(1) The court may make a disqualification order against a person where it appears to it that he has been persistently in default in relation to relevant provisions of the companies legislation (see subsection (3B)).

(2) On an application to the court for an order to be made under this section, the fact that a person has been persistently in default in relation to relevant provisions of the companies legislation may (without prejudice to its proof in any other manner) be conclusively proved by showing that in the 5 years ending with the date of the application he has been adjudged guilty (whether or not on the same occasion) of three or more defaults in relation to those provisions.

(3) A person is to be treated under subsection (2) as being adjudged guilty of a default in relation to any such provision if -

(a) he is convicted (whether on indictment or summarily) of an offence consisting in a contravention of or failure to comply with that provision (whether on his own part or on the part of any company),

(aa) a financial penalty is imposed on the person in respect of such an offence by virtue of regulations under -