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:A sunny but frosty start for many. However cloud increases by midday with a few showers reaching the north coast, these mostly light but spreading inland this afternoon. Chilly. Maximum temperature 8 °C.Tonight:A rather cloudy evening with scattered showers. Becoming drier through the night with some good clear spells developing and a patchy frost away from coasts. Minimum temperature 0 °C.