Re: Reuters Flag FMDAY
in response to
by
posted on
Dec 30, 2009 01:09PM
Well nothing has been filed today in the UK @ Companies House according to their website, so that just leaves one day before they will become liable to get an automatic fine for not filing their accounts, if nothing is submitted tomorrow.
It will then become possible for a complaint to be made for non filing after a certain time has passed that in the UK starts a process that can lead to the company being dissolved by the government in the public interest and the directors can then be disbarred from holding directorships in the UK or EU ever again if they can be shown to have failed to carry out the requirements of the Companies Act, as well as being personally heavily fined.
On the other hand, if a company is still trading in anyway but is clearly insolvent, there is a more serious offence of "Trading when knowingly Insolvent", which carries a jail sentence in the UK. Given that according to the Receiver, Button is going down owing millions, IMHO it is hard to see how FMDAY can still legally solvent.... and the accounts might reveal this, if they filed them. Are they still trading? Who knows.
There is also the issue of the legal requirement to disclose "significant events" on UK PLCs and quite how Button's receivership doesn't fall into that category eludes me..
So we might see several lines of prosecution beginning after Christmas if nothing is done to file accounts, the required information is still not being released or the directors have allowed trading to occur when the company is insolvent.
I have no information about this that is not in the public domain and my speculation about the future is just that - speculation - but the total radio silence and proposals from the Button receiver would lead any reasonable person to question the legality of what has and is going on here.