During the recent session from our ‘General Counsel Know How’ series, senior corporate disputes lawyer Simon Engelsman led an interesting discussion on the various ways in which directors of limited companies can be found personally liable for actions carried out on behalf of those companies.
Simon kicked off by summarising the approach of the courts when it comes to “piercing the corporate veil” (i.e. looking beyond the limited liability afforded to limited companies) with a view to holding directors personally liable for certain acts or omissions.
He then discussed HMRC’s powers to hold company directors personally liable, including in the context of failures to keep tax affairs up to date, fraudulent trading, misleading statements during contractual negotiations, and breaches of fiduciary duties.
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