The Registrar of Companies has banned five directors for between six and eight years, the second batch of prohibitions in roughly five months. Every owner-director should take the message seriously. A failed company does not quietly disappear once creditors, and especially Inland Revenue, have been left holding the losses.
This is the system doing what it should. Limited liability is a privilege that underpins risk-taking and enterprise. Directors who abuse it by trading insolvent, keeping no proper books and moving money to related entities make credit dearer and suppliers warier for everyone else.
The same four failures, five times over
The bans, issued under section 385 of the Companies Act 1993, took effect…