Decision

Decision on Comisión Nacional De Mercado De Valores Ltd

Updated 22 January 2019

Order under the Companies Act 2006

In the matter of application No. 1737

For a change of company name of registration No. 10659185

Decision

The company name COMISIÓN NACIONAL DE MERCADO DE VALORES LTD has been registered since 8 March 2017 under number 10659185.

By an application filed on 13 April 2018, Comisión Nacional del Mercado de Valores applied for a change of name of this registration under the provisions of section 69(1) of the Companies Act 2006 (the Act).

A copy of this application was sent to the primary respondent’s registered office on 22 May 2018, in accordance with rule 3(2) of the Company Names Adjudicator Rules 2008. The copy of the application was sent by Royal Mail special delivery. It was returned “not at this address”. A copy of the application was then sent by ordinary post but this was returned as ‘No longer at this address’.

It subsequently became apparent that the company name had been made the subject of an application to be struck off. Therefore, it was the Tribunal’s preliminary view that this application is ‘potentially without object’. Once again the correspondence sent to the primary respondent was returned as ‘not at this address’. Following written arguments filed by the applicant on 16 July 2018, the Tribunal advised the parties on 23 August 2018 that it ‘decided no to suspend’ the application for the change of name. The letter informing the primary respondent was sent via recorded develiery and returned as ‘No longer at this address, as was the subsequent letter sent via ordinary post (on 14 September 2018). Further, no response was receive nor was a request for a hearing made.

The primary respondent did not file a defence within the one month period specified by the adjudicator under rule 3(3). Rule 3(4) states

The primary respondent, before the end of that period, shall file a counter-statement on the appropriate form, otherwise the adjudicator may treat it as not opposing the application and may make an order under section 73(1).

Under the provisions of this rule, the adjudicator may exercise discretion so as to treat the primary respondent as opposing the application. In this case I can see no reason to exercise such discretion and, therefore, decline to do so.

As the primary respondent has not responded to the allegations made, it is treated as not opposing the application. Therefore, in accordance with section 73(1) of the Act I make the following order:

(a) COMISIÓN NACIONAL DE MERCADO DE VALORES LTD shall change its name within one month of the date of this order to one that is not an offending name ^{[footnote 1]};

(b) COMISIÓN NACIONAL DE MERCADO DE VALORES LTD shall:

(i) take such steps as are within their power to make, or facilitate the making, of that change;

(ii) not to cause or permit any steps to be taken calculated to result in another company being registered with a name that is an offending name.

In accordance with s.73(3) of the Act, this order may be enforced in the same way as an order of the High Court or, in Scotland, the Court of Session.

In any event, if no such change is made within one month of the date of this order, I will determine a new company name as per section 73(4) of the Act and will give notice of that change under section 73(5) of the Act.

All respondents, including individual co-respondents, have a legal duty under Section 73(1)(b)(ii) of the Companies Act 2006 not to cause or permit any steps to be taken calculated to result in another company being registered with an offending name; this includes the current company. Non-compliance may result in an action being brought for contempt of court and may result in a custodial sentence.

Comisión Nacional del Mercado de Valores having been successful, is entitled to a contribution towards its costs. I order COMISIÓN NACIONAL DE MERCADO DE VALORES LTD to pay £800 costs on the following basis:

Fee for application: £400

Statement of case: £400

Total: £800

This sum is to be paid within seven days of the expiry of the appeal period or within seven days of the final determination of this case if any appeal against this decision is unsuccessful.

Any notice of appeal against this decision to order a change of name must be given within one month of the date of this order. Appeal is to the High Court in England, Wales and Northern Ireland and to the Court of Session in Scotland.

The company adjudicator must be advised if an appeal is lodged, so that implementation of the order is suspended.

Dated 14 November 2018

Mark King
Company Names Adjudicator

1. An “offending name” means a name that, by reason of its similarity to the name associated with the applicant in which he claims goodwill, would be likely to be the subject of a direction under section 67 (power of Secretary of State to direct change of name), or to give rise to a further application under section 69. ↩