Crackdown on Reckless Directors

Government plans to safeguard workers, pensions and small suppliers when a company goes bust.

Bosses will face investigation if they try to escape paying their debts (including staff) by dissolving the company.

Directors can be fined or disqualified with these new powers.

Greg Clark (Business Secretary) “struggling companies will be given more time to rescue the business, which will help safeguard jobs” 

Although, they will have to explain to shareholders how they are going to handle the debts, including pension schemes.

Source IAB 'The Bookkeeper'