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Comments Invited on Draft Company Officers Disqualification Bill 2007 16 October 2007

The Financial Supervision Commission has issued a consultative paper on the draft Company Officers Disqualification Bill 2007 and welcomes any comments on the proposals in the Bill.

Its primary aim is to address the recommendations made in a previous independent review of the Commission’s conduct of a disqualification case pursued under section 26 of the Companies Act 1992, and to update relevant legislation in the light of general case experience.

The draft Bill also draws together into a single, stand-alone and more accessible body of law, all the current grounds for disqualification from holding certain offices in, or being involved in the promotion, formation or management of, companies.

The consultative paper summarises the content of the Bill and compares the new with the current provisions, drawing attention to any changes proposed in the draft Bill. This summary should be read in conjunction with the draft Bill, which can be accessed at http://www.gov.im/lib/docs/fsc/Consultative/companyofficersdisqualificationbi.pdf

Responses to the consultation should be submitted as advised in the introduction to the paper by 11th December 2007.

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