The penalty facing the UK’s five million company directors was unveiled in a White Paper on modernising company law. Johnson said: ‘I think it’s a substantial deterrent. It’s an entirely new criminal offence.’
Directors’ duties will be set out in statute with guidance on their obligations. A requirement to prepare a detailed operating and financial review outlining the performance and future direction of a business was also included in the proposals.
This is the first time a government has attempted to update company law since it was created 150 years ago.
For more on the company law review go to our site special.
Carter Backer Winter has acquired Edwards Financial Services, expanding its financial planning department
New growth opportunities in Aberdeen, North East Scotland, are being invested in by Grant Thornton
Colin responds to the call for 'Darwinism' in accountancy
A new partner, Dermot Callinan, has joined Saffery Champness from KPMG where he was recently the head of the UK private client advisory team