33.This section amends Section 218 of the Insolvency Act 1986.  The section provides that, in a winding up by the court, the court may direct the liquidator to report apparent criminal misconduct by past or present company officers or members of the company to the Secretary of State rather than to the Director of Public Prosecutions.  The section also requires a liquidator in a voluntary winding up to report suspicions of criminal misconduct by company officers past or present or members, to the Secretary of State rather than to the Director of Public Prosecutions.  It also provides that the Secretary of State may exercise powers under the Companies Act 1985 when investigating the alleged misconduct.  In the case of a winding up in Scotland, such misconduct will still be reported to the Lord Advocate.
Commentary on Sections Section 10: Investigation and prosecution of malpractice