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Court imposes compensation order on disqualified director

The court orders a disqualified director of an insolvent company to pay personal compensation to creditors.

This is only the second time the courts have considered a personal compensation order against a disqualified director since their introduction in 2015.

What happened?

Secretary of State v Barnsby [2023] EWHC 2284 (Ch) concerned an individual who was the sole director and majority shareholder of a company that sold package holidays.

United Kingdom, Company & Commercial, Insolvency & Restructuring, Litigation, Trade & Customs, Macfarlanes LLP, Insolvency, Office of Financial Sanctions Implementation (UK), Insolvency Service (UK)
Pension challenges in bankruptcy and restructuring processes

This is an extract from Financier Worldwide's August online publication entitled "Pension challenges in bankruptcy and restructuring processes."

REFLECTING ON THE LAST FEW YEARS, HOW WOULD YOU DESCRIBE OVERALL PENSION CHALLENGES ARISING FOR COMPANIES FACING BANKRUPTCY / INSOLVENCY AND RESTRUCTURING PROCESS? WHAT MAJOR TRENDS HAVE DEFINED THIS SPACE?

United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Macfarlanes LLP, Defined benefit pension plan, The Pensions Regulator (UK), Pension Protection Fund