Section 386D — Companies Act 1993: Exception for person named in successor company notice

386D Exception for person named in successor company notice (1) Section 386A does not apply to a person named in a successor company notice. (2) A successor company is a company that acquires the whole or substantially the whole of the business of a failed company under arrangements made by a liquidator or receiver or made under a deed of company arrangement under Part 15A . (3) A successor company notice is a notice by a successor company that— (a) is sent by the successor company to all creditors of the failed company for whom the successor company has an address; and (b) is sent to those creditors within 20 working days after the arrangements for the acquisition of the business are made under subsection (2); and (c) specifies— (i) the name and registered number of the failed company; and (ii) the circumstances in which the business has been acquired by the successor business; and (iii) the name that the successor company has assumed, or proposes to assume, for the purpose of carrying on that business; and (iv) any change of name that the successor company has made, or proposes to make, for the purpose of carrying on that business; and (d) states, in respect of a person named in the notice,— (i) his or her full name; and (ii) the duration of his or her directorship of the failed company; and (iii) the extent of his or her involvement in the management of the failed company. Compare: Insolvency Rules 1986 (UK) rule 4.228 Section 386D: inserted, on 1 November 2007, by section 35 of the Companies Amendment Act 2006 (2006 No 56).