External regulation of business Flashcards
1
Q
What is involved in each of the two chapters of the Competition Act 1998?
A
(i) Anti-competitive agreements
(ii) Abuse of a dominant market position
2
Q
How much can businesses be fined for breaching the Competition Act 1998?
A
10% of worldwide revenue
3
Q
What are the four business responses to regulation?
A
Non-response
Mere compliance
Full compliance
Innovation
4
Q
What are the consequences of fraudulent trading?
A
Directors could be disqualified and face criminal sanctions.
Directors personally reliable for the company’s debts
5
Q
What are the consequences of wrongful trading?
A
Directors may be disqualified and may be asked to contribute to company’s debts
