(1)This section defines what is meant by references in this Part to a person being subject to foreign restrictions.
(2)A person is subject to foreign restrictions if under the law of a country or territory outside the United Kingdom—
(a)he is, by reason of misconduct or unfitness, disqualified to any extent from acting in connection with the affairs of a company,
(b)he is, by reason of misconduct or unfitness, required—
(i)to obtain permission from a court or other authority, or
(ii)to meet any other condition,
before acting in connection with the affairs of a company, or
(c)he has, by reason of misconduct or unfitness, given undertakings to a court or other authority of a country or territory outside the United Kingdom—
(i)not to act in connection with the affairs of a company, or
(ii)restricting the extent to which, or the way in which, he may do so.
(3)The references in subsection (2) to acting in connection with the affairs of a company are to doing any of the following—
(a)being a director of a company,
(b)acting as receiver of a company’s property, or
(c)being concerned or taking part in the promotion, formation or management of a company.
(4)In this section—
(a)“company” means a company incorporated or formed under the law of the country or territory in question, and
(b)in relation to such a company—
“director” means the holder of an office corresponding to that of director of a UK company; and
“receiver” includes any corresponding officer under the law of that country or territory.