Insolvent abuse
Article Abstract:
A UK construction industry report suggests director fraud may be responsible for 10% of company failures in 1998. There have been 300,000 failed companies in the UK since 1991. Over 1 million directors were involved with these failures but only 4300 have been disqualified from setting up a new firm. Some directors are involved in several failed companies but the law can not stop them re-establishing another company. Proving ability to run a company properly would be one way to ensure failed directors are monitored more closely.
Publication Name: Electrical Contractor
Subject: Engineering and manufacturing industries
ISSN: 0308-7174
Year: 1998
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Come to my rescue: can the Insolvency Act quell the flow of bankruptcies?
Article Abstract:
The protection from bankruptcy offered by the UK's Insolvency Act 2000 would appear to be beneficial for all firms, but the government has ruled that it will initially apply only to firms with turnover of less than 2.8 million pounds sterling a year. There is still an urgent need for a new rescue procedure for struggling companies.
Publication Name: Electrical Contractor
Subject: Engineering and manufacturing industries
ISSN: 0308-7174
Year: 2001
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Insolvent abuse
Article Abstract:
The Insolvency Act 2000 will result in the disqualification of directors for periods of between 2-15 years following company insolvency cases, which in 50% of cases are due to management failings, according to research.
Publication Name: Electrical Contractor
Subject: Engineering and manufacturing industries
ISSN: 0308-7174
Year: 2001
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