Personal liability of directors

Article Abstract:

New British laws regarding the personal liability of directors can be classified under three categories: disqualification only, disqualification and personal liability, and personal liability. Company directors can be disqualified by the courts for committing an indictable offense, persistent breach of company law, for previous fraudulent trading, or for unfitness. Directors can be disqualified and held liable for civil damages for fraudulent or wrongful trading. Persons who have been disqualified and-or are insolvent and become involved in the management of a company may be liable for the company's debts in certain situations.

Corporate directors, Liability (Law), Legal liability

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Inside a legal maze

Article Abstract:

The Company Securities Act of 1985 legislates insider dealing and the related offenses of tipping and counseling. The regulations cover anonymous dealings in the stock market but does not apply to private face-to-face deals. The legislation specifies that a crime is committed when an insider exploits unpublished price-sensitive information to make an illicit gain.

Securities fraud, Insider trading in securities, Insider trading (Securities), Great Britain

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Westminster update

Article Abstract:

A number of short articles are presented concerning the important events which have occurred in Parliament in 2001 which affect the accounting profession. Bills put before Parliament are discussed.

United Kingdom, Interpretation and construction, Political aspects, Legislation, Legislative process

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