The Gazette 1995

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 disqualification 47 . Again failure to so report can lead to a maximum fine of £1,000 4 \ Consequently the provisions cover the scenario where a liquidator, or receiver, of the company which lead 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. to the restriction declaration, is unaware that the interests of the 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. *Part II will be published in the next issue of the Gazette.

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).

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 .

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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. 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 on the Recent Judgment of the European Court of Justice on Abuse of a Domi nant Position Magill: Competition or Copyright? Confusion or Clarification ? Vincent Power, Solicitor

SOLICITORS CONFIDENTIAL HELPLINE IN 1 9 94 OVER 2 50 SOLICITORS NEEDED HELP

THEY RANG

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NEED HELP? JOST CALL

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12. s. 160( 1 ). 13. s. 1 6 0 ( 2 ).

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