Friday, May 24, 2024

Disqualification Given to Man Acting as Company Director Whilst Bankrupt

A disqualification has been handed to the sales director of a printing company in Lincolnshire after he had been found to breach his bankruptcy.

Mr Peter Henry Nicholson was found to be acting as the sales director of Tandem Print Solutions Limited (formerly Tandem Solutions Group Limited) after being appointed on 1 June 2012, and still acting in the position until 18 March 2014; just a few months before the company went into administration on the 31 July the same year.

Whilst there is nothing wrong with being the sales director of a company, Mr Nicholson had previously received a bankruptcy order on 14 May 2012, which meant that he was unable to act as the director of a company for a period of 12 months commencing on the date that the order was given. He would only be allowed to act as director if he was given leave of the Court. However, this was not handed to Mr Nicholson at any point during this period.

The bankruptcy order meant that he was under meant that he had to adhere to a number of restrictions, including:

  • He must not take part in the formation, promotion or management of a company unless they have permission from the court.
  • He must disclose his status to a credit provider if he wishes to get credit of more than £500.
  • He cannot be the receiver/manager of a company’s property on behalf of debenture holders, or act as an insolvency practitioner.

Sue MacLeod, Chief Investigator at the Insolvency Service, commented:

“The Department for Business, Energy and Industrial Strategy will continue to uphold the integrity of the insolvency regime and will not hesitate to act if a bankrupt breaches the restrictions to which he is subject. This disqualification should act as a deterrent and warning to others who might be considering such breaches.”

Sam Allcock
Sam Allcock
Sam heads up Cheshire-based PR Fire, an online platform that has already helped over 10,000 businesses to grab widespread media coverage on their news at an extremely accessible price point.

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