Should Parliament pass the proposed legislation mentioned in this article http://www.moneymarketing.co.uk/politics/parliament-debates-unlimited-liability-for-directors/1047036.article the UK and London economy will be destroyed. Why would any bank base itself or conduct major operations in the UK when it could operate without these liabilities? If I was managing a bank I would move to Hong Kong or Switzerland where the personal liability does not exist. Much better to change the Insolvency Legislation and have it that if the Government believes an institution like a large bank will cause macro-economic shocks to the wider economy that the Government can appoint the administrator and the administrator’s first duty is to act in a way which will mitigate the shocks to the macro-economic environment first followed by creditors of the institution.
