UK Consultation Letter: Directors’ Duties and Insolvency – The National Law Review

Wednesday, March 24, 2021

The Government has issued aconsultation paperregarding statutory audits and financial reporting. The consultation makes proposals in relation to four areas, namely directors, auditors and audit firms, shareholders and the audit regulator. We havepreviously summarisedthe proposals impacting the purpose and scope of an audit.

This post will focus upon the matters affecting directors duties, and how the proposals may interact with the existing frameworks and enforcement powers that are in play when a company enters into an insolvency process.

Current Regime

To recap (at a very high level), the current directors duties and enforcement regime is broadly as follows:

1. Directors are sub…

   Read the full article at: https://www.natlawreview.com/article/uk-government-consultation-restoring-trust-audit-and-corporate-governance-directors