The Wise Finance Company Limited was incorporated in the UK and registered as a branch in this state on 10 November 1995 under the European Communities (Branch Disclosures) Regulations, 1993. Its directors are Ronald Weisz and Fiona Weisz.
An allegation that Ronald Weisz was declared a bankrupt in New York State in 1994 was made to my Department. Section 183 of the Companies Act, 1963, as amended, prohibits an undischarged bankrupt from acting as a director of a company. As the bankruptcy was allegedly declared in a foreign state, legal advice was sought on the issue of jurisdiction.
I have since been advised that a person declared a bankrupt in the US and remaining undischarged would not be in breach of section 183 by acting as a director in this jurisdiction. Such circumstances are clearly unsatisfactory and will be addressed in the preparation of future companies legislation, and my Department will give the matter its attention in the interim period.