A businessman with an exemplary record has been disqualified from being a director after failing to question a VAT fraud at his company. The case involved the Secretary of State for Business, Energy and Industrial Strategy and XE Solutions Ltd. Three of the company’s directors were disqualified for between 11 and 14 years under the Company
A businessman with an exemplary record has been disqualified from being a director after failing to question a VAT fraud at his company. The case involved the Secretary of State for Business, Energy and Industrial Strategy and XE Solutions Ltd. Three of the company’s directors were disqualified for between 11 and 14 years under the Company
The government is introducing new powers to clamp down on directors who dissolve companies to avoid paying their liabilities. Rogue directors may be required to pay compensation to creditors. The new legislation extends the Insolvency Service’s powers to investigate and disqualify company directors who abuse the company dissolution process. The Rating (Coronavirus) and Directors Disqualification
A director who breached his legal duties while running a company has been ordered to pay more than £600,000 compensation. The claimant in the case had set up a company called GBR in late 2010 to take over a recycling business. He had been disqualified from acting as a director and entrusted GBR’s growth and
Two directors did not breach their legal duties when they paid themselves a total of £1.2m from their failing company. That was the decision of the High Court in a case involving, Brookmann Home Ltd (In Liquidation). The company had been formed as a vehicle to purchase a textile business. Most of the purchase price
Two directors have been granted permission to continue running their companies despite being disqualified for breaching regulations. The court accepted that they were essential for the continuation of their business and hundreds of jobs could be a risk if they were not allowed remain at the helm. The case involved two directors of a company
The High Court has ruled that two directors breached their legal duties when they used company property to fund their pensions. The case involved a company that had been incorporated in 1998 to take over a volunteer-run project that renovated and resold donated furniture. In 2001 the company bought a property as its premises. Some
A broker who traded while insolvent and took money from her company for herself while failing to pay creditors £140,000 has been disqualified for seven years. Kathleen Shepherd, aged 58, from Southampton, was the sole director of Shepherd Site Services Limited, a company which acted as a broker to provide waste management services to the
Two businessmen who breached their legal duties as company directors have been ordered to repay £600,000, even though the court accepted that one of them probably hadn’t realised that anything unlawful was happening. The case involved TMG Brokers Ltd, which had gone into liquidation. The liquidator applied for declarations under the Insolvency Act 1986 in