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Companies Act, 1990

Prohibition of undischarged bankrupts acting as directors or other officers of companies.

169.The Principal Act is hereby amended by the substitution for section 183 of the following section—

“183.—(1) Subject to subsection (2), if any person being an undischarged bankrupt acts as officer, auditor, liquidator or examiner of, or directly or indirectly takes part or is concerned in the promotion, formation or management of, any company except with the leave of the court, he shall be guilty of an offence.

(2) Where a person is convicted of an offence under subsection (1) he shall be deemed to be subject to a disqualification order from the date of such conviction if he was not, or was not deemed to be, subject to such an order on that date.

(3) In this section ‘company’ includes a company incorporated outside the State which has an established place of business within the State.”.