Upcoming Events

Sep
11
Tue
2018
9:00 am How to become a Non-Executive Di... @ Institute of Directors
How to become a Non-Executive Di... @ Institute of Directors
Sep 11 @ 9:00 am – 4:30 pm
How to become a Non-Executive Director – London 11 September 2018 @ Institute of Directors
Find out how you can obtain a Non-Executive Director position by booking a place on this interactive 1-day course. ‘A well structured and presented introduction to the responsibilities, challenges and attributes required of being a[...]
9:30 am How to become a Non-Executive Di... @ Scotland Study Centre
How to become a Non-Executive Di... @ Scotland Study Centre
Sep 11 @ 9:30 am – 5:00 pm
How to become a Non-Executive Director – Edinburgh 11 September 2018 @ Scotland Study Centre
Are you thinking of becoming a Non-Executive Director as part of a Portfolio Career or to develop your boardroom skills prior to taking up an executive director role? Join us on Tuesday, September 11 2018 to[...]
Sep
19
Wed
2018
9:00 am The Effective Non-Executive Dire... @ Institute of Directors
The Effective Non-Executive Dire... @ Institute of Directors
Sep 19 @ 9:00 am – 4:30 pm
The Effective Non-Executive Director – London 19 September 2018 @ Institute of Directors
The effective Non-Executive Director course helps you to be an effective non-executive director. It instils a real sense of what is expected of NEDs, and how you can meet the challenge. This one-day interactive course is aimed[...]
Oct
9
Tue
2018
9:00 am The Effective Non-Executive Dire... @ Institute of Directors
The Effective Non-Executive Dire... @ Institute of Directors
Oct 9 @ 9:00 am – 4:30 pm
The Effective Non-Executive Director – London 9 October 2018 @ Institute of Directors
The effective Non-Executive Director course helps you to be an effective non-executive director. It instils a real sense of what is expected of NEDs, and how you can meet the challenge. This one-day interactive course is aimed[...]
Oct
23
Tue
2018
9:00 am How to become a Non-Executive Di... @ Institute of Directors
How to become a Non-Executive Di... @ Institute of Directors
Oct 23 @ 9:00 am – 4:30 pm
How to become a Non-Executive Director – London 23 October 2018 @ Institute of Directors
Find out how you can obtain a Non-Executive Director position by booking a place on this interactive 1-day course. ‘A well structured and presented introduction to the responsibilities, challenges and attributes required of being a[...]

News story: Redundancy payment helpline closing early due to adverse weather conditions

Due to the current adverse weather conditions, our redundancy payments helpline will close at today (28 February 2018) at 14:00.

We hope to open as usual tomorrow, however, any updates will be made here.

[…]

Board gender diversity requires a diversity of attitude

A spotlight has shone on showbusiness since the beginning of the #metoo campaign, but how can women feel empowered and make a difference in boardrooms?

The post Board gender diversity requires a diversity of attitude appeared first on Board Agenda.

[…]

Hong Kong Stock Exchange proposes allowing dual class shares

The Hong Kong Stock Exchange has proposed allowing widely criticised dual class shares in changes to listing rules aimed at attracting China’s big tech companies.

The post Hong Kong Stock Exchange proposes allowing dual class shares appeared first on Board Agenda.

[…]

Board moves at Standard Life Aberdeen and Rolls-Royce

Sir Gerry Grimstone is to leave Standard Life Aberdeen, while it looks to recruit a tech-focused director; RELX finance chief joins Rolls-Royce as a non-executive.

The post Board moves at Standard Life Aberdeen and Rolls-Royce appeared first on Board Agenda.

[…]

IoD seeks greater role for remcos over share buybacks

Remuneration committees should have responsibility for reporting on what happens to executive pay following a share buyback, according to the Institute of Directors (IoD).

The post IoD seeks greater role for remcos over share buybacks appeared first on Board Agenda.

[…]

Dutch plan to counter ‘tax haven’ reputation

The Dutch ministry of finance unveils plans to challenge the country’s status as a tax haven by targeting loopholes for royalty payments.

The post Dutch plan to counter ‘tax haven’ reputation appeared first on Board Agenda.

[…]

UK and US financial services authorities sign deal on fintech cooperation

The UK’s FCA and a US trading commission will collaborate on fintech (financial technologies) and support firms wishing to expand in international markets.

The post UK and US financial services authorities sign deal on fintech cooperation appeared first on Board Agenda.

[…]

Press release: Former solicitor accepts bankruptcy restrictions for 6 years

A former solicitor who gifted away nearly half-a-million pounds worth of assets to family members before declaring himself bankrupt and unable to pay back his creditors has had his bankruptcy extended.

Philip Shiner (61), of Selly Park, Birmingham, gave an undertaking to the Secretary of State for Business, Energy, and Industrial Strategy, to be bound for 6 years, by the restrictions beginning on 23 February 2018.

Restrictions arising from a bankruptcy last for 12 months but Mr Shiner’s have been extended to six years following his unacceptable behaviour when he tried to deny paying his creditors, including liabilities arising in connection with his business Public Interest Lawyers Limited, by gifting his assets to his family.

Mr Shiner petitioned for his own bankruptcy in March 2017 declaring that he had no money to pay his creditors following the closure of his law practice, Public Interest Lawyers Limited.

However, in the six months leading up to his petition, Mr Shiner made a series of transactions to rid himself of his assets by gifting them to family members and to Public Interest Lawyers Limited

Mr Shiner started off by selling a commercial property for £245,000, which he paid to Public Interest Lawyers Limited.

He then transferred ownership of his house worth £300,000 with no mortgage, along with two guitars he valued at £3,500 and other artwork, to a family trust in December 2016. The terms of the trust allowed Mr Shiner to remain living in the property, despite not owning it.

And in January 2017, Mr Shiner sold a second commercial property for £305,000 and again, paid the proceeds into Public Interest Lawyers’ funds.

Mr Shiner then transferred from Public Interest Lawyer Limited’s accounts £94,908 into a personal pension fund and a further £74,485 was placed into a trust account to help maintain his family. The remainder was allegedly used to pay creditors owed money by Public Interest Lawyers Limited.

Unfortunately for Mr Shiner, upon receiving the bankruptcy order the Official Receiver was able to spot these activities and has since been able to recover £483,538. This includes selling Mr Shiner’s home, which the Official Receiver is in the process of doing.

Following Mr Shiner’s offer of a bankruptcy restrictions undertaking and what the Official Receiver has been able to recover, the total outstanding amount owed in Shiner’s bankruptcy estate comes in at just under £6.5m.

Mr Shiner was the sole director of a solicitor’s firm, Public Interest Lawyers Limited, which undertook bogus damage claims against the Ministry of Defence and former soldiers, alleging fictitious murder and torture incidents.

But concerns were raised about the conduct of Public Interest Lawyers Limited, which were upheld, and led to Mr Shiner being struck off the roll of solicitors.

Public Interest Lawyers Limited was wound up in December 2017 after the Official Receiver petitioned to place the firm into liquidation.

Justin Dionne, Official Receiver from the Insolvency Service, said:

Mr Shiner thought he could be clever by giving away his assets to his family members so that when he declared himself bankrupt there wasn’t anything to pay his creditors with.

Sadly he was mistaken as all his activities were easily spotted and we have since been able to recover a substantial amount of money, even if it was in his family’s name.

Mr Shiner’s activities should serve as a lesson and act as a deterrent to him and others from acting in the same way.

Notes to editors

Mr Philip Joseph Shiner has given an undertaking to the Secretary of State for Business, Energy and Industrial Strategy, to be bound for six years, by the restrictions set out in insolvency law that a bankrupt is subject to until they are discharged from bankruptcy – normally 12 months – until 2024. In addition, he cannot manage or control a company during this period without leave of the court.

If the Official Receiver considers that the conduct of a bankrupt has been dishonest or blameworthy in some other way, he (or she) will report the facts to court and ask for a Bankruptcy Restrictions Order (BRO) to be made. The court will consider this report and any other evidence put before it, and will decide whether it should make a BRO. If it does, the bankrupt will be subject to certain restrictions for the period stated in the order. This can be from two to 15 years.

The bankrupt may instead agree to a Bankruptcy Restrictions Undertaking (BRU) which has the same effect as an order, but will mean that the matter does not go to court.

These are restrictions set out in insolvency law that the bankrupt is subject to until they are discharged from bankruptcy – normally 12 months and include that bankrupts:

must disclose their status to a credit provider if they wish to get credit of more than £500

who carry on business in a different name from the name in which they were made bankrupt, they must disclose to those they wish to do business with the name (or trading style) under which they were made bankrupt

may not act as the director of a company nor take part in its promotion, formation or management unless they have a court’s permission to do so

may not act as an insolvency practitioner, or as the receiver or manager of the property of a company on behalf of debenture holder

Additionally, a person subject to a bankruptcy restrictions undertaking may not be a Member of Parliament in England or Wales.

The Insolvency Service, an executive agency sponsored by the Department for Business, Energy and Industrial Strategy (BEIS), administers the insolvency regime, and aims to deliver and promote a range of investigation and enforcement activities both civil and criminal in nature, to support fair and open markets. We do this by effectively enforcing the statutory company and insolvency regimes, maintaining public confidence in those regimes and reducing the harm caused to victims of fraudulent activity and to the business community, including dealing with the disqualification of directors in corporate failures.

Further information about the work of the Insolvency Service, and how to complain about financial misconduct, is available.

BEIS’ mission is to build a dynamic and competitive UK economy that works for all, in particular by creating the conditions for business success and promoting an open global economy. The Criminal Investigations and Prosecutions team contributes to this aim by taking action to deter fraud and to regulate the market. They investigate and prosecute a range of offences, primarily relating to personal or company insolvencies.

Contact Press Office

Media enquiries for this press release – 020 7674 6910 or 020 7596 6187

Press Office

The Insolvency Service

4 Abbey Orchard Street
London
SW1P 2HT

Email press.office@insolvency.gsi.gov.uk

Media Manager 020 7596 6187

This service is for journalists only. For any other queries, please contact the Insolvency Enquiry line on 0300 678 0015.

For all media enquiries outside normal working hours, please contact the Department for Business, Energy and Industrial Strategy Press Office on 020 7215 1000.

You can also follow the Insolvency Service on:

Twitter LinkedIn YouTube […]

Corporate culture: transforming concept into focused action

Culture has become a headline issue for companies but few seem to pay it more than lip service. How do you turn such an important issue into focused action?

The post Corporate culture: transforming concept into focused action appeared first on Board Agenda.

[…]

News story: Carillion: Official Receiver’s update

A spokesperson for the Official Receiver said:

Work is continuing to find new suppliers to take on Carillion’s public and private sector contracts with ongoing employment now secured for a further 456 employees. Over 8,000 of Carillion’s workforce have now been placed into secure jobs. I am continuing to facilitate the transfer of employees on exisiting or similar terms wherever possible.

Unfortuantely as the liquidation proceeds some roles supporting contracts that have transferred are no longer required. As a result 230 employees have been declared redundant and will leave the business later this week. Those who have lost their jobs will be able to find support through Jobcentre Plus’ RapidResponse Service and are also entitled to make a claim for statutory redundancy payments.

Discussions with potential purchasers continue and I expect that the number of jobs safeguarded through the liquidation will continue to rise. I am continuing to engage with staff, elected employee representatives and unions to keep them informed as these arrangements are confirmed.

Further information in total, to date 8,066 jobs have been saved and 1,371 jobs have been made redundant through the liquidation this information does not include contracts where an intention to purchase has been entered into but has not yet formally occurred approximately 8,000 employees are currently retained to enable Carillion to deliver the remaining services it is providing for public and private sector customers until decisions are taken to transfer or cease these contracts further information about rights in redundancy is available on gov.uk […]