It is crucial for businesses set up as private limited companies to comply with the requirements of the Companies Act 2006.
It is essential that anybody who becomes a company director is aware of and complies with their legal obligations.
Where companies face financial difficulties, it is important to be aware of the laws that govern insolvency to help reduce legal risk.
Recent changes have been made to UK company law by the Small Business, Enterprise and Employment Act 2015.
The Financial Conduct Authority (“FCA”) and the Prudential Regulation Authority (“PRA”) have introduced new rules on whistleblowing which will take effect from 7 September 2016.
Where a director allows a company that is in financial trouble to continue to trade the director may become liable for "wrongful trading".