If you are to register a company this year, it is important to be well-informed on the criteria that you must satisfy to do so
Late last year, GC100 – the voice of general counsel and company secretaries working in FTSE 100 companies – published guidance for directors in relation to section 172, including stakeholder considerations.
The practical steps outlined are sure to be of interest to many users of business support services like those provided by ourselves here at London Registrars.
It seems that cyber security has been hogging ever-greater headlines in recent times, due to both continued high-profile lapses and regulators paying increasing attention to this arena.
One factor that those looking to register a business in the UK must bear in mind is the EU’s recently introduced strict data protection law, the General Data Protection Regulation (GDPR). Such individuals may therefore take an interest in the news that the UK data protection regulator, the Information Commissioner’s Office (ICO), has issued its first GDPR enforcement notice.
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.