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Director disqualification

Director Disqualification Guide 2022

Director Disqualification – What You Need To Know Directors are legally responsible for running a company, and, under the Companies Act 2006, there are set statutory duties and responsibilities that all company directors must adhere to. These include (but are not limited to):  Acting as per the company’s constitution; Only exercising powers for the purposes for …

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Director Disqualification Update – January 2022: New Year, New Laws

On 15 December 2021, the Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act 2021 received Royal Assent and serves as an interesting development within the director disqualification legal regime. You may have read our previous update on this in May 2021 Director Disqualification Update after the Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill had its first …

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Director disqualification

Director Disqualification and Coronavirus Bounce Back Loans

The Bounce Back Loan Scheme was introduced to provide financial aid to small and medium-sized businesses affected by the coronavirus pandemic. The scheme enabled small and medium-sized businesses to borrow up to £50,000 with no fees or interest payable for the first 12 months. After 12 months, an interest rate of 2.5% per year becomes …

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30 September 2021 – a Key Date for Insolvency Professionals

Background As a result of the coronavirus pandemic, the Corporate Insolvency and Governance Act 2020 (“CIGA”) received Royal Assent on 25 June 2020. CIGA made a number of substantial changes to existing insolvency legislation. Some of the significant changes (discussed in further detail below) were in relation to the presentation of winding up petitions and …

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An update: the importance of maintaining adequate company accounting records in the context of director disqualification

A company is obliged to keep adequate accounting records in accordance with section 386 of the Companies Act 2006. This provision sets out a number of requirements for a company’s accounting records, including that they must show and explain the company’s transactions and disclose with reasonable accuracy, at any time, the financial position of the …

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Director Disqualification Update – May 2021

On 12 May 2021 the Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Bill (“the Bill”) had its first reading in the House of Commons and has now been published.  This will be an interesting addition to the disqualification regime. The main changes to the Company Directors Disqualification Act 1986 (“the Act”) will be as follows: Section 6 …

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Extension of Restrictions under Corporate Insolvency and Governance Act 2020

As of yesterday, Thursday 24 September 2020, the Government has brought into force an extension to the operation of a number, but not all, of the restrictions and measures found within the Corporate Insolvency and Governance Act 2020 (“CIGA”). This has been done via Regulation 2 of The Corporate Insolvency and Governance Act 2020 (Coronavirus) …

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