| |
PART VII
Disqualifications and Restrictions: Directors and other Officers
|
| |
Chapter 1
Restriction on Directors of Insolvent Companies
|
|
Application of Chapter I.
|
149.—(1) This Chapter applies to any company if—
|
| |
(a) at the date of the commencement of its winding-up it is proved to the court, or
|
| |
(b) at any time during the course of its winding-up the liquidator of the company certifies, or it is otherwise proved, to the court,
|
| |
that it is unable to pay its debts (within the meaning of section 214 of the Principal Act).
|
| |
(2) This Chapter applies to any person who was a director of a company to which this section applies at the date of, or within 12 months prior to, the commencement of its winding-up.
|
| |
(3) This Chapter shall not apply to a company which commences to be wound up before the commencement of this section.
|
| |
(4) In this Chapter “company” includes a company to which section 351 of the Principal Act applies.
|
| |
(5) This Chapter applies to shadow directors as it applies to directors.
|