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One of the criticisms that is often made of the UK’s complex insolvency legislation is that it is too easy for the directors of a company to put it into liquidation or administration, ‘dump’ the company’s debts and then effectively start the same business again under the guise of a new company
Schedule 46 of the Finance Act 2009 introduces a new responsibility for the Senior Accounting Officer (SAO) of large companies (this role is most likely to be undertaken by the company's Finance Director) to make sure the company gets its tax figures right
