The Government is considering changes to make directors liable to fines for accounting breaches
5 February 2021 • 6:30pm
A shake-up to UK directors rules could lead Britain towards Swiss-style regulations that could limit funding to some of the country’s most promising start-ups.
In Switzerland, company directors can be financially liable to shareholders and creditors in a bankruptcy if they are found guilty of negligence.
Under similar rule changes being considered by Kwasi Kwarteng, the new business secretary, directors in the UK will be made personally liable for company financial statements. They will face fines and temporary bans if they fail to uphold reporting standards.