164
CAP. 32]
Companies
[1984 Ed.
Disqualification
of directors of insolvent companies.
1976 c. 60, s. 9.
(8) Where an order under this section has been made on the application of the Financial Secretary, the Official Receiver or a liquidator against any person and that person applies for the leave of the court under this section, the Financial Secretary, Official Receiver or liquidator shall appear on the hearing of the application and call the attention of the court to any matters which seem to him to be relevant and may himself give evidence or call witnesses.
(9) In this section--
"default order" means an order under section 279, 302 or 306;
"officer", in relation to a company, includes any person in accordance with whose directions or instructions the directors of the company have been accustomed to act.
(10) If any person acts in contravention of an order made under subsection (1) or (4), he shall, in respect of each offence, be liable
(a) on conviction upon indictment to a fine of $50,000 and to imprisonment for 2 years;
(b) on summary conviction to a fine of $10,000 and to imprisonment for 6 months.
(Added 6 of 1984, s. 114)
157F. (1) Where on an application under this section it appears to the court-
(a) that a person---
(i) is or has been a director of a company which has at any time gone into liquidation (whether while he was a director or subsequently) and was insolvent at that time; and
(ii) is or has been a director of another such company which has gone into liquidation within 5 years of the date on which the first-mentioned company went into liquidation; and
(b) that his conduct as director of any of those companies makes him unfit to be concerned in the management of a company,
the court may make an order that that person shall not, without the leave of the court, be a director of or in any way, whether directly or indirectly, be concerned or take part in the management of a company for such period beginning on the date of the order and not exceeding 5 years as may be specified in the order.
(2) Any application under this section shall-
(a) in the case of a person who is or has been a director of a company which has gone into liquidation as aforesaid and is being wound up by the court, be made by the Official Receiver;
(b) in any other case, be made by the Financial Secretary.