Companies Act (Cap. 386), article 317

317. (1) The provisions of this article shall apply to a person who, on or after the appointed d ay, was a director of a company ("the company being wound up") at any time in the twelve months preceding its dissolution and the company is insolvent upon suc h dissolution. (2) Except with leave of the court, or in such circumstances as may be prescribed, any person re ferred to in sub-article (1) sh all not at any time during the winding up of the company and up to two years from the date when its nam e is struck off the register - (a) be a director of a company that is known by a name which is prohibited by virtue of the provisions of sub- article (3): or 192 CAP. 386.] COMP ANIES (b) in any way, whether directly or indirectly, be concerned or take part in the promotion, formation or management of any such company; or (c) in any way, whether directly or indirectly, be concerned or take part in the carrying on of a business carried on under such a prohibited name. (3) For the purposes of sub-article (2), a name is a prohibited name in relation to any person re ferred to in sub-article (1) i f - (a) it is a name by which the company being wound up was known at any time in that period of twelve months; or (b) it is a name which is so similar to a name falling within paragraph ( a) as to suggest an association with that company. (4) A person who acts in contravention of the provisions of this article shall be guilty of an offence and liable on conviction to a fine (multa) of not more than eleven thousand and six hundred and forty- six euro (€11,646). Such person shall also be personally respon sible for the debts of any company referred to in sub-article (2)( a) and (b) which are incurred while he acts in relation to the company in the manner described in those paragraphs. (5) For the purposes of this artic le, "director" includes a pers on in accordance with whose directio ns or instructions the directo rs of the company are accustomed to act. Reference by court for prosecution of delinquent officers, etc. Amended by: XXIV .1995.362.