First breach of Foreign Companies Act
A company director has become the first victim of a two-year-old Island law.
Wayne Edward Solomon, of Hill View, Port St Mary, appeared before Deputy High Bailiff Jayne Hughes yesterday (6 Sept).
The 60-year-old became the first person to be sentenced for breaching the Foreign Companies Act (2014).
It's after he failed to apply to register the firm Laserflex (Uk) Limited with the department of economic development.
Mr Solomon pleaded guilty to the charge at Douglas courthouse.
The court heard how Laserflex Limited was wound up in 2013 after more than 30 years of business.
Mr Solomon's new firm Laserflex (Uk) Limited - operating out of England and Wales - bought the assets of the old company and continued to run the business over here.
A requirement of the Foreign Companies Act is to apply to register a firm within a month of operation in the Isle of Man.
It emerged the DED had written to Laserflex (Uk) Limited on Feburary 3 earlier this year but received no response.
The new company was itself wound up on March 31.
Sentencing, Mrs Hughes said it was 'the first offence of this nature' meaning there were no sentencing guidelines available.
Wayne Solomon has been ordered to pay a £1,000 fine along with £50 in costs.
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