Petition Protect pension funds from asset strippers by closing Companies Act loopholes.

Under s172 Companies Act 2006, directors must "promote the success of the company" taking into account the long term consequences and the need to act fairly with stakeholders, such as employees. However, Part 23 of the Act fails to prevent the asset-stripping of companies by the unscrupulous.

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Fixed assets should be recorded at fair value before assets are transferred out of the company and the non-distributable revaluation reserve created should remain with the company.
Non-distributable reserves converted to distributable reserves should be accounted for as unrealized profit for dividend purposes and not appropriated from the company.
Accumulative distributable reserves should be restricted to cover the current pension fund deficit before further distributions are considered.

This petition is closed This petition ran for 6 months

11 signatures

Progress of the petition towards its next target: 11 of 10,000 signatures required to get a government response

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10,000 signatures required to get a government response

Date closed 25 December 2018
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