Carillion disqualification proceedings dropped - but where next for NEDs?

On 13 October 2023, the Insolvency Service (IS), acting on behalf of the Secretary of State for Business and Trade, discontinued the disqualification proceedings which it had initiated against five former non-executive directors (NEDs) of Carillion plc, the construction and outsourcing giant that collapsed into liquidation in 2018.

Filed under:
United Kingdom, Company & Commercial, Compliance Management, Employee Benefits & Pensions, Insolvency & Restructuring, Litigation, Macfarlanes LLP, Corporate governance, Financial Conduct Authority (UK), Carillion, Insolvency Service (UK), Companies Act 2006 (UK), Sarbanes-Oxley Act 2002 (USA)
Authors:
Lois Horne , Mark Edwardes Jones , Noel Newman , Madeleine Brown
Location:
United Kingdom
Firm:
Macfarlanes LLP
BHS directors liable for wrongful trading and misfeasance

The High Court has found two former directors of the BHS group of companies liable for wrongful trading and misfeasance under the Insolvency Act 1986 (the Act). Relief against the directors has been ordered in the amount of £18m, with further rulings still to come.

Filed under:
United Kingdom, Insolvency & Restructuring, Litigation, Macfarlanes LLP, Corporate governance, Companies Act 2006 (UK), UK Supreme Court
Authors:
Lois Horne , Mark Edwardes Jones , Natalie Peacock , Madeleine Brown
Location:
United Kingdom
Firm:
Macfarlanes LLP