F1PART VWINDING UP OF COMPANIES REGISTERED UNDER THE COMPANIES ORDERS
C1CHAPTER XMALPRACTICE BEFORE AND DURING LIQUIDATION; PENALISATION OF COMPANIES AND COMPANY OFFICERS; INVESTIGATIONS AND PROSECUTIONS
mod. by SR 2004/307
Penalisation of directors and officers
Restriction on re‐use of company names180
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 1986F2;
“director” includes a director (but not a shadow director) of a building society.
Pts. I-V modified by S.R. 2004/307 (as amended (1.10.2006) by Limited Liability Partnerships (Amendment) Regulations (Northern Ireland) 2006 (S.R. 2006/377), reg. 3, Sch. 2)