Advice at Questionnaire Stage – Non-Exec released

Advice at Questionnaire Stage – Non-Exec released

Our client was a non-exec Director who was headhunted and brought into a FCA-regulated business as a result of his extensive background in the industry.  In accepting the position, the Director’s intention was never that he would be involved in the day to day minutiae of running the business but would instead be consulted on all tactical and high level management decisions.

Following the liquidation of the business, the Director was contacted by the Insolvency Service with a lengthy Questionnaire to complete.  The Questionnaire had been sent to all of the Directors and the answers to the Questionnaire would, if Disqualification Proceedings became necessary, be used as evidence against any company Directors judged by the Insolvency Service to have fallen short in complying with their fiduciary obligations to the Company.

Accordingly, in line with our advice that extreme care needs to be taken when completing Questionnaires in order to avoid falsely incriminating an innocent company Director, the Director contacted us to help ensure that his answers were accurately presented.

Following our advice and assistance in carefully drafting the Director’s Questionnaire, the Director was subsequently released from the investigation and no further action was taken against him by the Insolvency Service, unlike several of the Director’s co-Directors who elected not to seek professional advice.

If you find yourself in a similar situation to the above, please contact Matthew Howat, head of our Director Disqualification team, on 020 7884 9700 or by email on to arrange a free consultation.

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