A global law firm has criticised today's proposal by business secretary Vince Cable to introduce a new corporate law to punish directors of failed companies.
Eversheds said the proposed overhaul of UK company rules could be "akin to using a sledgehammer to crack a nut". Cable today proposed a number of changes to existing rules, which included making directors of failed companies personally accountable for accumulated debts and poor management. Other proposals include allowing City regulators to extend bans in certain industries, such as financial services, and introducing a new central registry of the real owners of any failing firms. However, Eversheds said these proposals were unlikely to be enforceable. Richard Lewis, corporate g...
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