Transactions with directors

By Robert Pook

The requirement for directors to declare their interests in any transactions between them and the company is well known.

Having made the declaration, the board can make its decision on whether the company should enter into the transaction, armed with the knowledge that the director is interested in, and may benefit in some way from, the transaction. 

However, where the transaction involves the acquisition of any assets by the company from that director, or vice versa, the company may also need to ensure that it has complied with the ‘substantial property transaction’ procedures set out in the Companies Act 2006…

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