The penalties for benefit from bankruptcy’

  • The penalties for benefit from bankruptcy’
    Independent.t. E.
    The UK government has said it will move forward with plans to punish the Director who is unable to protect its employees from the consequences of bankruptcy.
    https://www.independent.ie/business/world/fines-for-profiting-from-insolvency-37254593.html
    https://www.independent.ie/business/article37254592.ece/d5ce2/AUTOCROP/h342/2018-08-27_bus_43589138_I1.JPG

  • Email

The UK government has said it will move forward with plans to punish the Director who is unable to protect its employees from the consequences of bankruptcy.

New powers announced yesterday will be paid to the UK insolvency service, including the possibility of issuing fines, or even suspensions of the bosses of the company, if they tried to avoid paying the debts of the dissolved company.

“Some of the recent major failures of the business showed a minority of Directors recklessly profited dissolved companies,” said Minister for small business Kelly the musician, said in a statement. “This cannot continue”.

The plans, proposed in March, run several high-profile collapses, including carillion in January, which left Ministers struggling to save tens of thousands of jobs and public-private contracts affecting schools, hospitals, roads and military installations. .

Under the new rules, leaders can be disqualified from managing companies for as long as 15 years if their conduct during a corporate Trustee deemed “unfit”.

Stuart Frith, President of insolvency trade body R3, welcomed the plans and said that would solve the issue of Directors “consciously dissolve the business to avoid paying their debts.” (Bloomberg)

Online Business Classes