Companies Act 2014

682.

Liquidator to report on conduct of directors

682. (1) In this section “insolvent company” has the same meaning as it has in Chapter 3 (restrictions on directors of insolvent companies) of Part 14 .

(2) In a winding up of an insolvent company, the liquidator shall, within 6 months after the date of his or her appointment, and at intervals as required by the Director thereafter, provide to the Director a report F259 [ in the form prescribed by the Minister ].

(3) The Director may require the liquidator of an insolvent company—

(a) to answer, whether orally or in writing, any question that the Director reasonably puts to the liquidator concerning the contents of a report made by the liquidator under subsection (2), the affairs of the company or the conduct of any director of the company (as that expression is to be read in accordance with section 683(1) (b) ), and

(b) to give such other assistance (as he or she is reasonably able to give) to the Director for the purpose of the Director’s appraisal of such a report or the Director’s examination of any fact or allegation contained in it or which comes to the Director’s knowledge by reason of an answer given under paragraph (a) or otherwise through the Director’s performance of functions under this Act,

and the liquidator shall comply with such a requirement.

(4) The Director’s powers under subsection (3) are in addition to the powers of the Director or any other person under any other provision of this Act.

(5) A liquidator who fails to comply with subsection (2) or a requirement under subsection (3) shall be guilty of a category 3 offence.

Annotations

Amendments:

F259

Substituted (9.06.2017) by Companies (Accounting) Act 2017 (9/2017), s. 98(h), S.I. No. 246 of 2017, art. 3, subject to transitional provision in art. 4.

Editorial Notes:

E83

Power pursuant to subs. (2) exercised (9.11.2015) by Companies Act 2014 (Section 682) (Revocation) Regulations 2015 (S.I. No. 497 of 2015).

E84

Previous affecting provision: power pursuant to subs. (2) exercised (1.06.2015) by Companies Act 2014 (Section 682) Regulations 2015 (S.I. No. 221 of 2015), in effect as per reg. 1; revoked (9.11.2015) by Companies Act 2014 (Section 682) (Revocation of Statutory Instrument) Regulation 2015 (S.I. No. 497 of 2015), in effect as per reg. 2.