Investment Funds, Companies and Miscellaneous Provisions Act 2006
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Restrictions on, and disqualifications of, persons from acting as directors, etc. |
11.— (1) Section 150 (as amended by the Company Law Enforcement Act 2001 ) of the Act of 1990 is amended by substituting the following subsection for subsection (4B): | |
“(4B) The court, on the hearing of an application for a declaration under subsection (1) by the Director, a liquidator or a receiver (in this subsection referred to as the ‘applicant’), may order that the directors against whom the declaration is made shall bear— | ||
(a) the costs of the application, and | ||
(b) the whole (or such portion of them as the court specifies) of the costs and expenses incurred by the applicant— | ||
(i) in investigating the matters the subject of the application, and | ||
(ii) in so far as they do not fall within paragraph (a), in collecting evidence in respect of those matters, | ||
including so much of the remuneration and expenses of the applicant as are attributable to such investigation and collection.”. | ||
(2) Section 160 (as amended by the Company Law Enforcement Act 2001 ) of the Act of 1990 is amended by substituting the following subsection for subsection (9B): | ||
“(9B) The court, on the hearing of an application for a disqualification order under subsection (2), may order that the persons disqualified or against whom a declaration under section 150 is made as a result of the application shall bear— | ||
(a) the costs of the application, and | ||
(b) in the case of an application by the Director, the Director of Public Prosecutions, a liquidator, a receiver or an examiner (in this paragraph referred to as the ‘applicant’), in addition to the costs referred to in paragraph (a), the whole (or such portion of them as the court specifies) of the costs and expenses incurred by the applicant— | ||
(i) in investigating the matters the subject of the application, and | ||
(ii) in so far as they do not fall within paragraph (a), in collecting evidence in respect of those matters, | ||
including so much of the remuneration and expenses of the applicant as are attributable to such investigation and collection.”. |