Duties of Directors – A Brief Synopsis
The Duties Imposed on Directors under the Companies Act 2006…
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Following Royal Assent of the Finance Bill 2019/20, directors, LLP members, shadow directors and other persons involved in a Company’s, or an LLP’s, tax avoidance, evasion or repeated non-payment of taxes/phoenixism will be jointly and severally liable for the business’s outstanding tax liabilities if the business becomes insolvent or potentially insolvent.
Crown preference for most taxes was abolished in 2003 following the introduction of the Enterprise Act because it was considered to be unfair to other creditors.