Company Commercial

A company director has been disqualified for eight years after failing to account for missing assets and funds at a time when his business was struggling to stay afloat. The company went into liquidation owing nearly £600,000. An investigation by the Insolvency Service found that when the debts started to mount up, the director had

New legislation is to be introduced to oblige large firms to reveal what measures they take to prevent the use of slavery throughout their supply chain. The Transparency in Supply Chain duty applies to all commercial organisations that carry out business in the UK and which have a total annual turnover above £36 million. It

A director who breached his duty to his company’s shareholders has been told he must compensate them through a share purchase order. The case involved the chairman of a large passenger car service. He also became the director of a new start-up company providing bins for the disposal of cigarette butts. The plan was to

A man has been disqualified from being a company director for eight years after diverting more than £84,000 away from his struggling company to one of his associates. The disqualification prevents him from directly or indirectly becoming involved in the promotion, formation or management of a company until 28 October 2023. It follows an investigation

A company providing environmental training courses has won its appeal against the non-payment of invoices by a major client. The issue arose after the provider was hired to provide training on behalf of the client to small and medium-sized enterprises. The draft service agreement stated that payment would only be made if the provider produced

A national estate agency that operates on a franchise basis has successfully taken legal action to prevent competition from a former franchisee. The agency offered training and support to partners across the country. Franchisees could only operate within their own defined area and were subject to a restrictive covenant stating that if they ended their

The government has commissioned an independent review to find ways to encourage more people to set up successful businesses. It will be led by Michelle Mone, who founded the lingerie business Ultimo and turned it into a multi-million pound company. Nearly 70,000 new businesses have already been created through the New Enterprise Allowance scheme, which

New regulations designed to improve standards in business could lead to more directors being disqualified. The measures, which came into force on 1 October, state that the Secretary of State can seek to have a director of a limited company disqualified if they: • breach laws or regulations • have been convicted of a company

A firm that entered into a contract before the final details were agreed has ended up losing all its assets. The case involved a firm that wanted to buy a property but could not raise the purchase price. It entered into an agreement with a company that would lend it both the deposit and purchase