The Insolvency Service has reported that Company Director Disqualification Orders have been made against Mr Stanford and Mr Schubert.
Mr Stanford was disqualified for eleven years arising from his conduct as director of Cerys-Angharad Ltd (Cerys) and Ifonic Plc (Ifonic) and Mr Schubert was disqualified for six years as the result of his conduct as a director of Ifonic.
What Were The Breaches? | Kangs Regulatory Solicitors
It was reported ‘that both Cerys and Ifonic had engaged in unfair trading practices in breach of the Conduct of Authorised Persons Rules 2006 and 2013 and the Compensation (Claims Management Services) Regulations 2006.’
After Cerys ceased trading Ifonic adopted over four thousand clients of Cerys.
Robert Clarke, Investigations Group Leader at the Insolvency Service, amongst other things, commented:
“When company directors do not comply with legislation that is designed to protect customers and avoidable losses result, the Insolvency Service will seek lengthy periods of disqualification.
This should serve as a warning to other directors who may feel tempted to breach customer protection legislation. The Insolvency Service will rigorously pursue directors who deliberately mislead and breach the trust of customers.”
Effect of A Disqualification Order | Kangs Company Director Disqualification Solicitors
A Disqualification Order prohibits, without specific permission of a court, the disqualified person from:
- acting as a director of a company
- taking part, directly or indirectly, in the promotion, formation or management of a company or limited liability partnership
- being a receiver of a company’s property
Disqualification undertakings are frequently given to ease the process and those subject to a Disqualification Order are bound by a range of restrictions.
How Can We Help? | Kangs Regulatory and Director Disqualification Solicitors
Please feel free to contact our team through any of our solicitors named below who will be happy to provide you with some initial advice and assistance.