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PART VII
Disqualifications and Restrictions: Directors and other Officers
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Chapter 1
Restriction on Directors of Insolvent Companies
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Application of Chapter I.
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149.—(1) This Chapter applies to any company if—
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(a) at the date of the commencement of its winding-up it is proved to the court, or
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(b) at any time during the course of its winding-up the liquidator of the company certifies, or it is otherwise proved, to the court,
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that it is unable to pay its debts (within the meaning of section 214 of the Principal Act).
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(2) This Chapter applies to any person who was a director of a company to which this section applies at the date of, or within 12 months prior to, the commencement of its winding-up.
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(3) This Chapter shall not apply to a company which commences to be wound up before the commencement of this section.
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(4) In this Chapter “company” includes a company to which section 351 of the Principal Act applies.
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(5) This Chapter applies to shadow directors as it applies to directors.
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