Isle of Man: the Company Officers Disqualification Bill 2008

Last year the Isle of Man's Financial Supervision Commission published a consultation paper proposing reforms to the law governing the disqualification of directors. A new Act is proposed which will bring together in one place all of the current grounds for disqualification. It will also introduce "disqualification undertakings" - agreements between the disqualified person and the Commission whereby that person acknowledges their unfit conduct and agrees certain restrictions with regard to the future involvement with companies. Following comments on a draft Bill a revised Company Officers Disqualification Bill 2008 has recently been published. 

For further information about other legislative changes, including amendments to companies law, click here. Information about the legal system on the Isle of Man is available here. Information about company law on the Isle of Man is available here.