Protect private companies and pension funds by closing Companies Act loopholes.

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Petition Action

Protect private companies and pension funds by closing Companies Act loopholes.

Petition Details

Under s172 Companies Act 2006, directors must "promote the success of the company" taking into account the long term consequences and the need to act fairly with stakeholders, such as employees. However, Part 23 of the Act fails to prevent the asset-stripping of companies by the unscrupulous.

Additional Information

Accumulative distributable reserves should be restricted to cover the current pension fund deficit before further distributions are considered.

Fixed assets should be recorded at fair value before assets are transferred out of the company and the non-distributable revaluation reserve created should remain with the company.

Non-distributable reserves converted to distributable reserves should be accounted for as unrealized profit for dividend purposes and not appropriated from the company.

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