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Comment from Frances Coulson, head of litigation and insolvency at Moon Beever on the proposal to reduce the price of company registration:
Proposals to reduce the costs of registering a company to as little as £10 are concerning. England already has incredibly low entry requirements and very little, if any, due diligence on directors before they can gain the protection of limited liability.
It will be even more important to ensure a robust regime for tackling failure where directors have not complied with the rules and creditors suffer as a result.
Furthermore it will make life for fraudsters and money launderers using corporate vehicles easier and will do little to counter the view that the UK is a good home for fraud.
Insolvency practitioners are ideally placed to conduct the post-failure investigation and bring wrongdoers to book financially. It is only a shame that the government wouldn't retain the exemption from LASPO enabling them to make the wrongdoers pay all the actual costs of pursuit.
Hopefully government will reverse that mistake during the existing two-year review period. Independent evidence shows that if they don't, victims including the taxpayer will lose £480 million every year.
Frances Coulson (email@example.com)
0330 161 1234