386DException for person named in successor company notice

1. Section 386A does not apply to a person named in a successor company notice.

2. A successor company is a company that acquires the whole or substantially the whole of the business of a failed company under arrangements made by a liquidator or receiver or made under a deed of company arrangement under Part 15A.

3. A successor company notice is a notice by a successor company that—

4. is sent by the successor company to all creditors of the failed company for whom the successor company has an address; and
5. is sent to those creditors within 20 working days after the arrangements for the acquisition of the business are made under subsection (2); and
6. specifies—
   1. the name and registered number of the failed company; and
   2. the circumstances in which the business has been acquired by the successor business; and
   3. the name that the successor company has assumed, or proposes to assume, for the purpose of carrying on that business; and
   4. any change of name that the successor company has made, or proposes to make, for the purpose of carrying on that business; and
7. states, in respect of a person named in the notice,—
   1. his or her full name; and
   2. the duration of his or her directorship of the failed company; and
   3. the extent of his or her involvement in the management of the failed company.

Compare

• Insolvency Rules 1986 rule 4.228 (UK)

Notes

• Section 386D: inserted, on 1 November 2007, by section 35 of the Companies Amendment Act 2006 (2006 No 56).