HC Deb 10 February 1983 vol 36 c452W
Mr. Arthur Lewis

asked the Minister of Trade (1) whether he will take steps, if necessary by introducing legislation, to prevent company directors from opening up companies or becoming company directors until at least two years from the date when the liquidator has completed the voluntary or compulsory liquidation or wind-up of a previous company and to provide that on the formation of any new company or on becoming a director of same, full details of any companies with which they were connected which have been liquidated should be given;

(2) whether he will seek to amend the Companies Acts to ensure that no company director is entitled to form or be a director of a company until five years after any company of which he may previously have been a director has cleared its debts for voluntary or compulsory liquidation.

Dr. Vaughan

The report of the Insolvency Law Review Committee—the "Cork" report—has made a number of recommendations for the personal liability of directors involved in previous insolvencies and for the extension of the provisions of the Companies Acts and the Insolvency Act 1976 dealing with disqualification from managing companies. I am considering the committee's recommendations and in doing so will have regard for the hon. Member's proposals.

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