Part 40 U.K. Company directors: foreign disqualification etc

Introductory U.K.

1182 Persons subject to foreign restrictions U.K.

(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, or

(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.

1183 Meaning of “the court” and “UK company” U.K.

In this Part—

• “the court” means—

  (a)

  in England and Wales, the High Court or a county court;

  (b)

  in Scotland, the Court of Session or the sheriff court;

  (c)

  in Northern Ireland, the High Court;

• “UK company” means a company registered under this Act.