Skipping amongst the daisies

Wotcha www? After an amazing weekend with my pals from the bookshop, I am still on that high today. That or the Red Bull I had earlier. Anyhoo, I was just catching up on my legal news and stumbled across this article.

Director disqualifications reaches record high by Michael Herman

"A record 1,252 company bosses were disqualified from acting as directors in the last financial year in a sign that the Government is toughening its stance towards individual business executives. The number of directors disqualified was up 9 per cent from 1,145 in the previous financial year, according to figures from the Insolvency Service. The average length of disqualification also reached a record level, rising 12 per cent to 6.5 years in 2008-09. Disqualification orders, which are made against directors of insolvent companies, ban individuals from serving as directors or taking part in the creation or promotion of a limited company for up to 15 years..."

Surprisingly, I am fascinated by this article as I have long shunned Business and Company Law as I did not understand it. Now I think I can appreciate it a bit better. The statistics from the article are staggering and are sure to put prospective directors off the post. If anything I think this will stamp out malpractice and ensure that shareholders aren't being exploited and their
investments protected.

"...Of the 1,252 directors barred last year, 203 were disqualified for 10 or more years. All are entered on a public registry that can be searched freely on the Insolvency Service’s website."

http://business.timesonline.co.uk/tol/business/law/article6186595.ece

Even more shocking was that the directors are listed on a public registry; named and shamed. I had to stifle a giggle at this one as it reminded me of the Sex Offenders Register.

(Not that this is a laughing matter however. I think I've definitely inherited the lawyer bug. You know that thing where you find yourself laughing at something so pedantic and trivial and absolutely UNFUNNY to most lay people but you and your learned friends will cackle at it? Yah.

Reminds me of a Property Law lecture in which Leo (I think) came out with a corker that tickles me to this day. The lecturer normally hands the register out before the start of the lecture and
then we'd sign the register and pass it on. However, during this lecture she had forgotten to hand it out. Some busy body in the crowd must have alerted her to this to which I think Leo said,

"Uh-Oh, we nearly had an 'UNregistered' situation here..."

Or words to that effect. The crowd was in stitches...the irony was that we were about to start studying UNREGISTERED LAND!

Ba dum dum pssh!!)

I wonder how long the directors' details will have to remain on this database for?

CBC

xx

P.s. Feel strangely happy today...(wait for it) FOR NO REASON!

(Cartoon from http://www.stus.com/)