If the orders are granted, all nine individuals could be disqualified from holding any role to do with the running or control of a company for periods of between two and a half and six years, according to a statement from the Insolvency Service. Director disqualifications run for a minimum of two and a maximum of 15 years.
Insolvency law expert Nick Pike of Pinsent Masons, the law firm behind Out-Law.com, stressed that the proceedings being brought by the Insolvency Service against the individuals were civil and not criminal in nature. However, they could have severe consequences for those affected, particularly given the Insolvency Service’s success rate in similar proceedings, he said.
“The Insolvency Service does not seek to us…
Read the full article at: https://www.out-law.com/en/articles/2017/july/insolvency-service-begins-disqualification-proceedings-against-kids-company-directors/