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The extent of the director’s responsibility for any failure by the company to comply with any of the following provisions of the Companies Act 1985, namely— (a) s. 221 (companies to keep accounting records); (b) s. 222 (where and for how long records to be kept); (c) s. 288 (register of directors and secretaries);
Mr Cruddas was a chartered accountant and director of five insolvent companies, debt amounting to £600,000. He did not keep proper accounting records, failed to ensure annual returns were filed, and that annual accounts were prepared and audited, caused more debt when he knew of severe financial difficulty, traded while insolvent, did not pay the Crown debts for PAYE, NIC and VAT.
Long title: An Act to reform company law and restate the greater part of the enactments relating to companies; to make other provision relating to companies and other forms of business organisation; to make provision about directors’ disqualification, business names, auditors and actuaries; to amend Part 9 of the Enterprise Act 2002; and for connected purposes
The Company Directors Disqualification Act of 1986 is applied to the LLPs, making it so that a disqualified director is unable to join LLPs and so members of may also face the same proceedings as directors. The key features of limit liability partnerships are: They are a corporate body, which means they are separate from the members.
Cases under the Company Director Disqualification Act 1986, such as Re Barings plc (No 5) [96] show that directors will also be liable for failing to adequately supervise employees or have effective risk management systems, as where the London directors ignored a warning report about the currency exchange business in Singapore, where a rogue ...
Cases under the Company Director Disqualification Act 1986, such as Re Barings plc (No 5) [11] show that directors will also be liable for failing to adequately supervise employees or have effective risk management systems, as where the London directors ignored a warning report about the derivatives business in Singapore, where a rogue trader ...
A swimmer’s disqualification on a technicality after winning a college conference final has led to one teammate branding the decision as the “dumbest rule in swimming.”
Directors' duties are a series of statutory, common law and equitable obligations owed primarily by members of the board of directors to the corporation that employs them. It is a central part of corporate law and corporate governance. Directors' duties are analogous to duties owed by trustees to beneficiaries, and by agents to principals.