Companies Act 2006

1187 Personal liability for debts of company U.K.

(1) The Secretary of State may provide by regulations that a person who, at a time when he is subject to foreign restrictions—

(a) is a director of a UK company, or

(b) is involved in the management of a UK company,

is personally responsible for all debts and other liabilities of the company incurred during that time.

(2) A person who is personally responsible by virtue of this section for debts and other liabilities of a company is jointly and severally liable in respect of those debts and liabilities with—

(a) the company, and

(b) any other person who (whether by virtue of this section or otherwise) is so liable.

(3) For the purposes of this section a person is involved in the management of a company if he is concerned, whether directly or indirectly, or takes part, in the management of the company.

(4) The regulations may make different provision for different cases and may in particular distinguish between cases by reference to—

(a) the conduct on the basis of which the person became subject to foreign restrictions;

(b) the nature of the foreign restrictions;

(c) the country or territory under whose law the foreign restrictions were imposed.

(5) Regulations under this section are subject to affirmative resolution procedure.

Commencement Information

I1 S. 1187 wholly in force at 1.10.2009; s. 1187 not in force at Royal Assent, see s. 1300; s. 1187 in force for specified purposes at 20.1.2007 by S.I. 2006/3428, art. 3(3) (subject to art. 5, Sch. 1 and with arts. 6, 8, Sch. 5); s. 1187 otherwise in force at 1.10.2009 by S.I. 2008/2860, art. 3(w) (with arts. 5, 7, 8, Sch. 2) (as amended by S.I. 2009/1802, art. 18)