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Vince Cable: Make Directors Liable For Failure

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http://www.bbc.co.uk/news/business-23306086

'Business Secretary Vince Cable is to propose making the people who ran failed companies personally liable for the firm's debts as part of an overhaul of company rules.

He will add that directors deemed to be reckless should be disqualified from being able to work at another firm.

Mr Cable also wants to allow individual regulators to disqualify directors in their particular industries. '

So,RBS goes under in 2008 and Vince goes in for the kill 2013?

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http://www.bbc.co.uk/news/business-23306086

'Business Secretary Vince Cable is to propose making the people who ran failed companies personally liable for the firm's debts as part of an overhaul of company rules.

He will add that directors deemed to be reckless should be disqualified from being able to work at another firm.

Mr Cable also wants to allow individual regulators to disqualify directors in their particular industries. '

So,RBS goes under in 2008 and Vince goes in for the kill 2013?

Not a bad idea but the problem is in defining recklessness. I suspect a political gesture which will only hit the unlucky small business man.

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http://www.bbc.co.uk/news/business-23306086

'Business Secretary Vince Cable is to propose making the people who ran failed companies personally liable for the firm's debts as part of an overhaul of company rules.

He will add that directors deemed to be reckless should be disqualified from being able to work at another firm.

Mr Cable also wants to allow individual regulators to disqualify directors in their particular industries. '

So,RBS goes under in 2008 and Vince goes in for the kill 2013?

He's all hot air these days.

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http://www.bbc.co.uk/news/business-23306086

'Business Secretary Vince Cable is to propose making the people who ran failed companies personally liable for the firm's debts as part of an overhaul of company rules.

He will add that directors deemed to be reckless should be disqualified from being able to work at another firm.

Mr Cable also wants to allow individual regulators to disqualify directors in their particular industries. '

Thing is that's pretty much what the law is already.

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Thing is that's pretty much what the law is already.

yep, we have plenty of laws to deal with this....a bit of enforcement is what is needed.

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http://www.bbc.co.uk/news/business-23306086

'Business Secretary Vince Cable is to propose making the people who ran failed companies personally liable for the firm's debts as part of an overhaul of company rules.

He will add that directors deemed to be reckless should be disqualified from being able to work at another firm.

Mr Cable also wants to allow individual regulators to disqualify directors in their particular industries. '

So,RBS goes under in 2008 and Vince goes in for the kill 2013?

..what about politicians running UK plc....the destruction of our country by Brown and Labour jumps to mind...we are a poor country ...start understanding and accepting it....and then you will be permitted a hearing...that includes Liberal MPs .... :rolleyes:

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Thing is that's pretty much what the law is already.

Is it?

Yes, you can go after directors personally where fraud or negligence is proven, but what can you claim from them? Is he making the distinction between losses directly attributable to the proven negligence and general losses, and saying you can pursue directors for the latter too?

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Is it?

Yes, you can go after directors personally where fraud or negligence is proven, but what can you claim from them? Is he making the distinction between losses directly attributable to the proven negligence and general losses, and saying you can pursue directors for the latter too?

You can make them personally liable for the losses....bankrupt them, bar them from Directorship or from acting AS IF they were Directors.

Of course, one isnt going to recover Billions from them, even if they ALL were found, but it would certainly make a deterrent for those following.

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I think what Vince really means is that Directors will be punished for not borrowing as the FLS for small business has fallen flat on its face as no one wants to borrow and FLS looks like a business failure.

The FLS money has been put to the service of the greater good, in propping up the housing market. All roads lead to Rome.

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..what about politicians running UK plc....the destruction of our country by Brown and Labour jumps to mind...we are a poor country ...start understanding and accepting it....and then you will be permitted a hearing...that includes Liberal MPs .... :rolleyes:

yes, they should be liable even more so because they are directly spending public money.

mervyn king should be stripped of his assets and barred from public office for creating the biggest credit bubble the country has ever seen, stole from savers in the aftermath, before trying to re inflate that bubble all over again.

when you steal £1000's you get put in prison, when you steal billions you get bailed out, when you steal £100's billions you get knighted.

Edited by mfp123

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yes, they should be liable even more so because they are directly spending public money.

mervyn king should be stripped of his assets and barred from public office for creating the biggest credit bubble the country has ever seen, stole from savers in the aftermath, before trying to re inflate that bubble all over again.

when you steal £1000's you get put in prison, when you steal billions you get bailed out, when you steal £100's billions you get knighted.

You're not giving Eddie George the full credit he deserves. 25% HPI in his last year as governor.

What a con-job it was giving "independence" to the BoE. Still subject to political pressure but plausible deniability from politicos. In the UK system these are highly political decisions which the bankers should not be making, but they were too puffed up with their own self-importance to see the trap. Now they find it entirely normal to join in picking the winners and the losers.

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yes, they should be liable even more so because they are directly spending public money.

mervyn king should be stripped of his assets and barred from public office for creating the biggest credit bubble the country has ever seen, stole from savers in the aftermath, before trying to re inflate that bubble all over again.

when you steal £1000's you get put in prison, when you steal billions you get bailed out, when you steal £100's billions you get knighted.

+375Bn

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Thing is that's pretty much what the law is already.

Exactly. When it comes to 'enforcement' of directors responsibilities, it's pretty much a dead letter in law.

There are probably more people prosecuted for doing 71mph on the motorway than there are directors prosecuted under the Companies Act.

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We can hold directors liable, just after we make the politicians and public sector management for their shambolic failures too. By losing their pensions. Will he go for that as well. Thought not.

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http://www.bbc.co.uk/news/business-23306086

'Business Secretary Vince Cable is to propose making the people who ran failed companies personally liable for the firm's debts as part of an overhaul of company rules.

He will add that directors deemed to be reckless should be disqualified from being able to work at another firm.

Mr Cable also wants to allow individual regulators to disqualify directors in their particular industries. '

So,RBS goes under in 2008 and Vince goes in for the kill 2013?

Perhaps we also need a law making ministers responsible for wasted taxes and failures in government, and ban them for ever taking a similar position again.

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yes, they should be liable even more so because they are directly spending public money.

mervyn king should be stripped of his assets and barred from public office for creating the biggest credit bubble the country has ever seen, stole from savers in the aftermath, before trying to re inflate that bubble all over again.

when you steal £1000's you get put in prison, when you steal billions you get bailed out, when you steal £100's billions you get knighted.

Alternatively, people could shop elsewhere for their 'services'... If only there was a choice.

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There was concern that there was no way to prevent directors of failed banks or key institutions serving as company directors after the collapse of their institution.

The BIS-run Insolvency Service can bar people from working as directors for a maximum of 15 years. The BIS will now look at allowing the City regulator, the Financial Conduct Authority, to ban directors of failed firms from working at any other company.

Meaningless for the banking sector when in legal terms due to bailouts etc they haven't actually "collapsed" or become anywhere near legally insolvent. They've been "rescued".

There's no mention of jail in the article and the proposals don't sound that much different from what exists already - for outside of banking.

Outside of banking (which is ring fenced in terms of regulation of all sorts) the proposals might be just slightly more severe than exists already.

So it's just more hot air and soft soap for the people as the general election approaches.

Taking a look back to the 80s/90s economic recession and for sure almost identical proposals were circulated by the opportunist vote garnerers as elections approached. If anything effective had actually been done back then maybe Britain wouldn't be in the state it's in now - but they'll still have got a few votes on the back of the idea.

As it turned out little or nothing was done then and it's more than likely that little or nothing will be done now. Hopefully people won't fall for it again - but likely that's a faint hope.

Edited by billybong

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  • 238 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
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      • up 5%



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