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04/08/2004
Longer bans proposed for rogue businessmen
Company directors who mismanage their businesses could face longer disqualifications periods, under proposals outlined by the trade department today.
A spokesperson for DETI’s Insolvency Service said that the aim of the proposed new legislation was to protect the public by ensuring "that the means exist to enable directors whose companies have been in breach of competition law to be disqualified".
Competition law is designed to ensure that prices in the market place are arrived at through a fair competition and not as a result of suppliers colluding with others to set a price higher than what would result from the operation of normal market forces.
These proposals will bring Northern Ireland legislation into line with that in Great Britain where similar provisions were introduced by the Enterprise Act 2002.
DETI will be consulting on the proposed changes and the associated draft legislation. Responses are due by 29 October 2004.
(MB)
A spokesperson for DETI’s Insolvency Service said that the aim of the proposed new legislation was to protect the public by ensuring "that the means exist to enable directors whose companies have been in breach of competition law to be disqualified".
Competition law is designed to ensure that prices in the market place are arrived at through a fair competition and not as a result of suppliers colluding with others to set a price higher than what would result from the operation of normal market forces.
These proposals will bring Northern Ireland legislation into line with that in Great Britain where similar provisions were introduced by the Enterprise Act 2002.
DETI will be consulting on the proposed changes and the associated draft legislation. Responses are due by 29 October 2004.
(MB)
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Northern Ireland WeatherToday:Much of the day will be dry with some hazy sunshine. Thickening cloud will bring some patchy rain from the southwest later in the afternoon. Warm. Maximum temperature 17 °C.Tonight:This evening will be cloudy with outbreaks of rain, these clearing away towards midnight. Then the rest of the night will be dry with clear periods. Minimum temperature 12 °C.
