Companies Act 1993

If you need more information about this Act, please contact the administering agency: Ministry of Business, Innovation, and Employment
  • Warning: Some amendments have not yet been incorporated
  • Section 405(7) and Schedule 15 Part 1 paragraphs (h), (p), and (q): editorial changes made, on 19 January 2023, under sections 86(1) and 87(l)(i), (ii), (iii), and (iv) of the Legislation Act 2019 (2019 No 58).
386D Exception for person named in successor company notice

(1)

Section 386A does not apply to a person named in a successor company notice.

(2)

A successor company is a company that acquires the whole or substantially the whole of the business of a failed company under arrangements made by a liquidator or receiver or made under a deed of company arrangement under Part 15A.

(3)

A successor company notice is a notice by a successor company that—

(a)

is sent by the successor company to all creditors of the failed company for whom the successor company has an address; and

(b)

is sent to those creditors within 20 working days after the arrangements for the acquisition of the business are made under subsection (2); and

(c)

specifies—

(i)

the name and registered number of the failed company; and

(ii)

the circumstances in which the business has been acquired by the successor business; and

(iii)

the name that the successor company has assumed, or proposes to assume, for the purpose of carrying on that business; and

(iv)

any change of name that the successor company has made, or proposes to make, for the purpose of carrying on that business; and

(d)

states, in respect of a person named in the notice,—

(i)

his or her full name; and

(ii)

the duration of his or her directorship of the failed company; and

(iii)

the extent of his or her involvement in the management of the failed company.

Compare: Insolvency Rules 1986 rule 4.228 (UK)

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