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.’

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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.’

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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.’

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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.’

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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.’

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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.’

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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.’

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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.’

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OUT-LAW.com, 28th June 2016

Source: www.out-law.com

Watchdog demands more powers to stop cold-calling kingpins from dodging fines – Daily Telegraph

‘Cold call kings behind millions of nuisance calls are getting away with it because the Government has refused to hold them personally liable, the departing Information Commissioner has told The Telegraph. Christopher Graham, in his final interview before stepping down, said he had repeatedly pressed ministers to give him the power to pursue the directors of cold-calling companies – but his pleas had been ignored.’

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Daily Telegraph, 18th June 2016

Source: www.telegraph.co.uk

In re Zavarco (No 2); Blomqvist v Zavarco plc and another (No 2); Blomqvist v Teoh and others – WLR Daily

Posted June 3rd, 2016 in company directors, company law, estoppel, law reports, shareholders by sally

In re Zavarco (No 2); Blomqvist v Zavarco plc and another (No 2); Blomqvist v Teoh and others [2016] EWHC 1143 (Ch)

‘The shareholder claimed to have purchased a 66·6% share in the company, a United Kingdom holding company of a group operating in South East Asia. Following a substantial fall in the share price the shareholder requested that the directors call a general meeting of the company, which, by section 303 of the Companies Act 2006, they were required to do if they received requests from members representing at least 5% of the paid-up capital of the company. The directors refused to call the general meeting requested, contending that the shareholder’s shares were in fact not paid up. The shareholder served a notice pursuant to section 305 of the 2006 Act, by which a shareholder was entitled to call a meeting if the directors had wrongfully refused to do so. The company subsequently informed the shareholder that it had issued further shares to a Malaysian company reducing his shareholding to 1·17%. The shareholder commenced two actions, one by a petition for a declaration that the notice served by him under section 305 of the 2006 Act was valid and effective and a direction that the general meeting be held, and the other, by a Part 8 claim form for an order rectifying the company’s register of members to delete the additional share issue for want of authorisation.’

WLR Daily, 17th May 2016

Source: www.iclr.co.uk

End of LASPO exemption for insolvency “will lead to unscrupulous behaviour” – Litigation Futures

Posted June 3rd, 2016 in company directors, fees, insolvency, insurance, news by sally

‘Most insolvency practitioners and lawyers believe the end of the exemption for insolvency litigation from the abolition of recoverable success fees and insurance premiums in conditional fee cases will lead to “unscrupulous or illegal behaviour” by company directors, a survey has found.’

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Litigation Futures, 3rd June 2016

Source: www.litigationfutures.co.uk

UK proposes ‘sweeping changes’ to corporate liability for economic crimes – OUT-LAW.com

‘The planned introduction of a new corporate criminal offence of failure to prevent fraud, money laundering and other economic crimes would have an “even bigger impact on businesses than the introduction of the Bribery Act”, a corporate crime expert has said.’

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OUT-LAW.com, 13th May 2016

Source: www.out-law.com

Porn baron left penniless after losing bitter court battle with ‘bullying’ dominatrix – Daily Telegraph

Posted February 16th, 2016 in appeals, bullying, company directors, news, pornography by sally

‘Judge says case involving kinky businessman and his ex-girlfriend perhaps shows it is unwise to mix business with pleasure.’

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Daily Telegraph, 15th February 2016

Source: www.telegraph.co.uk

Wrongful trading: A tale of Robin Hood directors – New Square Chambers

Posted December 9th, 2015 in company directors, contribution, insolvency, news, winding up by sally

‘Applications for wrongful trading under s 214 of the Insolvency Act 1986 are notoriously difficult. In Brooks v Armstrong [2015] EWHC 2289 (Ch), Registrar Jones ordered the former directors of Robin Hood Centre plc (the “Directors”) (the “Company”) to make a contribution to the Company’s assets under s 214. But the relatively small award serves as a cautionary reminder of the risks of s 214 applications for liquidators and directors alike.’

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New Square Chambers, 1st December 2015

Source: www.newsquarechambers.co.uk

Supreme Court: not enough for directors to use powers ‘honestly’ or ‘in good faith’ – OUT-LAW.com

Posted December 7th, 2015 in appeals, company directors, disclosure, news, shareholders, Supreme Court by sally

‘Directors of a publicly-listed gas exploration company were not entitled to impose voting restrictions on certain shareholders which had failed to comply with statutory disclosure notices, the UK’s highest court has ruled.’

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OUT-LAW.com, 4th December 2015

Source: www.out-law.com

City Link directors ‘not guilty’ of failing to notify government of looming redundancies – OUT-LAW.com

Posted November 17th, 2015 in company directors, crime, insolvency, news, notification, prosecutions, redundancy by tracey

‘City Link did not breach laws requiring them to notify the government that they were “proposing to dismiss” thousands of employees who were made redundant when the business became insolvent last year, a court has ruled.’

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OUT-LAW.com, 16th November 2015

Source: www.out-law.com

IPs hit back at Jackson: ending LASPO exemption would create ‘windfall’ for third-party funders – Litigation Futures

Posted October 30th, 2015 in company directors, costs, fees, insolvency, insurance, news, third parties by sally

‘Abolishing the exemption from LASPO for insolvency cases would create a “windfall” for third-party funders, insolvency trade body R3 has argued.’

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Litigation Futures, 29th October 2015

Source: www.litigationfutures.com