The Companies Act 2006 was designed to modernise British company law. The provisions dealing with company directors’ duties are designed to make the law and legal obligations more readily ascertainable to directors. This stands in contrast to previous legislation where director’s duties were not made clear in the Companies Act 1987.
Accordingly, there are several changes which affect directors. As of 1 October 2007, the duties of directors are:
These enumerated duties of directors do not so much change the law but clarifies what is expected from directors by accepting an appointment to serve a company. Directors of companies should conduct a review of their responsibilities within the context of the company and ensure that they take every opportunity to comply with their statutory obligations.
Companies: Internal Governance – Directors’ Duties Under the Companies Act 2006
Fraud & Dishonesty – Fraudulent Misrepresentation and Recovery of Damage: Corporate and Investment Fraud
Regulatory Compliance – Choosing Business & Company Names in the UK
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