilty of an offence.
(5) On an application for leave under paragraph (3), the Department or the official receiver may appear and call the attention of the High Court to any matters which seem to be relevant.
(6) References in this Article, in relation to any time, to a name by which a company is known are to the name of the company at that time or to any name under which the company carries on business at that time.
(7) For the purposes of this Article a company goes into insolvent liquidation if it goes into liquidation at a time when its assets are insufficient for the payment of its debts and other liabilities and the expenses of the winding up.
(8) In this Article—
“company” includes a company which may be wound up under Part VI or a building society within the meaning of the Building Societies Act 1986F1;
“director” includes a director (but not a shadow director) of a building society.