386A Director of failed company must not be director, etc, of phoenix company with same or substantially similar name

(1)

Except with the permission of the court, or unless one of the exceptions in sections 386D to 386F applies, a director of a failed company must not, for a period of 5 years after the date of commencement of the liquidation of the failed company,—

(a)

be a director of a phoenix company; or

(b)

directly or indirectly be concerned in or take part in the promotion, formation, or management of a phoenix company; or

(c)

directly or indirectly be concerned in or take part in the carrying on of a business that has the same name as the failed company’s pre-liquidation name or a similar name.

(2)

A person who contravenes subsection (1) commits an offence and is liable on conviction to the penalty set out in section 373(4).

Compare: Insolvency Act 1986 s 216 (UK)

Section 386A: inserted, on 1 November 2007, by section 35 of the Companies Amendment Act 2006 (2006 No 56).

Section 386A(2): amended, on 1 July 2013, by section 413 of the Criminal Procedure Act 2011 (2011 No 81).