One trend that many users of company compliance services will have noted lately is the rise of distributed ledger technology, otherwise known as blockchain, which was the subject of a recent report by the Financial Reporting Council’s (FRC) Financial Reporting Lab.
In the event of a company becoming insolvent due to its debts and creditors exceeding its assets, it is the statutory duty of the company’s directors to act in the best interests of the company’s creditors as a whole. It must be possible for the directors to demonstrate that they have taken every feasible step within their control to ensure that all creditors have been repaid using the company’s resources.
It is a curious aspect of chairing a board that the person who performs this role – even in a large and well-known company – generally only emerges from behind the scenes when things go wrong. Countless examples exist of chairpersons hitting the headlines in such instances as an environmental disaster, or a chief executive’s failure to deliver a strategy.
Company owners who keep a close eye on developments at the Department for Business, Energy & Industrial Strategy may have noticed its announcement in late August of the Government’s response to the Green Paper consultation on corporate governance reform.
One recent story that existing business owners or those looking to incorporate a limited company with the assistance of London Registrars may have noted concerns on what has been declared to be the ‘worst ever’ ransomware attack. Experts believe that as-yet-unknown parties lifted a trove of tools from the National Security Agency (NSA) that were then used for a global malware campaign.
So far, more than 100,000 migrants have reached Europe by sea in 2017, according to International Organisation of Migration estimates. Exploitation of these migrants has put European supply chains, including those in the UK, at greater risk of inadvertently drawing upon slave labour.
The majority of European Union member states have missed the deadline for implementing new laws aimed at combating money laundering and the funding of terrorism, according to an EU commissioner.
Whether or not your company presently maintains a PSC register, it may have reason to take an interest in the latest changes to the PSC regime.
The UK Government altered the Companies Act 2006 in April last year, to include a requirement for most companies and LLPs to produce, keep and maintain a register of any people or relevant legal entities with significant control over that company or LLP.