Disqualified Directors

Disqualified Directors - Pre 18 June 2009

For disqualifications post 18 June 2009 please see: Disqualified Company Officers Post 18 June 2009

The Isle of Man Financial Services Authority ('the Authority') expects the highest standards of conduct from those involved in the corporate governance of companies. Where, prior to 18 June 2009, a person’s conduct indicated that they were potentially unfit to perform such a role, the Authority (then known as the Financial Supervision Commission) could petition the High Court of Justice of the Isle of Man under Section 26 of the Companies Act 1992 seeking disqualification of that person from acting as:

  1. a director of a company; or
  2. a secretary of a company; or
  3. a liquidator of a company; or
  4. a receiver or manager of a company's property; or
  5. in any way, whether directly or indirectly, being concerned or taking part in the promotion, formation or management of a company unless that person has the consent of the Court.
Disqualification of persons for fraudulent trading.

Prior to 18 June 2009, in cases where the High Court of Justice of the Isle of Man made a declaration under Section 259(1) of the Companies Act 1931 that any of the directors of a company, whether past or present, were knowing parties to the carrying on, by the company, of business with intent to defraud creditors of the company or creditors of any other person or for any fraudulent purpose, or, where a person was convicted by the High Court of Justice of the Isle of Man under Section 259(3) of the Companies Act 1931 of being as a director knowingly a party to the carrying on of the business in manner aforesaid the court could also under Section 259(4) of the Companies Act 1931 order that that person shall not, without the leave of the court, be a director of or in any way, whether directly or indirectly, be concerned in or take part in the management of a company for a period, not exceeding five years.

Disqualification of directors of insolvent companies.

Prior to 18 June 2009 in cases where a person was or had been the director of a company which had at any time gone into liquidation and was insolvent, and had been the director of another such company which went into liquidation within the previous 5 years, and the conduct of the person as director of any of those companies made him unfit to be concerned in the management of a company, the Authority could apply to the High Court of Justice of the Isle of Man under Section 31(1) of the Companies Act 1982 for an order that the person shall not, without the leave of the Court, be a director of or in any way, whether directly or indirectly, be concerned or take part in the management of a company for such period as the court may specify, beginning with the date of the order and not exceeding 5 years.

With effect from 18 June 2009 the Company Officers (Disqualification) Act 2009 came into effect. This new Act replaced the above provisions, however, unexpired disqualifications under the above provisions were continued under the new Act. For details of the provisions of the Company Officers (Disqualification) Act 2009 please see: Disqualified company officers – Post 18 June 2009

Disqualified Company Officers – Post 18 June 2009

For disqualifications pre 18 June 2009 please see: Disqualified Directors pre 18 June 2009

The Isle of Man Financial Services Authority expects the highest standards of conduct from those involved in the corporate governance of companies. Where a person’s conduct indicates that they are potentially unfit to perform such a role the Authority may petition the High Court of Justice of the Isle of Man under Section 3 (1) (a) of the Company Officers (Disqualification) Act 2009 seeking disqualification of that person from acting as:

  1. a director, secretary or registered agent;
  2. a liquidator;
  3. a receiver;
  4. a person holding an office under any relevant foreign law analogous to any of the offices specified in paragraph (a), (b) or (c) in respect of a company; or
  5. a person who, in any way, whether directly or indirectly, is concerned or takes part in the promotion, formation or management of a company.

The period of disqualification can range from a minimum of 2 years to a maximum of 15 years.

Disqualification Undertakings

Section 6 of the Company Officers (Disqualification) Act 2009 permits the Authority where it appears to the Authority that:

  1. a person is or has been an officer of a company; and
  2. that the person’s conduct renders that person unfit to be an officer of a company; and
  3. the person has offered a disqualification undertaking

to accept the undertaking if satisfied that it is expedient in the public interest that it should do so (instead of applying, or proceeding with an application, for a disqualification order).

A disqualification undertaking has exactly the same effect as a disqualification order in terms of publicity and criminal sanctions for breach.

An undertaking may be for a minimum period of 2 years and a maximum period of 15 years.

Disqualification of persons for fraudulent trading

In terms of Section 9 of the Company Officers (Disqualification) Act 2009, in cases where the High Court of Justice of the Isle of Man makes a declaration under Section 259 of the Companies Act 1931 (responsibility of directors for fraudulent trading) that a person is liable to make a contribution to a company’s assets, then, whether or not an application for such an order is made by any person, it shall consider making a disqualification order against the person. The maximum period of disqualification under Section 9 of the Company Officers (Disqualification) Act 2009 is 15 years.

Disqualification of directors of insolvent companies

In terms of Section 5 of the Company Officers (Disqualification) Act 2009, in cases where the High Court of Justice of the Isle of Man is satisfied that a person is or has been an officer of a company which has at any time become insolvent (whether while the person was an officer or subsequently), and that person’s conduct as an officer of that company (either taken alone or together with their conduct as an officer of any other company or companies) makes them unfit it must make a disqualification order against them. The maximum period of disqualification under this section is 15 years and the minimum is 2 years.

Contravention of a Disqualification Order or Undertaking

Section 11 of the Company Officers (Disqualification) Act 2009 sets out the consequences for a person who contravenes a disqualification order or a disqualification undertaking. If a person is convicted of such a breach then they are liable:

(a) on conviction on information, to custody for not more than 2 years or a fine, or both; and

(b) on summary conviction, to custody for not more than 6 months or a fine not exceeding £5,000, or both.

Section 12 of the Company Officers (Disqualification) Act 2009 imposes personal liability for certain debts of a company upon a person who contravenes a disqualification order by acting as an officer of that company and upon any person who, as an officer of a company, acts or is willing to act on the instructions of the disqualified person, without the leave of the court.

Information Leaflet – Effect of a disqualification.

Disqualified Directors

Name: Craig Carroll

Address (at date of disqualification): formerly 14 Harcroft Meadows, Douglas, Isle of Man, IM2 1JS (currently Mr Carroll is residing at HM IOM Prison, St Patrick's Close, Jurby, Isle of Man)

Date of Birth: 9 February 1982

Means of Disqualification: Disqualification Undertaking

Roles in respect of the Disqualification Order or Undertaking:

(a) a director;

(b) a secretary;

(c) a registered agent;

(d) a liquidator;

(e) a receiver;

(f) a person holding an office under any relevant foreign law analogous to any of the offices specified in paragraphs (a), (b), (c), (d) or (e) in respect of a company; or

(g) a person who, in any way, whether directly or indirectly, is concerned or takes part in the promotion, formation or management of a company.

Period of Disqualification: 6 years, 8 months, 24 days

Dates of Disqualification: From 14 April 2023 to 6 January 2030

Particulars of Disqualification Order or Undertaking: Section 2 Company Officers (Disqualification) Act 2009 

Notes (if any):  

Name: Richard Alan Costain

Address (at date of disqualification): St Patrick's Close, Jurby, Isle of Man

Date of Birth: 13 Sep 1951

Period of Disqualification: 15 Years 0 Months 0 Days

Dates of Disqualification: From 16 Feb 2017 To 16 Feb 2032

Particulars of Disqualification Order or Undertaking: Section 2 Company Officers (Disqualification) Act 2009

Notes: The Financial Services Authority may allow the person, in specified circumstances, to act in the capacity in respect of which the Disqualification Undertaking applies.

Name: David James Coulter Cunningham

Address (at date of disqualification): Garden House, Orry Lane, Peel, Isle of Man IM5 1NN

Date of Birth: 22 August 1945

Means of Disqualification: Disqualification Undertaking

Roles in respect of the Disqualification Order or Undertaking:

(a) a director;

(b) a secretary;

(c) a registered agent;

(d) a liquidator;

(e) a receiver;

(f) a person holding an office under any relevant foreign law analogous to any of the offices specified in paragraphs (a), (b), (c), (d) or (e) in respect of a company; or

(g) a person who, in any way, whether directly or indirectly, is concerned or takes part in the promotion, formation or management of a company.

Period of Disqualification: 3 Years 11 Months 24 Days

Dates of Disqualification: From 30 November 2022 to 24 November 2026

Particulars of Disqualification Order or Undertaking: Section 2 Company Officers (Disqualification) Act 2009

Name: Paul Deighton

Address (at date of disqualification): Isle of Man Prison, St Patrick’s Close, Coast Road IM7 3JP

Date of Birth: 23 December 1966

Means of Disqualification: Disqualification Undertaking

Roles in respect of the Disqualification Order or Undertaking:

(a) a director;

(b) a secretary;

(c) a registered agent;

(d) a liquidator;

(e) a receiver;

(f) a person holding an office under any relevant foreign law analogous to any of the offices specified in paragraphs (a), (b), (c), (d) or (e) in respect of a company; or

(g) a person who, in any way, whether directly or indirectly, is concerned or takes part in the promotion, formation or management of a company.

Period of Disqualification: 12 Years 0 Months 0 Days

Dates of Disqualification: From 8 August 2020 to 7 August 2032

Particulars of Disqualification Order or Undertaking: Section 2 Company Officers (Disqualification) Act 2009

Notes (if any): The Financial Services Authority or the High Court may allow (grant leave to) the person, in specified circumstances, to act in the capacity in respect of which the Disqualification Undertaking applies.

Name: Ian Andrew Duggua

Address (at date of disqualification): Isle of Man Prison, St Patrick’s Close, Coast Road IM7 3JP

Date of Birth: 11 August 1962

Means of Disqualification: Disqualification Undertaking

Roles in respect of the Disqualification Order or Undertaking:

(a) a director;

(b) a secretary;

(c) a registered agent;

(d) a liquidator;

(e) a receiver;

(f) a person holding an office under any relevant foreign law analogous to any of the offices specified in paragraphs (a), (b), (c), (d) or (e) in respect of a company; or

(g) a person who, in any way, whether directly or indirectly, is concerned or takes part in the promotion, formation or management of a company.

Period of Disqualification: 10 years

Dates of Disqualification: From 13 September 2024 to 13 September 2034

Particulars of Disqualification Order or Undertaking: Section 2 Company Officers (Disqualification) Act 2009

Name: Kerry Anne Duggua

Address (at date of disqualification): Withheld

Date of Birth: 30 December 1974

Means of Disqualification: Disqualification Undertaking

Roles in respect of the Disqualification Order or Undertaking:

(a) a director;

(b) a secretary;

(c) a registered agent;

(d) a liquidator;

(e) a receiver;

(f) a person holding an office under any relevant foreign law analogous to any of the offices specified in paragraphs (a), (b), (c), (d) or (e) in respect of a company; or

(g) a person who, in any way, whether directly or indirectly, is concerned or takes part in the promotion, formation or management of a company.

Period of Disqualification: 5 years

Dates of Disqualification: From 13 September 2024 to 13 September 2029

Particulars of Disqualification Order or Undertaking: Section 2 Company Officers (Disqualification) Act 2009

Name: Jamie Alexander Irving

Address (at date of disqualification): Meadowcourt, The Links, Douglas Road, Peel, Isle of Man, IM5 1LN

Date of Birth: Not known

Period of Disqualification: 7 Years 0 Months 0 Days

Dates of Disqualification: From 26 Feb 2018 To 26 Feb 2025

Particulars of Disqualification Order or Undertaking: Section 4 Company Officers (Disqualification) Act 2009

Name: Jonathan Frank Edward Irving

Address (at date of disqualification): Meadowcourt, The Links, Douglas Road, Peel, Isle of Man, IM5 1LN

Date of Birth: Not known

Period of Disqualification: 8 Years 0 Months 0 Days

Dates of Disqualification: From 26 Feb 2018 To 26 Feb 2026

Particulars of Disqualification Order or Undertaking: Section 4 Company Officers (Disqualification) Act 2009

Name: Richard Ian Kissack

Address (at date of disqualification): 6 Falcon Cliff Court, Douglas, Isle of Man, IM2 4AQ (currently Mr Kissack is residing at HM IOM Prison, Jurby, Isle of Man)

Date of Birth: 30 October 1968

Means of Disqualification: Disqualification Undertaking

Roles in respect of the Disqualification Order or Undertaking:

(a) a director;

(b) a secretary;

(c) a registered agent;

(d) a liquidator;

(e) a receiver;

(f) a person holding an office under any relevant foreign law analogous to any of the offices specified in paragraphs (a), (b), (c), (d) or (e) in respect of a company; or

(g) a person who, in any way, whether directly or indirectly, is concerned or takes part in the promotion, formation or management of a company.

Period of Disqualification: 5 Years 11 Months 13 Days

Dates of Disqualification: From 31 December 2021 to 13 December 2027

Particulars of Disqualification Order or Undertaking: Section 2 Company Officers (Disqualification) Act 2009 

Name: Alan Louis

Address (at date of disqualification): Not known

Date of Birth: 23 November 1965

Means of Disqualification: Disqualification Order

Roles in respect of the Disqualification Order or Undertaking:

(a) a director;
(b) a secretary;
(c) a registered agent;
(d) a liquidator;
(e) a receiver;
(f) a person holding an office under any relevant foreign law analogous to any of the offices specified in paragraphs (a), (b), (c), (d) or (e) in respect of a company; or
(g) a person who, in any way, whether directly or indirectly, is concerned or takes part in the promotion, formation or management of a company.

Period of Disqualification: 12 Years 0 Months 0 Days

Dates of Disqualification: From 29 April 2019 to 28 April 2031

Particulars of Disqualification Order or Undertaking: Sections 4 and 5 Company Officers (Disqualification) Act 2009  

Notes: Order made 8 April 2019. Court ref: CHP 16/0073

Name: Phillip Sean McCarthy

Address (at date of disqualification): Cedar Lodge, Main Road, Crosby IM4 4BH

Date of Birth: 5 October 1979

Means of Disqualification: Disqualification Order

Roles in respect of the Disqualification Order or Undertaking:

(a) a director;

(b) a secretary;

(c) a registered agent;

(d) a liquidator;

(e) a receiver;

(f) a person holding an office under any relevant foreign law analogous to any of the offices specified in paragraphs (a), (b), (c), (d) or (e) in respect of a company; or

(g) a person who, in any way, whether directly or indirectly, is concerned or takes part in the promotion, formation or management of a company.

Period of Disqualification: 8 Years 0 Months 0 Days

Dates of Disqualification: From 28 November 2019 to 27 November 2027

Particulars of Disqualification Order or Undertaking: Sections 4 and 5 Company Officers (Disqualification) Act 2009

Notes (if any): Order made 28 November 2019. Court ref: CHP 18/0006

Name: Dirk Frederik Mudge

Address (at date of disqualification): 92, Daan Bekker Street, Windhoek, Namibia

Date of Birth: 23 December 1976

Means of Disqualification: Disqualification Undertaking

Roles in respect of the Disqualification Order or Undertaking:

(a) a director;

(b) a secretary;

(c) a registered agent;

(d) a liquidator;

(e) a receiver;

(f) a person holding an office under any relevant foreign law analogous to any of the offices specified in paragraphs (a), (b), (c), (d) or (e) in respect of a company; or

(g) a person who, in any way, whether directly or indirectly, is concerned or takes part in the promotion, formation or management of a company.

Period of Disqualification: 8 Years 0 Months 0 Days

Dates of Disqualification: From 17 November 2018 to 16 November 2026

Particulars of Disqualification Order or Undertaking: Section 2 Company Officers (Disqualification) Act 2009

Name: Lukas Nakos

Address (at date of disqualification): Not known

Date of Birth: 6 March 1976

Means of Disqualification: Disqualification Order

Roles in respect of the Disqualification Order or Undertaking:

(a) a director;
(b) a secretary;
(c) a registered agent;
(d) a liquidator;
(e) a receiver;
(f) a person holding an office under any relevant foreign law analogous to any of the offices specified in paragraphs (a), (b), (c), (d) or (e) in respect of a company; or
(g) a person who, in any way, whether directly or indirectly, is concerned or takes part in the promotion, formation or management of a company.

Period of Disqualification: 6 Years 0 Months 0 Days

Dates of Disqualification: From 29 April 2019 to 28 April 2025

Particulars of Disqualification Order or Undertaking: Sections 4 and 5 Company Officers (Disqualification) Act 2009  

Notes: Order made 8 April 2019. Court ref: CHP 16/0073

Name: Adrian Benedict Sacco

Address (at date of disqualification): Withheld

Date of Birth: 11 August 1966

Means of Disqualification: Disqualification Undertaking

Roles in respect of the Disqualification Order or Undertaking:

(a) a director;

(b) a secretary;

(c) a registered agent;

(d) a liquidator;

(e) a receiver;

(f) a person holding an office under any relevant foreign law analogous to any of the offices specified in paragraphs (a), (b), (c), (d) or (e) in respect of a company; or

(g) a person who, in any way, whether directly or indirectly, is concerned or takes part in the promotion, formation or management of a company.

Period of Disqualification: 7 years, 6 months, 1 day

Dates of Disqualification: From 22 November 2022 to 23 May 2030

Particulars of Disqualification Order or Undertaking: Section 2 Company Officers (Disqualification) Act 2009