Press Releases 2003

– Director publishes Information Notice I/2003/1 recording certain “relief” in respect of various liquidator reports received in 2002

23 May 2003

Mr Paul Appleby, the Director of Corporate Enforcement, has today published in the attached Information Notice certain decisions made by his office (ODCE) in respect of various liquidator reports received up to 31 December 2002.
The Information Notice lists 155 companies in respect of which the liquidator was relieved of an obligation to apply to the courts for a section 150 restriction order in respect of the directors of the insolvent companies. Such relief was granted where the ODCE was satisfied, on the basis of information provided by the liquidator or otherwise, that the directors of the insolvent company had acted honestly and responsibly in the conduct of the company's affairs. In a minority of decisions relief was granted "at this time" in cases where the ODCE was satisfied that the liquidator needed more time to investigate the circumstances giving rise to the company's demise.

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