House of Commons – Jan. 24, 2023 – 151

I beg to move, That the clause be read a Second time.

Clause text:

New Clause 8 - Disqualification for persistent breaches of companies legislation: GB “(1) Section 3 of the Company Directors Disqualification Act 1986 (disqualification for persistent breaches of companies legislation) is amended as follows. (2) In subsection (1), for the words from ‘provisions of the companies legislation’ to the end substitute ‘relevant provisions of the companies legislation (see subsection (3B))’. (3) In subsection (2), for ‘such provisions as are mentioned above’ substitute ‘relevant provisions of the companies legislation’. (4) In subsection (3)— (a) for ‘provision of that legislation’ substitute ‘such provision’;

(b) after paragraph (a) (but before the ‘or’ at the end of that paragraph) insert— ‘(aa) a financial penalty is imposed on the person in respect of such an offence by virtue of regulations under— section 1132A of the Companies Act 2006, or section 39 of the Economic Crime (Transparency and Enforcement) Act 2022,’ (5) After subsection (3A) insert— ‘(3B) In this section “relevant provisions of the companies legislation” means— (a) any provision of the companies legislation requiring any return, account or other document to be filed with, delivered or sent, or notice of any matter to be given, to the registrar of companies, (b) sections 167M and 167N of the Companies Act 2006 (prohibitions on acting as director where identity not verified or where there has been a failure to notify a directorship), and (c) sections 790LM and 790LN of the Companies Act 2006 (persons with significant control: ongoing duties in relation to identity verification).’ (6) For subsection (4A) substitute— ‘(4A) In this section “the companies legislation” means— (a) the Companies Acts, (b) Parts A1 to 7 of the Insolvency Act 1986 (company insolvency and winding up), and (c) Part 1 of the Economic Crime (Transparency and Enforcement) Act 2022 (registration of overseas entities).’”—(Kevin Hollinrake.)