Section 386B — Companies Act 1993: Definitions for purpose of phoenix company provisions

386B Definitions for purpose of phoenix company provisions (1) In sections 386A to 386F ,— director of a failed company means a person who was a director of a failed company at any time in the period of 12 months before the commencement of its liquidation, and director of the failed company has a corresponding meaning failed company means a company that was placed in liquidation at a time when it was unable to pay its due debts phoenix company means, in relation to a failed company, a company that, at any time before, or within 5 years after, the commencement of the liquidation of the failed company, is known by a name that is also— (a) a pre-liquidation name of the failed company; or (b) a similar name pre-liquidation name means any name (including any trading name) of a failed company in the 12 months before the commencement of that company's liquidation similar name means a name that is so similar to a preliquidation name of a failed company as to suggest an association with that company. (2) For the purposes of sections 386A to 386F , a company is known by a name if that name is its registered name or if it carries on business, or carries on a part of its business, under that name. Compare: Insolvency Act 1986 (UK) s 216(6) Section 386B: inserted, on 1 November 2007, by section 35 of the Companies Amendment Act 2006 (2006 No 56).