Article 106 - Restriction on re-use of Company names

(1) Where a Company (the "Liquidating Company") has gone into insolvent Liquidation and a person was a director or Shadow Director of that Company at any time in the period of 12 months ending with the day before it went into Liquidation, that person may not, except with the leave of the QFC Court, within the period of five years following the Liquidation of the Liquidating Company, be a director of or have any connection with any Company whose name is a name by which the Liquidating Company was known at any time in that period of 12 months, or whose name is so similar to the name of the Liquidating Company as to suggest an association with that Company.
(2) A person who fails to comply with Article 106(1) commits a contravention and is liable to a financial penalty.
(3) A person is personally responsible for all the relevant debts of a Company if at any time he is involved in the management of the Company in contravention of Article 106(1).