How Will UK Use New Penalties For Debt-Dodging Directors?

By Thomas Shortland (February 11, 2022, 5:58 PM EST) -- On Feb. 15, significant amendments to the regime for the disqualification of company directors enter into force.

The changes — introduced by the Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act 2021 — provide for the first time the secretary of state for business, energy and industrial strategy, or the SOS, and the executive branch, the Insolvency Service, or the TIS, with powers to investigate and pursue disqualification proceedings against directors of dissolved companies.

Although the reforms significantly expand the number of companies whose current and former managers — including company directors and members of limited liability partnerships — may face...

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