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The Insolvent Companies (Reports on Conduct of Directors) (Scotland) Rules 2016
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- UK Statutory Instruments
- 2016 No. 185 (S. 1)
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EXPLANATORY NOTE
(This note is not part of the Rules)
These Rules revoke and replace the Insolvent Companies (Reports on Conduct of Directors) (Scotland) Rules (S.I. 1996/1910) subject to transitional and saving provisions.
The Rules make provision in Scotland for the manner in which an office-holder is to prepare and send a conduct report, under section 7A of the Company Directors Disqualification Act 1986 (c.46) (“the Act”), about the conduct of each person who was a director of an insolvent company in the 3 years before the insolvency.
Rule 3 enables the Secretary of State to apply for a court order to enforce a requirement under section 7(4) of the Act.
Rules to 4 to 6 provide for the manner in which an office-holder is to comply with obligations in section 7A of the Act.
Rule 7 makes provision for circumstances where the portal is unavailable.
Rule 8 provides that an office-holder is guilty of an offence if the office-holder fails (without reasonable excuse) to send to the Secretary of State—
the conduct report, before the end of 3 months beginning with the insolvency date, or such longer period as the Secretary of State considers appropriate, or
if applicable, new information as soon as reasonably practicable.
Rule 9 requires the Secretary of State to review the operation and effect of these Rules and publish a report within 5 years after the Rule comes into force and within every 5 years after that. Following a review it will fall to the Secretary of State to consider whether these Rules should remain as they are, or be revoked or be amended. A further instrument would be needed to revoke the Rules or to amend them.
Rule 10 provides transitional and saving provisions.
An impact assessment of the effect that this instrument will have on the costs of business is available from The Insolvency Service, 4 Abbey Orchard Street, London SW1P 2HT and is published with the Explanatory Memorandum alongside the instrument on www.legislation.gov.uk .
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