SECTION 31 (1) OF THE COMPANIES ACT 1992

31 Disqualification of directors of insolvent companies

1. Where on an application under this section it appears to the Court-
   1. that a person-
      1. is or has been a director of a company (wherever incorporated) which has at any time gone into liquidation (whether while he was a director or subsequently) and was insolvent at that time; and
      2. is or has been a director of another such company which has gone into liquidation with 5 years of the date on which the first mentioned company went into liquidation; and
   2. that his conduct as director of any of those companies makes him unfit to be concerned in the management of a company,

      the Court may on the application of the Financial Supervision Commission make an order that that person shall not, without the leave of the Court, be a director of or in any way, whether directly or indirectly, be concerned or take part in the management of a company for such period beginning with the date of the order and not exceeding 5 years as may be specified in the order.

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