Earlier this year the Department for Business, Innovation and Skills published a consultation paper concerning the scope of the requirement for disclosure of directors' loans in company accounts under Section 413 of the Companies Act (2006). The paper outlined various proposals for amending Section 413 as part of the Government's review of the adequacy of information provided to shareholders and other users of accounts in respect of directors' loans.Responses to the consultation have now been published (see here - .zip file) along with the Government's response (see here - pdf). The Government proposes, in the short-term, amending the 2006 Act in order to clarify the disclosure required by banks in respect of directors loans, credits and guarantees.
