Company Law Enforcement Act, 2001

Amendment of section 14 of Act of 1990.

26.—Section 14 of the Act of 1990 is amended by the insertion of the following after subsection (5):

“(6) The court may, on the application of the Director, direct that a company the subject of an investigation under this section shall be liable, to such extent as the court may direct, to repay the Director the expenses of and incidental to the investigation.

(7) Without prejudice to subsection (6) but subject to subsection (8), a person—

(a) convicted on indictment of an offence on a prosecution instituted,

(b) ordered to pay damages or restore any property in proceedings brought, or

(c) awarded damages or to whom property is restored in proceedings brought,

as a result of an investigation under this section may, in the same proceedings, be ordered to repay the Director all or part of the expenses referred to in subsection (6).

(8) The court shall not order a person to whom subsection (7)(c) relates to make payment in excess of one-tenth of the amount of the damages awarded or of the value of the property restored, as the case may be, and any such order shall not be executed until the person concerned has received his damages or the property has been restored.”.