Changes to Director Disqualification Law – Did You Know…?
With effect from 1 October 2015 a number of new measures come into force, including:
- New and broader grounds for disqualification;
- An extension of the period for applying for disqualification orders from 2 years to 3 years from the date of insolvency; and
- A new compensation regime which empowers the Secretary of State to apply for a “compensation award” against a disqualified director where his/her conduct has caused loss to one or more creditors of an insolvent company of which he/she has at any time been a director.
If you wish to know more about the changes introduced by the Small Business, Enterprise and Employment Act 2015, please contact our Business Services Team.
Sarah Mower is a Chartered Legal Executive, specialising in Insolvency and Business Recovery.