Carraghyn - Chartered Directors

De Facto Directors in the Firing Line

Most people now understand the term “shadow director” which is defined in company and insolvency legislation as a person "in accordance with whose directions or instructions the directors of the company are accustomed to act". But few appreciate the situation where someone can he held to be a de facto director. Unlike with a shadow director a de facto director does not pull strings from behind the scenes, but acts as though he was himself a director.
Just as a shadow director can be held personally liable for the debts of a company so too can a de facto director.

Read more: De Facto Directors in the Firing Line

X Marks The Spot

Henry Wadsworth Longfellow, the US poet, once said: “If you would hit the mark, you must aim a little above it; Every arrow that flies feels the attraction of earth”.

Ever had a go at archery?  Birthday parties, stag days, practicing for that difficult business meeting?  There are many reasons why you might well have a go at archery - aside from the last one.  Well hopefully.

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Risking It All

So what’s the difference between a rhinoceros and an elephant?  None if they are headed in your direction - you just need to get out of the way and position yourself with something substantial between you and them!  And that, in a nutshell is how many of us view our approach to risk: if it’s big enough to worry about we had better be nowhere near it when it gets close.

Of course that’s not necessarily the best approach, but it sure works - the ‘risk’ is avoided, all happy.  Or so you would think...  The real risks in life are the ones we don’t see, the ones that sneak along that we miss, or the ones that are so unlikely that we don’t perceive them to be a threat.  And that is sadly all too often the situation many an organisation finds itself in today.

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Online Peer-To-Peer Finance Given A Boost By UK Government 

As part of the £1.2 billion Business Finance Partnership announced in George Osborne’s 2011 Autumn Statement, Vince Cable, the Business Secretary, has announced that £100 million of the £500 million announced in the 2012 Budget earmarked specifically for Small and Medium Sized Businesses (SMEs) will be delivered via providers of alternative sources of finance such as online peer-to-peer lenders.

Cable said: “As businesses are continuing to struggle to get credit from their banks, developing alternative lending channels is essential so that firms are less reliant on banks.”

Read more: Online Peer-To-Peer Finance Given A Boost By UK Government

IR 35 Part 2 – The Insanity Intensifies

In opposition the Conservatives and some Liberal Democrats, not to mention quite a few Labour MPs, were united in highlighting the ridiculous anomalies of the IR35 legislation introduced by Chancellor Gordon Brown way back in April 2000.

The IR35 legislation sought to tax freelance workers providing services via their own limited company as if they were employees. Such companies were called “Personal Service Companies”. The stated aim of the legislation was to prevent employees setting up personal service companies to perform their duties because that led to a reduction in the tax and National Insurance payable to the Treasury.

Read more: IR 35 Part 2 – The Insanity Intensifies

Employee Fraud - Could It Happen To You?

No matter how carefully we recruit our employees, whatever techniques and diligence we use, there is always the potential for a bad apple to slip through. No criminal record? That simply means they haven't been caught yet. Or maybe they have, but the previous employer thought it better to quietly dismiss them rather than go through the hassle and potential embarrassment of involving the Police or courts.

Read more: Employee Fraud - Could It Happen To You?

Project Merlin Results In 40% Of Small Businesses Who Were Turned Down For Credit Having The Decision Overturned On Appeal

In February last year the UK government set up Project Merlin in an attempt to force the major banks to support business and enterprise – in short to loosen their purse strings and lend to business. The recently published report of the first 12 months shows that the project is failing on many counts, but there is perhaps one glimmer of hope and that is that 4 in every 10 businesses who have appealed against their bank’s refusal of credit have been successful in having that refusal overturned.

But what is Project Merlin?

Read more: Project Merlin Results In 40% Of Small Businesses Who Were Turned Down For Credit Having The...


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