Section 1182 Persons subject to foreign restrictions

(1)

This section defines what is meant by references in this Part to a person being subject to foreign restrictions.

(2)

A person is subject to foreign restrictions if under the law of a country or territory outside the United Kingdom—

(a)

he is, by reason of misconduct or unfitness, disqualified to any extent from acting in connection with the affairs of a company,

(b)

he is, by reason of misconduct or unfitness, required—

(i)

to obtain permission from a court or other authority, or

(ii)

to meet any other condition,

before acting in connection with the affairs of a company, or

(c)

he has, by reason of misconduct or unfitness, given undertakings to a court or other authority of a country or territory outside the United Kingdom—

(i)

not to act in connection with the affairs of a company, or

(ii)

restricting the extent to which, or the way in which, he may do so.

(3)

The references in subsection (2) to acting in connection with the affairs of a company are to doing any of the following—

(a)

being a director of a company,

(b)

acting as receiver of a company's property, or

(c)

being concerned or taking part in the promotion, formation or management of a company.

(4)

In this section—

(a)

“company” means a company incorporated or formed under the law of the country or territory in question, and

(b)

in relation to such a company—

“director” means the holder of an office corresponding to that of director of a UK company; and
“receiver” includes any corresponding officer under the law of that country or territory.