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New crackdown on reckless directors
12 September 2018
The UK government is to press ahead with new plans to safeguard workers, pensions and small suppliers when a company goes bust.
Under the shake-up bosses will face investigation if they try to escape paying their own staff and creditors by dissolving the company.
The new powers allow the Insolvency service to fine directors or even have them disqualified.
Business Secretary, Greg Clark, said struggling companies will be given more time to rescue the business, which will help safeguard jobs. He explained boardrooms will also have to explain to shareholders how they can afford to pay dividends, alongside capital investment, workers’ rewards, and pension schemes.
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