Companies Act 2014

F377 [ Resolution of suspected certain conduct by agreement - relevant director

957E.

957E. (1) Subject to subsection (2) , if the Director believes on reasonable grounds that a relevant director has engaged in conduct (in this section referred to as the relevant conduct ) giving rise (whether in whole or in part) to a relevant contravention referred to in section 936A(1) , the Director and the relevant director may, at their absolute discretion, enter into an agreement (in this section referred to as a section 957E agreement ) to resolve the matters relating to such conduct.

(2) The following provisions shall apply to the section 957E agreement:

(a) the agreement may be entered into notwithstanding that no investigation under Part 13 into the relevant conduct has been commenced;

(b) the agreement may be entered into after an investigation under Part 13 into the relevant conduct has been commenced but not, subject to paragraph (d) , after it has been completed;

(c) without prejudice to the generality of the terms of the agreement, such terms may include terms under which the relevant director accepts the imposition of one or more relevant sanctions that may be imposed under section 957B(2) ;

(d) the agreement may be entered into after an investigation under Part 13 has been undertaken and carried out only to the extent to determine which sanctions (if any) referred to in paragraph (c) to impose on the relevant director;

(e) the terms of the agreement are binding on the Director and the relevant director.

(3) Subject to subsection (6) , the provisions of sections 957C , 957D , 957F , 957G and 957H shall apply, with any necessary modifications, to any relevant sanctions imposed on a relevant director pursuant to a section 957E agreement as those sections apply to any relevant sanctions imposed on a relevant director otherwise than pursuant to a section 957E agreement.

(4) Subject to subsection (5) , where the relevant director with whom the Director has entered into the section 957E agreement fails to comply with one or more of the terms of the agreement, the Director may apply to the court for an order compelling that relevant director to comply with those terms.

(5) In default of payment, any amount agreed to be paid to the Director by the relevant director under the section 957E agreement may be recovered by the Director from the relevant director as a simple contract debt in any court of competent jurisdiction.

(6) The necessary modifications referred to in subsection (3) , in so far as section 957F is concerned, include reading that section as if

(a) the following subsection were substituted for subsection (1) of that section:

(1) Subject to subsection (3) , the Director shall, in so far as a relevant decision imposes a relevant sanction on a relevant director, as soon as is practicable, publish on his or her website particulars of the relevant contravention to which the relevant sanction relates, particulars of the relevant conduct, particulars of the relevant sanction imposed and particulars of the relevant director on whom the relevant sanction was imposed. ,

(b) subsections (2) and (4) of that section were deleted, and

(c) in subsection (5) of that section, the reference to or (2) were deleted.

(7) Section 957I shall be disregarded for the purposes of a section 957E agreement. ]

Annotations

Amendments:

F377

Inserted (21.09.2018) by Companies (Statutory Audits) Act 2018 (22/2018), s. 45, S.I. No. 366 of 2018.