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.
The average cost of fraud increased 35.4% to £3.9m in 2016, compared to 2015 data
Harrison Beale & Owen will (HB&O) have a new chairman and managing director at the helm for 2017
Satvir Bungar promoted to managing director in the mergers and acquisitions team
Carolyn Brown appointed as the first head of client legal services practice RSM Legal