Insolvent Companies (Reports on Conduct of Directors) Rules 1996
| Jurisdiction | UK Non-devolved |
| Citation | SI 1996/1909 |
| Year | 1996 |
1996 No. 1909
INSOLVENCYCOMPANIES
The Insolvent Companies (Reports on Conduct of Directors) Rules 1996
Made 22th July 1996
Laid before Parliament 24th July 1996
Coming into force 30th September 1996
The Lord Chancellor, in exercise of the powers conferred on him by section 411 of the Insolvency Act 19861and section 21(2) of the Company Directors Disqualification Act 19862, and of all other powers enabling him in that behalf, with the concurrence of the Secretary of State, and after consulting the committee existing for that purpose under section 413 of the Insolvency Act 1986, hereby makes the following Rules:—
Citation, commencement and interpretation
1.—(1) These Rules may be cited as the Insolvent Companies (Reports on Conduct of Directors) Rules 1996.
(2) These Rules shall come into force on 30th September 1996.
(3) In these Rules—
“the Act” means the Company Directors Disqualification Act 1986;
“the former Rules” means the Insolvent Companies (Reports on Conduct of Directors) No. 2 Rules 19863; and
“the commencement date” means 30th September 1996.
Revocation
2. Subject to rule 7 below, the former Rules are hereby revoked.
Reports required under section 7(3) of the Act
3.—(1) This rule applies to any report made to the Secretary of State under section 7(3) of the Act by:—
(a)
(a) the liquidator of a company which the courts in England and Wales have jurisdiction to wind up which passes a resolution for voluntary winding up on or after the commencement date;
(b)
(b) an administrative receiver of a company appointed otherwise than under section 51 of the Insolvency Act 1986 (power to appoint receiver under the law of Scotland) on or after the commencement date; or
(c)
(c) the administrator of a company which the courts in England and Wales have jurisdiction to wind up in relation to which the court makes an administration order on or after the commencement date.
(2) Such a report shall be made in the Form D1 set out in the Schedule hereto, or in a form which is substantially similar, and in the manner and to the extent required by the Form D1.
Return by office-holder
4.—(1) This rule applies where it appears to a liquidator of a company as mentioned in rule 3(1)(a), to an administrative receiver as mentioned in rule 3(1)(b), or to an administrator as mentioned in rule 3(1)(c) (each of whom is referred to hereinafter as “an office-holder”) that the company has at any time become insolvent within the meaning of section 6(2) of the Act.
(2) Subject as follows there may be furnished to the Secretary of State by an office-holder at any time during the period of 6 months from the relevant date (defined in paragraph (4) below) a return with respect to every person who:—
(a)
(a) was, on the relevant date, a director or shadow director of the company, or
(b)
(b) had been a director or shadow director of the company at any time in the 3 years immediately preceding that date.
(3) The return shall be made in the Form D2 set out in the Schedule hereto, or in a form which is substantially similar, and in the manner and to the extent required by the Form D2.
(4) For the purposes of this rule, “the relevant date” means:—
(a)
(a) in the case of a company in creditors' voluntary winding up (there having been no declaration of solvency by the directors under section 89 of the Insolvency Act 1986), the date of the passing of the resolution for voluntary winding up,
(b)
(b) in the case of a company in members' voluntary winding up, the date on which the liquidator forms the opinion that, at the time when the company went into liquidation, its assets were insufficient for the payment of its debts and other liabilities and the expenses of winding up,
(c)
(c) in the case of the administrative receiver, the date of his appointment,
(d)
(d) in the case of the administrator, the date of the administration order made in relation to the company,
and for the purposes of sub-paragraph (c) above the only appointment of an administrative receiver to be taken into account in determining the relevant date shall be that appointment which is not that of a successor in office to an administrative receiver who has vacated office either by death or pursuant to section 45 of the Insolvency Act 1986.
(5) Subject to paragraph (6) below, it shall be the duty of an office-holder to furnish a return complying with the provisions of paragraphs (3) and (4) of this rule to the Secretary of State:—
(a)
(a) where he is in office in relation to the company on the day one week before the expiry of the period of 6 months from the relevant date, not later than the expiry of such period;
(b)
(b) where he vacates office (otherwise than by death) before the day one week before the expiry of the period of 6 months from the relevant date, within 14 days after his vacation of office except where he has furnished such a return on or prior to the day one week before the expiry of such period.
(6) A return need not be provided under this rule by an office-holder if he has, whilst holding that office in relation to the company, since the relevant date, made a report under rule 3 with respect to all persons falling within paragraph (2) of...
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