Progress Property Co Ltd v Moorgarth Group Ltd – WLR Daily

Progress Property Co Ltd v Moorgarth Group Ltd [2010] UKSC 55; [2010] WLR (D) 218

“The sale of a company’s assets to a shareholder was not an unlawful distribution of assets if the court concluded that it was a genuine commercial transaction at arm’s length even if it appeared with hindsight that the sale was at an undervalue. The court’s conclusion depended on a realistic assessment of all the relevant facts and not simply on a retrospective valuation exercise in isolation from all other inquiries. The essential issue was how the transaction was to be characterised, and that was a matter of substance and not form.”

WLR Daily, 8th December 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Revenue and Customs Commissioners v Holland and another; In re Paycheck Services 3 Ltd and others – WLR Daily

Posted November 25th, 2010 in company directors, insolvency, law reports, misfeasance by sally

Revenue and Customs Commissioners v Holland and another In re Paycheck Services 3 Ltd and others [2010] UKSC 51; [2010] WLR (D) 298

“A director of a corporate director of a company was not a de facto director of that company, who was thereby liable for the misuse of its assets, if his acts were done entirely within the ambit of the discharge of his duties and responsibilities as a director of the corporate director.”

WLR Daily, 24th November 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Law firms bring non-executives on board ahead of legal changes – The Guardian

Posted November 2nd, 2010 in company directors, law firms, news by sally

“Headhunters spot new trend in law firms hunting for directors with non-legal backgrounds as pressure over corporate governance increases.”

Full story

The Guardian, 1st November 2010

Source: www.guardian.co.uk

In re Stakefield (Midlands) Ltd and others – WLR Daily

In re Stakefield (Midlands) Ltd and others [2010] WLR (D) 249

“A defendant to disqualification proceedings brought by the Secretary of State for Business, Enterprise and Regulatory Reform would not be entitled to have the proceedings struck out on the basis that the Secretary of State had committed a breach of duty by failing to obtain evidence or otherwise to investigate. Where, however imperfect the investigations might have been, the Secretary of State had in fact assembled evidence of a defendant’s unfitness to be concerned in the management of a company, it was for the court to determine at trial whether the Secretary of State had made out his case.”

WLR Daily, 13th October 2010

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Annual board elections in new code for top companies – BBC News

Posted May 28th, 2010 in company directors, company law, news, women by sally

“Plans for directors to submit to an annual shareholder vote form part of an overhaul of the code of conduct for the UK’s top 350 listed companies.”

Full story

BBC News, 27th May 2010

Source: www.bbc.co.uk

Former Wrexham FC chairman’s directorship ban – BBC News

Posted March 31st, 2010 in company directors, disqualification, news, sport by sally

“A former chairman of Wrexham FC has been banned from being a director of any UK company for seven years.”

Full story

BBC News, 30th March 2010

Source: www.bbc.co.uk

Safeway proceeds with groundbreaking attempt to sue ex-employees for price fixing – OUT-LAW.com

Posted January 26th, 2010 in company directors, competition, news, price fixing by sally

“Safeway has been given permission to continue a groundbreaking lawsuit against former employees and directors which seeks to recover competition law fines from the ex-employees and directors involved in the breaches.”

Full story

OUT-LAW.com, 22nd January 2010

Source: www.out-law.com

NHS software saga will see former directors in court – BBC News

Posted January 7th, 2010 in accounts, company directors, conspiracy, news by sally

The City regulator has started criminal proceedings against four former directors of UK-based healthcare software company iSoft.

Full story

BBC News, 6th January 2010

Source: www.bbc.co.uk

Company director plundered more than £500,000 from KPMG – The Guardian

Posted September 16th, 2009 in company directors, fraud, news, sentencing by sally

“A company boss was jailed for four years today after trying to buy his second wife happiness with more than £500,000 plundered from global accountancy company KPMG.”

Full story

The Guardian, 15th September 2009

Source: www.guardian.co.uk

Action launched against Rover bosses – The Independent

Posted September 11th, 2009 in company directors, fraud, news by sally

“The four men behind the collapse of car giant MG Rover are to be banned from running companies, Business Secretary Lord Mandelson said today.”

Full story

The Independent, 11th September 2009

Source: www.independent.co.uk

Directors to face tougher penalties for competition law breaches – OUT-LAW.com

Posted August 19th, 2009 in company directors, competition, news by sally

“The Office of Fair Trading (OFT) plans to extend company director bans to include not just those who were directly involved in competition law offences but those who should have done more to prevent them.”

Full story

OUT-LAW.com, 19th August 2009

Source: www.out-law.com

O’Donnell v Shanahan and another – WLR Daily

Posted July 27th, 2009 in company directors, fiduciary duty, law reports by sally

O’Donnell v Shanahan and another [2009] EWCA Civ 751; [2009] WLR (D) 252

“A company director had a duty to inform the company of a relevant business opportunity and could not make his own decision that the company would not be interested, and without more, appropriate the opportunity to himself.”

WLR Daily, 24th July 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Gangmaster laws to be extended to cut deaths in construction industry – The Guardian

“Directors will be legally forced to ensure good health and safety management and gangmaster licensing will be extended to the construction industry as the centrepiece of a hard-hitting government inquiry into the high number of fatalities on Britain’s building sites published today.”

Full story

The Guardian, 8th July 2009

Source: www.guardian.co.uk

Revenue and Customs Commissioners v Holland and another – WLR daily

Posted July 6th, 2009 in company directors, insolvency, law reports, misfeasance by sally

Revenue and Customs Commissioners v Holland and another [2009] EWCA Civ 625; [2009] WLR (D) 228

“A human director of a corporate director could in certain circumstances be regarded as a de facto director of the subject company but he would not automatically be so regarded.”

WLR Daily, 3rd July 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Serious Fraud Office called in by Business Secretary to investigate MG Rover collapse – The Times

Posted July 6th, 2009 in company directors, fraud, inquiries, news by sally

“Lord Mandelson will tell Parliament today that he has asked the Serious Fraud Office (SFO) to investigate the collapse of MG Rover, the Midlands carmaker, four years ago.”

Full story

The Times, 6th July 2009

Source: www.timesonline.co.uk

Department for Business, Enterprise and Regulatory Reform v Seager; Department for Business, Enterprise and Regulatory Reform v Blatch – WLR Daily

Posted July 2nd, 2009 in company directors, confiscation, law reports, proceeds of crime by sally

Department for Business, Enterprise and Regulatory Reform v Seager; Department for Business, Enterprise and Regulatory Reform v Blatch [2009] EWCA Crim 1303; [2009] WLR (D) 220

“Where a confiscation order was made pursuant to s 71 of the Criminal Justice Act 1988 or s 6(4) of the Proceeds of Crime Act 2002 against a defendant in respect of his benefit from his criminal conduct in respect of an offence of acting in contravention of an order or undertaking disqualifying him from being a company director, that benefit was not simply to be assessed as the turnover of the relevant company, but as the value of the property obtained by the defendant himself, as determined in accordance with ordinary common law principles of entitlement and ownership.”

WLR Daily, 1st July 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Department for Business, Enterprise and Regulatory Reform v Seager; Department for Business, Enterprise and Regulatory Reform v Blatch – WLR Daily

Posted July 1st, 2009 in company directors, confiscation, law reports, proceeds of crime by sally

Department for Business, Enterprise and Regulatory Reform v Seager; Department for Business, Enterprise and Regulatory Reform v Blatch [2009] EWCA Crim 1303; [2009] WLR (D) 215

“Where a confiscation order was made pursuant to s 71 of the Criminal Justice Act 1988 or s 6(4) of the Proceeds of Crime Act 2002 against a defendant in respect of his benefit from his criminal conduct for the offence of acting in contravention of an order or undertaking disqualifying him from being a company director, that benefit was not simply to be assessed as the turnover of the relevant company, but as the value of the property obtained by the defendant himself, as determined in accordance with ordinary common law principles of entitlement and ownership.”

WLR Daily, 30th June 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Progress Property Co Ltd v Moore and another – WLR Daily

Progress Property Co Ltd v Moore and another [2009] EWCA Civ 629; [2009] WLR (D) 214

“The sale of a company’s assets at an under value by a company having control of selling and buying companies did not make the sale a dressed up unlawful distribution of its assets or ultra vires the company if the person arranging the sale honestly believed the transaction to be other than a gratuitous distribution of the company’s assets to shareholder, even though that person was the director of the selling and buying companies.”

WLR Daily, 29th June 2009

Source: www.lawreports.co.uk

Please note once a case has been fully reported in one of the ICLR series the corresponding WLR Daily summary is removed.

Serious Fraud Office to ask parliament to grant it new powers – Law Society’s Gazette

Posted May 8th, 2009 in company directors, deferred prosecution agreements, fraud, news by sally

“The Serious Fraud Office is to ask parliament to enhance its powers to fight fraudulent companies and corrupt directors, the Gazette has learned. The investigation and prosecution agency has begun consulting privately with senior lawyers and officials before it approaches parliament later in the year. Sources close to the discussions said the SFO wants powers to fine fraudulent companies and impose deferred prosecutions, as well as ­legislation requiring companies to report frauds as soon as they are discovered.”

Full story

Law Society’s Gazette, 7th May 2009

Source: www.lawgazette.co.uk

Fraud tempts more directors of insolvent companies – The Times

Posted May 6th, 2009 in company directors, fraud, insolvency, news by sally

“The number of directors of insolvent companies disqualified for financial crime is soaring as the recession takes hold, according to government figures.”

Full story

The Times, 4th May 2009

Source: www.timesonline.co.uk