New Clause 423

Company Law Reform Bill [Lords] – in a Public Bill Committee at 1:45 pm on 20 July 2006.

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Persons subject to foreign restrictions

‘(1) This section defines what is meant by references in this Part to a person being subject to foreign restrictions.

(2) A person is subject to foreign restrictions if under the law of a country or territory outside the United Kingdom—

(a) he is, by reason of misconduct or unfitness, disqualified to any extent from acting in connection with the affairs of a company,

(b) he is, by reason of misconduct or unfitness, required—

(i) to obtain permission from a court or other authority, or

(ii) to meet any other condition,

before acting in connection with the affairs of a company,

(c) he has, by reason of misconduct or unfitness, given undertakings to a court or other authority of a country or territory outside the United Kingdom—

(i) not to act in connection with the affairs of a company, or

(ii) restricting the extent to which, or the way in which, he may do so.

(3) The references in subsection (2) to acting in connection with the affairs of a company are to doing any of the following—

(a) being a director of a company,

(b) acting as receiver of a company’s property, or

(c) being concerned or taking part in the promotion, formation or management of a company.

(4) In this section—

(a) “company” means a company incorporated or formed under the law of the country or territory in question, and

(b) in relation to such a company—

“director” means the holder of an office corresponding to that of director of a UK company; and

“receiver” includes any corresponding officer under the law of that country or territory.’.—[Margaret Hodge.]

Brought up, and added to the Bill.