(1)
If it appears to the Commission that—
(a)
misleading information has been given for the purposes of a company, limited liability partnership, business name or incorporated trustee registration by a particular name ; or
(b)
an undertaking or assurance has been given for that purpose and has not been fulfilled, the Commission may direct the company, limited liability partnership, business name or incorporated trustee to change its name.
(2)
The direction shall—
(a)
be given within five years of the company, limited liability partnership, business name or incorporated trustees registration by that name ; and
(b)
specify the period within which the company, limited liability partnership, business name or incorporated trustee is to change its name.
(3)
The Commission may, by a further direction, extend the period within which the company, limited liability partnership, business name or incorporated trustee is to change its name provided that the direction shall be given before the end of the period for the time being specified.
(4)
A direction under this section shall be in writing.
(5)
Where a company, limited liability partnership, business name or incorporated trustee fails to comply with a direction of the Commission under this section, the company, limited liability partnership and incorporated trustees together with every of the officers or each partner in the case of a business name shall each be liable to a penalty for every day the failure continues in such amount as the Commission shall specify in its regulations.
(6)
In this section, “officer” of the company, limited liability partnership or incorporated trustee means the directors (including a shadow director), partners or trustees whichever is applicable.