§ Mr. McCartneyTo ask the Secretary of State for Trade and Industry if he will list the statutory provisions that relate to the setting up of a second company by the owners of a company while the original company is in receivership.
§ Mr. RedwoodThere are no additional statutory provisions that relate to the formation and promotion of a company by the directors, shareholders or beneficial owners of another company that is in administrative receivership. If, however, action is taken to disqualify a director of a failed company from holding office in the future, the person concerned would have to obtain the446W leave of the court before setting up or taking part in the management of another company. Leave is granted only in exceptional circumstances.