Companies Act, 1990
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Disqualification for appointment as liquidator. |
146.—The Principal Act is hereby amended by the insertion after section 300 of the following section— | |
“300A.—(1) None of the following persons shall be qualified for appointment as liquidator of a company— | ||
(a) a person who is, or who has within 12 months of the commencement of the winding up been, an officer or servant of the company; | ||
(b) except with the leave of the court, a parent, spouse, brother, sister or child of an officer of the company; | ||
(c) a person who is a partner or in the employment of an officer or servant of the company; | ||
(d) a person who is not qualified by virtue of this subsection for appointment as liquidator of any other body corporate which is that company's subsidiary or holding company or a subsidiary of that company's holding company, or would be so disqualified if the body corporate were a company. | ||
References in this subsection to an officer or servant of the company include references to an auditor. | ||
(2) An application for leave under subsection (1) (b) shall be supported by such evidence as the court may require. | ||
(3) If a liquidator becomes disqualified by virtue of this section he shall thereupon vacate his office and give notice in writing within 14 days to— | ||
(a) the court in a court winding up, | ||
(b) the company in a members' voluntary winding up, | ||
(c) the company and the creditors in a creditors' voluntary winding up, | ||
that he has vacated it by reason of such disqualification. | ||
(4) Any person who acts as a liquidator when disqualified by this section from so doing or who fails to comply with subsection (3), if that subsection applies to him, shall be guilty of an offence and shall be liable— | ||
(a) on summary conviction, to a fine not exceeding £1,000 and, for continued contravention, a daily default fine not exceeding £50; | ||
(b) on conviction on indictment, to a fine of £10,000 and, for continued contravention, a daily default fine not exceeding £250. | ||
(5) This section shall not apply to a winding-up commenced before the commencement of section 146 of the Companies Act, 1990.”. |