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Supreme Court clarifies VAT group rules in Prudential v HMRC
Waqar Shah
It is well known that directors owe duties to the company of which they are a director and, in certain circumstances, its shareholders, creditors and employees. Many people believe that if you have not been formally appointed as a director, i.e. you do not appear on Companies House records as a director, you will not owe the usual directors’ duties and, therefore, cannot be in breach of such duties or subject to sanctions for breach.
For many people, the first encounter with the words ‘subject to contract’ is probably when buying or selling a house. In that context, you may notice these words on all the correspondence from the estate agent and between solicitors until the contracts for the sale of the property are formally exchanged.
Accounting firms should be bracing themselves for a rise in professional negligence claims as a result of the Covid-19 pandemic.
In the recent case of Barrowfen Properties Ltd v (1) Girish Dahyabhai Patel (2) Stevens & Bolton LLP (3) Barrowfen Properties II [2020] EWHC 2536 (Ch), the High Court extended the iniquity exception to breaches of a director’s statutory duties.
It goes without saying that Insolvency Practitioners must behave honestly and with integrity in all their professional dealings. IPs must handle money and assets in a way which justifies the trust placed in them, but some professionals don’t realise that the way they behave on a Saturday night may be just as relevant to their ability to continue in their chosen profession as the way they behave on a Monday morning.
Waqar Shah
Sharon Burkill
Natalie Cohen
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