The Gazette 1995

148 / 424

GAZETTE MAY/JUNE 1995
it is unable to pay its debts, either at the
commencement of the winding up or at
any time, he shall report those matters,
i.e. the fact a restricted person was a
director and the insolvent position of
the company, to the court which then
may impose disqualification47. Again
failure to so report can lead to a
maximum fine of £1,0004\
Consequently the provisions cover the
scenario where a liquidator, or
receiver, of the company which lead
to the restriction declaration, is
unaware that the interests of the
second company, or its creditors, had
been jeopardised by the presence of
the Board of the restricted person, and
therefore made no report to the court
under section 151. It should be noted
that the penalty only arises where the
person under restriction was a
director, and not merely a promoter or
secretary of the second company.
Finally the five year time period runs
from the date of the first company's
winding up and not from the date of
the restriction order.
Enforcement is therefore by potential
disqualification on persons restricted
and by placing liquidators in the
position of watchdog and guardian of
other companies' and their creditors',
interests.
*Part II will be published in the next
issue of the Gazette.
References
1991
1. Re Travel Mondial ( U K ) Limited
B C L C 120.
2. Ibid p. 123.
3. IS 117/1991.
4. Including any foreign c o m p a ny established
in the State, s. 149(4).
5. S .149( 1 ) C o m p a n i es Act. 1990.
6. s.l 54.
7. T h e C o m p a n i es Bill provided lor a.
". . . receiver of the whole or substantially
the whole of the property of a company. . . "
but c o n c e rn as to what constituted
substantially the w h o l e' and that a receiver
would have to decide lead to the alteration,
tDail Special C o mm i t t ee Debate Col. 7.39.
29/3/90).
8. Re T a s b i an Limited | 1989| B C L C 7 2 0.
9. As defined in s.27.
It), s . l 4 9 ( 5 ).
1 I. O'Higgins C.J. Hamilton t\ Hamilton
[ 1 9 8 2] IR 4 6 6 , 4 7 4 and expressly approved
by Murphy J. in Re Hefferon Kearns (No.
I) //99.?/ J IR 177.
12. s. 160( 1 ).
13. s. 1 6 0 ( 2 ).
20
29.
30.
31.
32.
33.
34.
35.
36.
37.
38.
39.
4 0.
4 1.
4 2.
4 3.
4 4 .
4 5 .
4 6.
4 7.
4 8.
S . 2 9 7A (as amended).
s.l 5 3 ( 4 ).
ss. 160( 1) & (2).
C D D A 1 9 86 s.6( 1 )(b).
C o m p a n i es Director Disqualification Act.
1 9 86 s.6(4).
Re S e v e n o a ks Stationers (Retail) Ltd.
11990| 3 W L R 1 165. I 169.
s.l 5 0 ( 3 ).
Minister for Enterprise & E m p l o y m e n t.
s.l 58.
s.l 5 8 ( c ).
s. 156(6).
S .156( I).
s.l 5 6 ( 3 ).
s.l 5 5 ( 5 ).
Gerard M c C o r m a ck " D i r e c t or
Disqualification and R e s t r i c t i o n" Irish Law
T i m e s July 1 9 89 p. 168.
s.l 5 5 ( 5 ).
s. 160( 1 ) (a).
s. 155( 1).
s.l 5 5 ( 5 ).
s.l 5 5 ( 2 ).
s.l 5 5 ( 3 ).
ss. 1 5 5 ( 3) (a) & (b).
s.l 5 5 ( 4 ).
s . l 5 7( 1).
s . 1 5 8 ( 2 ).
By virtue of s. 154.
s. 15 1(3).
s.l 52.
s. 152(5).
S . 1 6 K 1).
s . 1 6 1 ( 2 ).
s. 162.
s. 161(4).
s . 1 6 1 ( 5 ).
s.l 61 (5).
The Irish
Society For
European Law
Monday 22nd May, 1995
at 6.30 p.m. in Newman
House, St. Stephen's
Green Dublin 2
Vincent Power, Solicitor
on the Recent Judgment of
the European Court of
Justice on Abuse of a
Domi nant Position
Magill: Competition or
Copyright?
Confusion or Clarification ?
W A R N I N G
Re : " N i g e r i a n
L e t t e r s "
Solicitors should note scams,
with a Nigerian connection. Irish
solicitors have received letters
with a Nigerian address, where
the solicitor is made a
proposition. The fraudsters
typically claim to be government
officials attempting to unlock
funds which have become
'trapped' during a previous
regime. They also claim that
because they are civil servants
they are unable to deal directly
with the funds but must seek 'an
overseas partner' into whose
account they will transfer
millions of US dollars.
The solicitor is typically offered
3 0% of the amount and asked to
send copies of the firm's headed
notepaper and invoices stamped
and signed, and the firm's bank
details. The fraudsters can then
use the bank account to remove
money from the account.
B E W A R N E D .
SOLICITORS
CONFIDENTIAL
HELPLINE
IN
1 9 94
OVER 2 50 SOLICITORS
NEEDED HELP
THEY RANG
284 84 84
NEED HELP?
JOST CALL
284 84 84
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