The courts recently ruled that when the directors of a company involved that company in fraudulent transactions, the company was not barred from making claims against the directors and their accessories for the losses caused by the directors’ breach of fiduciary duty.
Companies need to be on the alert: there will be no ‘grace period’ after the Bribery Act comes into force from Monday 4 July 2011.
Strict new rules will reform the antiquated UK laws and clamp down on the bribery of public officials and corporate executives. Chris Sellars, head of Business Legal Services says: "We are concerned that a lot of companies haven’t really cottoned on to the introduction of this new Act”
Banner Jones received another accolade this month from the InterContinental Finance Magazine (ICFM).
Chris Sellars, Director and Head of Business Legal Services says ‘We are delighted to have received the HIGHLY COMMENDED – TOP TIER FIRM status in the TOP BUSINESS LEGAL SERVICES FIRM OF THE YEAR – UK category. The awards are voted for by their readership who said that Banner Jones is considered to have performed to exceptional levels during one of the most difficult economic periods ever experienced. I am very proud of my team and all the staff at Banner Jones who make winning these awards possible.’
The Banner Jones Business Legal Services team are continuing to develop their Family Business specialism by utilising their ICFIB (International Centre for Families in Business) accreditation. Their regional specialism in this area allows them to give tailored legal advice to family owned businesses whose requirements are very different and often more complex.
Well actually…there is! If you can’t pay your debts as they fall due there is something you can do about it. Since 1986 the law has allowed many businesses to leave their debts behind them and start again. This can be an unpopular move when a business is seen to ‘go bust’ and then on the same day start up again with the same people, same premises and often the same name.