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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 (firstname.lastname@example.org)
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Frances gained her LLB (Hons) at Kings’ College, London University in 1983. She then attended Chester College of Law to take what were then the Solicitors’ Final Examinations. She has been at Moon Beever since 1984 where she trained, qualifying in 1986, and a partner since 1988 becoming Managing Partner in 2000. She is also a founder partner of ShawnCoulson, an international association, of which Moon Beever is the London office. She is Head of Insolvency and Business Recovery at Moon Beever running a substantial team of insolvency specialists. She undertakes most areas of personal and corporate insolvency, specialising in contentious insolvency especially cases involving fraud, as well as provisional liquidations and injunctive work generally.
She is Chairman of the Appeal Committee at ACCA and a member of the Insolvency Law Evaluation Panel at the Insolvency Service, and CBI Insolvency Panel as well as a member of Insol, and the IBA and, veering towards the personal, of the NFU, and the Carlton Club.
Frances is a regular speaker in the UK and abroad on insolvency and practice management.
Frances was formerly Chairman of the SPG Committee of R3, the Insolvency trade body representing 97% of licensed insolvency practitioners. She is President of R3 for 2011-2012, and remains a member of its R3 Policy Group.
She is interested in all things equestrian as are her three daughters and her husband, and spends her free time (such as it is) with her family and other animals, riding and trying to improve her strokes at Real Tennis.
0330 161 1234