UK: review of insolvency practitioner fees

Shortly before Christmas the Government published the terms of reference for a review of insolvency practitioner fees to be led by Professor Elaine Kempson of Bristol University: see here. The purpose of the review was explained as follows: "... to assess whether further changes need to be made to provide confidence to creditors that IP fees are fair and commensurate with work done for the benefit of creditors. It is also intended to assess whether further changes should be made to improve the speed and amount of returns for unsecured creditors, without impairing the provision of credit to business or consumers".

UK: Supreme Court to hear Petrodel appeal in March

Last October, as noted here, the Court of Appeal gave judgment in Petrodel Resources Ltd v Prest [2012] EWCA Civ 1395. The majority provided a strong endorsement of the company's separate legal personality and its application in family proceedings. Indeed, Rimer LJ stated: "... the separate corporate identity of a company is a fact of legal life that all courts are required to recognise and respect, whatever jurisdiction they are exercising". A summary of the decision is available here.

The court's decision provoked controversy and it is not surprising that a relatively prompt appeal hearing before the Supreme Court will take place in a couple of months' time: see here (pdf). The Panel will comprise of Lady Hale and Lords Neuberger, Walker, Mance and Wilson. Three of these justices (Lords Neuberger, Mance and Wilson) heard argument last year in another case concerning the corporate veil, VTB Capital plc v Nutritek International Corp, the judgment for which has not yet been handed down.

India: copy of Companies Bill 2012 as passed by the Lok Sabha

A copy of the Companies Bill 2012, as passed by the Lok Sabha last month, has been published: see here (pdf). Further background information is available here.

UK: Grant Thornton's 2012 corporate governance review

At the end of last month Grant Thornton published the 2012 edition of its annual corporate governance review: see here (pdf). It is noted that just over a half of all FTSE350 companies complied fully with the UK Corporate Governance Code (board and committee composition was the main area of non-compliance). Other findings: more non-financial companies are choosing to have a risk committee; average auditor tenure is 33 years; a quarter of chairmen gave no insight into board governance practices; over 95% of companies introduced the annual re-election of directors.

IASB identifies future priorities including the Conceptual Framework project

The International Accounting Standards Board has published a feedback statement in which its future priorities are explained: see here (pdf). The statement follows a period of consultation which began in July 2011 and identifies five broad themes to emerge from the consultation, including almost unanimous support for the IASB to prioritise work on the recently restarted Conceptual Framework project. In this regard, the IASB has stated that a discussion paper will be published in June this year with the aim of finalising new sections of the Conceptual Framework by September 2015.