Quote:
Originally Posted by simon
The only Assumption(sorry Ilyas) I can come to on this is that the powers (51%) that be WANT asfc to be wound up asap. No one will spend time and money investigating the accounts of a failed league 2 football club.
|
I suspect you may be right, but it could be very unwise of them to think that way. Changes in the companies act appear to make it easier for shareholders to sue for bad directorship;
Disgruntled shareholders in Northern Rock and other troubled British companies looking to pin blame on senior management will receive a boost next month with the introduction of new laws making it easier to sue individual company directors.
The changes – part of last year’s controversial Companies Act that take effect on October 1 – remove several significant barriers that previously have made suing individual directors of British businesses almost impossible in the absence of fraud.
The new laws allow small shareholders to sue directors for negligence based on things that they have done – or failed to do – without having to prove that the individuals have benefited directly or that they had committed fraud. Lawyers believe that the Act makes shareholder lawsuits even more likely because it also widens the scope of directors’ duties. Boards that previously were limited to considering the needs of a company and its shareholders will, from next month, be obliged to consider the company’s impact on new factors, including the “environment” and the “local community” – vague requirements that lawyers say are ripe for test cases until their meaning is refined in court.