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Barlow Clowes
Barlow Clowes International Ltd was a British company, whose fraud and collapse caused an accounting scandal in 1988. The collapse led to a number of important cases for English trusts law and UK company law, including ''Barlow Clowes International Ltd v Vaughan'' and ''Barlow Clowes International Ltd v Eurotrust International Ltd''. History Around 18,000 customers invested their money with Barlow Clowes on the recommendation of intermediaries. The company was established as a 'bond-washing' operation, in which gilt-edged Government bonds were purchased and sold in order to create tax advantages. Investors believed that their money had been invested risk-free. However, much of the money was diverted to fund the extravagant lifestyle of the company's co-founder, Peter Clowes. After increasing concern about the operations of Barlow Clowes, the Department of Trade and Industry launched an investigation. On the strength of the evidence uncovered, Barlow Clowes was wound up by the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United Kingdom Company Law
The United Kingdom company law regulates corporations formed under the Companies Act 2006. Also governed by the Insolvency Act 1986, the UK Corporate Governance Code, European Union Directives and court cases, the company is the primary legal vehicle to organise and run business. Tracing their modern history to the late Industrial Revolution, public companies now employ more people and generate more of wealth in the United Kingdom economy than any other form of organisation. The United Kingdom was the first country to draft modern corporation statutes, where through a simple registration procedure any investors could incorporate, limit liability to their commercial creditors in the event of business insolvency, and where management was delegated to a centralised board of directors. An influential model within Europe, the Commonwealth and as an international standard setter, UK law has always given people broad freedom to design the internal company rules, so long as the mandato ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Secretary Of State For Trade And Industry
The secretary of state for business, energy and industrial strategy, is a secretary of state in the Government of the United Kingdom, with responsibility for the Department for Business, Energy and Industrial Strategy. The incumbent is a member of the Cabinet of the United Kingdom. The incumbent Business Secretary is Grant Shapps who was appointed by Rishi Sunak on 25 October 2022. Responsibilities Corresponding to what is generally known as a commerce minister in many other countries, the business secretary's remit includes: * Oversight of science, research and innovation in Britain * Relations with domestic and international business * Policy relating to climate change * Policy relating to deregulation * Policy relating to energy security * Oversight of energy policy and industrial policy History During the government of Sir Alec Douglas-Home, the then President of the Board of Trade Edward Heath was given in addition the job of Secretary of State for Industry, Trade an ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Nicholas Ridley, Baron Ridley Of Liddesdale
Nicholas Ridley, Baron Ridley of Liddesdale, (17 February 1929 – 4 March 1993), was a British Conservative Party politician and government minister. As President of the Selsdon Group, a free-market lobby within the Conservative Party, he was closely aligned with Margaret Thatcher, and became one of her Ministers of State at the Foreign and Commonwealth Office in 1979. Responsible for the Falkland Islands, he tried to resolve the long-running sovereignty issue with Argentina, which detected Britain's reluctance to defend the territory, and later invaded it. As Secretary of State for Transport, Ridley performed a key function in building up coal stocks in advance of the 1984–85 miners' strike, which helped the government to defeat the National Union of Mineworkers (NUM). As Secretary of State for the Environment, Ridley opposed a low-cost housing development near his own property, earning him the title of "NIMBY" ("Not in My Back Yard"). He was also responsible for introduci ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Department Of Trade And Industry (United Kingdom)
The Department of Trade and Industry (DTI) was a United Kingdom government department formed on 19 October 1970. It was replaced with the creation of the Department for Business, Enterprise and Regulatory Reform and the Department for Innovation, Universities and Skills on 28 June 2007. History The department was first formed on 19 October 1970 with the merger of the Board of Trade and the Ministry of Technology, creating a new cabinet post of Secretary of State for Trade and Industry. The new department also took over the Department of Employment's former responsibilities for monopolies and mergers. In January 1974, the department's responsibilities for energy production were transferred to a newly created Department of Energy. On 5 March that year, following a Labour Party victory in the February 1974 general election, the department was split into the Department of Trade, the Department of Industry and the Department of Prices and Consumer Protection. Reformation In 1983 the ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Anthony Barrowclough
Sir Anthony Richard Barrowclough (24 June 1924 – 3 June 2003) was a lawyer who served as Parliamentary Commissioner for Administration and Health Service Commissioner for England, Scotland and Wales (Parliamentary and Health Service Ombudsman). Early life Barrowclough was born with his twin brother Jack in 1924 in Nottinghamshire, the son of Sidney Barrowclough, a farmer. The family later moved to Kent where Sidney became the proprietor of a dairy business in the outskirts of London. Barrowclough was educated at Stowe with his brother before he joined the Royal Naval Volunteer Reserve in 1943. He trained as a navigation officer and served on motor torpedo boats with coastal forces. Barrister After the war, Barrowclough went to New College, Oxford where he took first class honours in law and was awarded a certificate of honour. In 1949, he was called to the Bar by Inner Temple and joined chambers at 7 King's Bench Walk. Barrowclough undertook a range of commercial wo ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Parliamentary And Health Service Ombudsman
The Parliamentary and Health Service Ombudsman (PHSO) comprises the offices of the Parliamentary Commissioner for Administration (PCA) and the Health Service Commissioner for England (HSC). The Ombudsman is responsible for considering complaints by the public that UK Government departments, public authorities and the National Health Service in England have not acted properly or fairly or have provided a poor service. The Ombudsman is appointed by the Crown on the recommendation of the Prime Minister and is accountable to Parliament. The Ombudsman is independent of both the Government and the civil service and reports annually to both Houses of Parliament. The current Ombudsman is Rob Behrens who has held the post since April 2017. The offices of the Parliamentary and Health Service Ombudsman are at Millbank Tower, London, however the majority of staff are now based in Manchester. History The creation of the post of the Parliamentary Ombudsman was spurred on by the 1954 Cri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
UK House Of Commons
The House of Commons is the lower house of the Parliament of the United Kingdom. Like the upper house, the House of Lords, it meets in the Palace of Westminster in London, England. The House of Commons is an elected body consisting of 650 members known as members of Parliament (MPs). MPs are elected to represent constituencies by the first-past-the-post system and hold their seats until Parliament is dissolved. The House of Commons of England started to evolve in the 13th and 14th centuries. In 1707 it became the House of Commons of Great Britain after the political union with Scotland, and from 1800 it also became the House of Commons for Ireland after the political union of Great Britain and Ireland. In 1922, the body became the House of Commons of the United Kingdom of Great Britain and Northern Ireland after the independence of the Irish Free State. Under the Parliament Acts 1911 and 1949, the Lords' power to reject legislation was reduced to a delaying power. The gov ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
David Young, Baron Young Of Graffham
David Ivor Young, Baron Young of Graffham, (27 February 1932 – 9 December 2022) was a British Conservative politician, cabinet minister and businessman. Early life David Young was born into an orthodox Jewish family in London. His father was born in Yurevich, near Minsk, a village that is now in Belarus but was then largely populated by Lithuanian Jews, including Young's own family. The family fled an antisemitic pogrom to England when David's father was 5. In England, Young's father imported flour and later set up as a manufacturer of coats for children. Young went to Christ's College in Finchley and then University College London, to take a law degree as an evening student during his time as an articled clerk to become a solicitor, being admitted to the roll of solicitors in 1955. Business career Having qualified as a solicitor, Young practised for only a year, after which he joined Great Universal Stores as an executive, working for part of that time as an assistant t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
City Of London
The City of London is a city, ceremonial county and local government district that contains the historic centre and constitutes, alongside Canary Wharf, the primary central business district (CBD) of London. It constituted most of London from its settlement by the Romans in the 1st century AD to the Middle Ages, but the modern area named London has since grown far beyond the City of London boundary. The City is now only a small part of the metropolis of Greater London, though it remains a notable part of central London. Administratively, the City of London is not one of the London boroughs, a status reserved for the other 32 districts (including Greater London's only other city, the City of Westminster). It is also a separate ceremonial county, being an enclave surrounded by Greater London, and is the smallest ceremonial county in the United Kingdom. The City of London is widely referred to simply as the City (differentiated from the phrase "the city of London" by ca ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Accounting Scandal
Accounting, also known as accountancy, is the measurement, processing, and communication of financial and non financial information about economic entities such as businesses and corporations. Accounting, which has been called the "language of business", measures the results of an organization's economic activities and conveys this information to a variety of stakeholders, including investors, creditors, management, and regulators. Practitioners of accounting are known as accountants. The terms "accounting" and "financial reporting" are often used as synonyms. Accounting can be divided into several fields including financial accounting, management accounting, tax accounting and cost accounting. Financial accounting focuses on the reporting of an organization's financial information, including the preparation of financial statements, to the external users of the information, such as investors, regulators and suppliers; and management accounting focuses on the measurement, ana ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
High Court Of England And Wales
The High Court of Justice in London, known properly as His Majesty's High Court of Justice in England, together with the Court of Appeal and the Crown Court, are the Senior Courts of England and Wales. Its name is abbreviated as EWHC (England and Wales High Court) for legal citation purposes. The High Court deals at Court of first instance, first instance with all high value and high importance Civil law (common law), civil law (non-criminal law, criminal) cases; it also has a supervisory jurisdiction over all subordinate courts and tribunals, with a few statutory exceptions, though there are debates as to whether these exceptions are effective. The High Court consists of three divisions: the King's Bench Division, the #Chancery Division, Chancery Division and the #Family Division, Family Division. Their jurisdictions overlap in some cases, and cases started in one division may be transferred by court order to another where appropriate. The differences of procedure and practic ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gilt-edged Securities
Gilt-edged securities are bonds issued by the UK Government. The term is of British origin, and then referred to the debt securities issued by the Bank of England on behalf of His Majesty's Treasury, whose paper certificates had a gilt (or gilded) edge. Hence, they are known as gilt-edged securities, or gilts for short. In 2002, the data collected by the British Office for National Statistics revealed that about two-thirds of all UK gilts are held by insurance companies and pension funds. Since 2009 large quantities of gilts have been created and repurchased by the Bank of England under its policy of quantitative easing, and in recent years overseas investors have also been attracted to gilts by their "safe haven" status. Nomenclature In his 2019 book about the gilt market from 1928 to 1972, William A. Allen described gilt-edged securities as "long‐duration liabilities of the UK government" that were traded on the London Stock Exchange Today, the term "gilt-edged security" ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
