UK. Crackdown to safeguard pensions when firms go bust
Directors who have dissolved companies to avoid paying workers or pensions could be disqualified or fined by authorities for the first time. The move is part of a government initiative to safeguard workers, pensions and small suppliers when a company goes bust.
The Observer reported in January that the government was preparing to crack down on irresponsible company bosses in the wake of the collapse of Carillion. The construction and outsourcing giant went into liquidation with a deficit in its pension scheme of £900m.
Other major company collapses that have forced the government to action include the demise in 2016 of the BHS chain formerly owned by Sir Philip Green which had a pensions deficit of more than £500m.
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