Part 40Company directors: foreign disqualification etc
Power to make persons liable for company’s debts
1187Personal liability for debts of company
1
The Secretary of State may provide by regulations that a person who, at a time when he is subject to foreign restrictions—
a
is a director of a UK company, or
b
is involved in the management of a UK company,
is personally responsible for all debts and other liabilities of the company incurred during that time.
2
A person who is personally responsible by virtue of this section for debts and other liabilities of a company is jointly and severally liable in respect of those debts and liabilities with—
a
the company, and
b
any other person who (whether by virtue of this section or otherwise) is so liable.
3
For the purposes of this section a person is involved in the management of a company if he is concerned, whether directly or indirectly, or takes part, in the management of the company.
4
The regulations may make different provision for different cases and may in particular distinguish between cases by reference to—
a
the conduct on the basis of which the person became subject to foreign restrictions;
b
the nature of the foreign restrictions;
c
the country or territory under whose law the foreign restrictions were imposed.
5
Regulations under this section are subject to affirmative resolution procedure.