Section 386E — Companies Act 1993: Exception for temporary period while application for exemption is made

386E Exception for temporary period while application for exemption is made (1) A person does not contravene a prohibition in section 386A for the temporary period set out in subsection (2) if that person applies to the Court within 5 working days after the commencement of the liquidation of the failed company for an order exempting that person from the prohibition in question. (2) The temporary period in subsection (1) is the period beginning on the date of the commencement of the liquidation of the failed company and ending on the earlier of— (a) the close of 6 weeks after the commencement of liquidation; and (b) the date on which the Court makes an order of exemption. Compare: Insolvency Rules 1986 (UK) rule 4.229 Section 386E: inserted, on 1 November 2007, by section 35 of the Companies Amendment Act 2006 (2006 No 56).