Companies Act Section 341 — Liability under sections 339 and 340 to extend to partners or directors in firms or companies

CHAPTER XX WINDING UP

Commercial / Corporate

Summary

Where a declaration or order is made against a firm or a company, the Tribunal can also take the same action against any person who was a partner in that firm or a director of that company at the relevant time. This means the liability can extend from the firm or company itself to the individuals who held those positions when the issue arose.

Official Text

Where a declaration under section 339 or an order under section 340 is made in respect of a firm or body corporate, the Tribunal shall also have power to make a declaration under section 339, or pass an order under section 340, as the case may be, in respect of any person who was at the relevant time a partner in that firm or a director of that body corporate.