PART XXWINDING UP OF COMPANIES REGISTERED UNDER THIS ORDER OR THE FORMER COMPANIES ACTS
CHAPTER VIPROVISIONS AS TO DISSOLUTION
Directors' duties following application under Article 603A603C
1
Paragraph (2) applies in relation to any time after the day on which a company makes an application under Article 603A and before the day on which the application is finally dealt with or withdrawn.
2 F2
A person who is a director of the company at the end of a day on which a person other than himself becomes—
a
a member of the company,
b
an employee of the company,
c
a creditor of the company,
d F2
a director of the company,
e
a manager or trustee of any pension fund established for the benefit of employees of the company, or
f
a person of a description specified for the purposes of this sub-paragraph by regulations made by the Department,
shall secure that a copy of the application is given to that person within 7 days from that day.
3
The duty imposed by paragraph (2) shall cease to apply if the application is finally dealt with or withdrawn before the end of the period for giving the copy application.
4
Paragraph (5) applies where, at any time on or after the day on which a company makes an application under Article 603A and before the day on which the application is finally dealt with or withdrawn—
a
the company—
i
changes its name,
ii
trades or otherwise carries on business,
iii
makes a disposal for value of any property or rights other than those which it was necessary or expedient for it to hold for the purpose of making, or proceeding with, an application under Article 603A, or
iv
engages in any other activity, except one to which paragraph (6) applies;
b
an application is made to the court under Article 418 on behalf of the company for the sanctioning of a compromise or arrangement;
c
a voluntary arrangement in relation to the company is proposed under Part II of the Insolvency (Northern Ireland) Order 1989;
F3d
an application to the court for an administration order in respect of the company is made under paragraph 13 of Schedule B1 to that Order;
da
an administrator is appointed in respect of the company under paragraph 15 or 23 of that Schedule;
db
a copy of notice of intention to appoint an administrator of the company under paragraph 15 or 23 of that Schedule is filed with the court;
e
there arise any of the circumstances in which, under Article 70(1) of that Order, the company may be voluntarily wound up;
f
a petition is presented for the winding up of the company by the court under Part V of that Order; or
g
a receiver or manager of the company's property is appointed.
5 F2
A person who, at the end of a day on which an event mentioned in any of sub-paragraphs (a) to (g) of paragraph (4) occurs, is a director of the company shall secure that the company's application is withdrawn forthwith.
6
This paragraph applies to any activity which is—
a
necessary or expedient for the purpose of making, or proceeding with, an application under Article 603A,
b
necessary or expedient for the purpose of concluding affairs of the company which are outstanding because of what has been necessary or expedient for the purpose of making, or proceeding with, such an application,
c
necessary or expedient for the purpose of complying with any statutory requirement, or
d F2
specified for the purposes of this paragraph by the Department by order made subject to negative resolution.
7
For the purposes of paragraph (4)(a), a company shall not be treated as trading or otherwise carrying on business by virtue only of the fact that it makes a payment in respect of a liability incurred in the course of trading or otherwise carrying on business.