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12 Transport executive to report bankruptcy etc

12 Transport executive to report bankruptcy etc

(cf cl 10 GSE Reg 2014)

(1) If a Transport executive becomes bankrupt or makes a composition, arrangement or assignment for the benefit of the executive’s creditors, the executive must:

(a) immediately notify the Transport Secretary in writing of the bankruptcy, composition, arrangement or assignment, and

(b) within such period as the Transport Secretary specifies, provide the Transport Secretary with such further information with respect to the cause of the bankruptcy or of the making of the composition, arrangement or assignment as the Transport Secretary requires.

(2) The Transport Secretary may, as a condition of the engagement of a person in an executive role relating to financial management, require the person to declare, before the person is engaged in that role, whether or not the person has at any time been declared bankrupt or made a composition, arrangement or assignment for the benefit of the person’s creditors.