Burns v Financial Conduct Authority [2017] EWCA Civ 214: a sign of things to come? – 4 New Square

Posted February 2nd, 2018 in company directors, costs, enforcement, financial regulation, news by sally

‘Directors’ duties, procedural fairness and issue based costs; the Court of Appeal decision sheds light on several aspects of financial regulatory enforcement action.’

Full Story

4 New Square, 15th January 2018

Source: www.4newsquare.com

PPI firm fined £350,000 for making 75 million spam calls in four months – The Independent

‘A PPI company that made 75 million nuisance calls in just four months has been fined £350,000 by the Information Commissioner’s Office. The director of Miss-sold Products UK Ltd will not face any punishment despite the company he ran “blatantly ignoring the law” because of shortcomings in existing legislation, the ICO said on Wednesday.’

Full Story

The Independent, 17th January 2018

Source: www.independent.co.uk

Proposed reforms to the UK Corporate Governance Code from 1 January 2019 – OUT-LAW.com

Posted December 19th, 2017 in codes of practice, company directors, company law, financial regulation, news by sally

‘A revised UK Corporate Governance Code, intended by the Financial Reporting Council (FRC) to be “shorter and sharper” and to restore public trust in business, is due to come into force for accounting periods beginning 1 January 2019’

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OUT-LAW.com, 18th December 2017

Source: www.out-law.com

Reinforcing the Veil – Defending Cases Where the Corporate Veil is Threatened – Drystone Chambers

Posted December 8th, 2017 in company directors, company law, confiscation, news, Supreme Court by sally

‘“The corporate veil” is a much discussed, but much misunderstood phrase. When Lord Halsbury LC stated in Salomon v A Salomon and Co Ltd [1897] AC 22 that a limited liability company was to be viewed ‘like any other independent person with its rights and liabilities appropriate to itself’ he imbedded in law the idea of corporations having a separate legal identity from their directors. That principle is agreed. What has been in dispute, and is still uncertain to a degree, is when that separation can be made. ‘

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Drystone Chambers, 4th December 2017

Source: drystone.com

World-leading package of corporate governance reforms announced to increase boardroom accountability and enhance trust in business – Department for Business, Energy & Industrial Strategy

Posted August 29th, 2017 in bills, company directors, company law, press releases, remuneration by tracey

‘Business Secretary Greg Clark has set out the government’s corporate governance reforms to enhance the public’s trust in business.’

Full press release

Source: www.gov.uk/government/organisations/department-for-business-energy-and-industrial-strategy

Government attacked over new laws on excessive ‘fat cat’ pay – The Independent

Posted August 29th, 2017 in company directors, company law, news, remuneration by tracey

‘Critics rounded on the Government today as it published the full detail of new laws aimed at cracking down on excessive boardroom pay.’

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The Independent, 29th August 2017

Source: www.independent.co.uk

Golf firm boss jailed for manslaughter over ball collector’s lake death – The Guardian

‘A golf company director has been jailed over the manslaughter of a man with learning difficulties who drowned as he dived for lost balls in a cold, murky course lake.’

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The Guardian, 10th July 2017

Source: www.theguardian.com

Watson and others v Watchfinder.co.uk Ltd – WLR Daily

Posted June 1st, 2017 in agreements, company directors, consent, contracts, law reports, shareholders by sally

Watson and others v Watchfinder.co.uk Ltd [2017] EWHC 1275 (Comm)

‘The claimants were directors and shareholders of a business development consultancy whose services the defendant company retained to assist it in attracting investors. At the same time, the defendant entered into a share option agreement with the claimants on terms which, as later amended, provided for the claimants to purchase a certain percentage of the defendant’s issued share capital at a given price, but also provided that the option could not be exercised without the consent of a majority of the defendant’s board of directors. The claimants later sought to exercise the option but consent was refused. The claimants brought proceedings for specific performance of the share option agreement, contending that, as a matter of construction of that agreement or by way of an implied term, the defendant could not exercise its discretion over the grant of consent in a way that was arbitrary, capricious or irrational.’

WLR Daily, 25th May 2017

Source: www.iclr.co.uk

Company directors jailed following fatal roof fall – Crown Prosecution Service

‘Three company directors have been jailed today (May 19) following the death of a man who fell while working at a warehouse in Essex.’

Full press release

Crown Prosecution Service, 19th May 2017

Source: www.cps.gov.uk

Employees, Directors & the Futures Path of Corporate Governance Reform – Littleton Chambers

‘Shortly before the calling of a General Election the Business and Enterprise Select Committee of the House of Commons published a report on corporate governance. As the report’s reception and subsequent comment have made clear, whatever the outcome of the election the framework set by the report is likely to determine the direction of future corporate governance reform.’

Full story

Littleton Chambers, 9th May 2017

Source: www.littletonchambers.com

Dominic Chappell to fight legal action forcing him to pay BHS pensions – The Guardian

Posted March 2nd, 2017 in company directors, enforcement, news, pensions by sally

‘Dominic Chappell, the last owner of BHS, has pledged to fight legal action by the Pensions Regulator designed to force him to pay millions of pounds into the failed retailer’s pension scheme, saying the black hole in the scheme was not his fault.’

Full story

The Guardian, 1st March 2017

Source: www.guardian.co.uk

Directors could face ‘disciplinary action’ for financial reporting breaches, under FRC plans -OUT-LAW.com

‘Company directors could face “disciplinary action” over breaches of financial reporting rules under new plans announced by the Financial Reporting Council (FRC).’

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OUT-LAW.com, 17th February 2017

Source: www.out-law.com

UK bosses face tougher punishments over corporate pay rules – The Guardian

Posted February 16th, 2017 in company directors, consultations, financial regulation, fines, news by sally

‘Boardroom bosses face tougher punishments when they break financial reporting rules under proposals being submitted to the government by the body which polices corporate behaviour.’

Full story

The Guardian, 16th February 2017

Source: www.guardian.co.uk

SARs and Legal Professional Privilege – Panopticon

Posted January 26th, 2017 in company directors, data protection, electronic mail, news, privilege by tracey

‘It’s fair to say that the Supreme Court’s Brexit judgment has taken some attention from other legal developments of the day, but Holyoake v (1) Candy (2) CPC Group Limited [2017] EWHC 52 is another significant judgment on the scope of the subject access right under s.7 DPA.’

Full story

Panopticon, 25th January 2017

Source: www.panopticonblog.com

Admin assistant accused of conning pensioners out of £2m by selling fraudulent shares banned from directing a company – Daily Telegraph

Posted January 17th, 2017 in company directors, disqualification, elderly, fraud, news, shareholders by tracey

‘A party-loving admin assistant who was accused of conning pensioners out of more than £2million by selling fraudulent shares has been banned from directing a company but will not face criminal charges.’

Full story

Daily Telegraph, 16th January 2017

Source: www.telegraph.co.uk

Companies House abandons plan to delete 2.5m public records – The Guardian

Posted November 28th, 2016 in company directors, company law, data protection, news, public records by tracey

‘Controversial plans to delete more than 2.5m public records have been abandoned by the government’s company registration agency.’

Full story

The Guardian,24th November 2016

Source: www.guardian.co.uk

The BHS Scandal – the law unwrapped – Employment Blog

Posted November 8th, 2016 in company directors, dividends, news, pensions, reports, select committees by sally

‘The collapse of BHS into administration left 11,000 employees facing an uncertain future and 20,000 current and future pensioners facing substantial cuts to their entitlements. According to the Work and Pensions Select Committee, BHS encapsulates many of its ongoing concerns about the regulatory and cultural framework in which business operates, including the ethics of business behaviour, the governance of private companies, the balance between risk and reward, mergers and acquisitions practices, the governance and regulation of workplace pension schemes, and the sustainability of defined benefit pensions.’

Full story

Employment Blog, 7th November 2016

Source: www.employment11kbw.com

Sentencing ‘starting points’ for disqualified directors – Law Society’s Gazette

‘Magistrates will be given ‘starting points’ to help them sentence disqualified company directors who breach court orders as part of Sentencing Council efforts to ensure a consistent approach in the courts.’

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Law Society’s Gazette, 25th October 2016

Source: www.lawgazette.co.uk

Right to light appeal: bad conduct ‘key factor’ in grant of injunction, experts say – OUT-LAW.com

‘The Court of Appeal has upheld an injunction over what was a relatively minor breach of a right to light, primarily because of the developer’s poor conduct throughout the dispute.’

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OUT-LAW.com, 12th July 2016

Source: www.out-law.com

English court upholds freezing order, jails directors for refusal to disclose assets – OUT-LAW.com

Posted June 29th, 2016 in company directors, disclosure, freezing injunctions, news, sentencing by sally

‘The current and former directors of Hong Kong company Nu Tek have been sentenced to 18 and 12 months’ imprisonment for breaching a worldwide freezing order.’

Full story

OUT-LAW.com, 28th June 2016

Source: www.out-law.com