New: Directors conduct reporting requirements

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The Small Business, Enterprise and Employment Act 2015 (SBEE) has extended the scope of the directors’ disqualification regime by amending the Company Directors Disqualification Act 1986 (CDDA).

Section 7A of the CDDA requires insolvency office-holders to submit a report to the Secretary of State on the conduct of directors of insolvent companies within three months of the date when the insolvency starts.  This is a reduction from the six months currently allowed and imposes a new requirement to submit reports on all directors of insolvent companies, irrespective of their conduct.

Although some might say that three months is not sufficient time for an office holder to have gathered all of the information necessary to complete the report, there is an opportunity, and a requirement, to submit further relevant information as soon as possible after it comes to the office-holder’s attention.

For more information, help or advice please contact Kelly Jordan on 0191 211 7899 or email [email protected].