§ Mr. Malcolm BruceTo ask the President of the Board of Trade what plans he has to reform company law to prevent overseas companies that are operating in the United Kingdom with the same names as existing United Kingdom companies from abusing their matching identity.
§ Mr. Neil HamiltonAll overseas companies opening a branch or place of business in the United Kingdom are required to register with the Registrar of Companies. If the corporate name of such an overseas company is the same as, or too like, an existing name on the Great Britain register, section 694 of the Companies Act 1985 already gives the Secretary of State power to serve notice requiring the overseas company to cease using that name in Great Britain within two months. There are similar powers in Northern Ireland.
§ Mr. Malcolm BruceTo ask the President of the Board of Trade what plans he has to reform company law to tackle fraud by corporate directorships held in the name of a company registered abroad and to prevent such companies avoiding punishment under United Kingdom law.
§ Mr. Neil HamiltonNone. Where fraud has been committed in the United Kingdom, existing legislation16W enables proceedings to be commenced against a company and the directors involved, even where these are overseas companies. There is also a number of bilateral and other arrangements with overseas regulators which provide for assistance with inquiries into offences involving directors and companies located overseas. Provisions in the new Criminal Justice Bill will make it easier to prosecute persons—whether companies or individuals—involved in cases of international fraud.