Directors’ Fiduciary Duties – 11 KBW
“Were the statutory duties in the Companies Act 2006 intended to be simply a replacement without change?”
Full story (PDF)
11 KBW, 23rd November 2011
Source: www.11kbw.com
Category: company directors
Key fraudster behind wines and spirits ‘Ponzi’ scheme gets five years – The Guardian
“One of the key figures behind a Mayfair-fronted Ponzi scheme has been sentenced to five years imprisonment after admitting his part in a multimillion-pound wine and spirits investments fraud targeted at American doctors.”
The Guardian, 17th August 2011
Source: www.guardian.co.uk
Ex-director given permanent ban on revealing confidential information – OUT-LAW.com
“A businessman has been ordered never to improperly reveal confidential information belonging to a company where he used to be a director.”
OUT-LAW.com, 5th April 2011
Source: www.out-law.com
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
“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
“Headhunters spot new trend in law firms hunting for directors with non-legal backgrounds as pressure over corporate governance increases.”
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
“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.”
BBC News, 27th May 2010
Source: www.bbc.co.uk
Former Wrexham FC chairman’s directorship ban – BBC News
“A former chairman of Wrexham FC has been banned from being a director of any UK company for seven years.”
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
“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.”
OUT-LAW.com, 22nd January 2010
Source: www.out-law.com
NHS software saga will see former directors in court – BBC News
The City regulator has started criminal proceedings against four former directors of UK-based healthcare software company iSoft.
BBC News, 6th January 2010
Source: www.bbc.co.uk
Company director plundered more than £500,000 from KPMG – The Guardian
“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.”
The Guardian, 15th September 2009
Source: www.guardian.co.uk
Action launched against Rover bosses – The Independent
“The four men behind the collapse of car giant MG Rover are to be banned from running companies, Business Secretary Lord Mandelson said today.”
The Independent, 11th September 2009
Source: www.independent.co.uk
Directors to face tougher penalties for competition law breaches – OUT-LAW.com
“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.”
OUT-LAW.com, 19th August 2009
Source: www.out-law.com
O’Donnell v Shanahan and another – WLR Daily
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.”
The Guardian, 8th July 2009
Source: www.guardian.co.uk
Revenue and Customs Commissioners v Holland and another – WLR daily
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
“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.”
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
“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
“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.
