Company directors play a vital role in running a business. But failing to follow the rules can have serious consequences, from personal liability to director disqualification. In this guide, we break down the seven statutory responsibilities for directors duties under the Companies Act 2006, and outline the consequences of breaching them. What are the duties […]
Directors’ Duties: The 7 Key Duties of a Company Director Read More »
If HMRC has contacted you, or you’re worried that an investigation into your company’s financial affairs may be on the horizon, the steps you take now will shape the outcome. Acting quickly and with the right advice can protect both your business and your reputation. For directors, the stakes are high. Your conduct may be
HMRC Investigations: A Guide for Worried UK Directors Read More »
Many employers believe that it is safe to dismiss an employee with less than two years’ continuous service on the basis that they do not have ordinary unfair dismissal rights. It is certainly true that the general rule is that an employee requires two years’ continuous service to bring a claim of ordinary unfair dismissal
Is it safe to dismiss an employee with less than two years’ continuous service? Read More »
Introduced by the government in April 2020, the Bounce Back Loan Scheme (BBLS) provided rapid access to finance for small businesses affected by the coronavirus pandemic. Through the scheme, SMEs could borrow between £2,000 and 25% of their turnover, up to a maximum of £50,000. While businesses took advantage of the BBLS, it wasn’t without
HMRC Bounce Back Loan Investigation Read More »
Director disqualification – Introduction If you have received a Section 16 letter, or you’re worried about director disqualification, what you do in the next few days can make a real difference to your career and your reputation. Being disqualified can damage your reputation, affect your livelihood, and prevent you from holding positions of responsibility for
Company Director Disqualification – Everything You Need To Know Read More »
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
Director Disqualification Update – January 2022: New Year, New Laws Read More »
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
Director Disqualification and Coronavirus Bounce Back Loans Read More »
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
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
Director Disqualification Update – May 2021 Read More »
A recap of the principles applicable to allegations by the Secretary of State of trading to the detriment of HMRC – The Secretary of State for Business Energy and Industrial Strategy v Raymond St John Murphy [2019] EWHC 459 (Ch) In The Secretary of State for Business Energy and Industrial Strategy v Raymond St John Murphy [2019] EWHC 459
Trading to the Detriment of HMRC – Director Disqualification Read More »
