The regulation and compliance obligations that are placed on the people that direct or manage companies can often be complicated and onerous. Directors regularly find that the consequences of failing to observe and implement those obligations can result in personal liability and/or criminal sanctions.
We offer a full service of advice and assistance to guide directors through their duties and obligations under the Companies Act 2006 and other associated Company Law legislation, including the following:
- the seven duties codified in the Companies Act 2006, namely to act within powers, to promote the success of the company, to exercise independent judgment, to exercise reasonable care, skill and diligence, to avoid conflicts of interest, to declare an interest in proposed transactions or arrangements and not to accept benefits from third parties;
- the giving of personal guarantees; and
- wrongful and fraudulent trading.
In addition, 2011 sees the coming into force of the Bribery Act 2010. The Bribery Act is a significant piece of legislation and introduces a new criminal offence for commercial organisations (companies, LLPs or partnerships) who “fail to prevent” bribery occurring for their benefit.
We can provide advice and assistance in relation to the following:
- anti-bribery and corruption risk assessments;
- the adoption of an anti-bribery and corruption policy; and
- suggested amendments to contracts of employment with your members of staff and contract terms with your suppliers and customers.
