Obtaining “Permission” to remain a Director despite Disqualification – Financial Consultant

Obtaining “Permission” to remain a Director despite Disqualification – Financial Consultant

Our client was a self-employed financial consultant operating as a Director through a Limited Company for both financial reasons and at the specific request of his larger clients who would only engage the Director through a Limited Company; not as an individual or “trading as” entity.

The Director’s company was extremely profitable and had excellent potential to grow through the Director’s existing client base.  The Director’s livelihood was, however, rocked by allegations of financial failings in his former company, which went into voluntary liquidation almost 2 years previously.  Accepting that some failings had occurred, albeit for personal reasons that explained but failed to legal justify the failings, the Director was faced with a 2 year Director Disqualification, which would have destroyed the Director’s developing business.

We were instructed by the Director to advise on his options and, ultimately, to successfully represent him in drafting and submitting an Application for “Permission” or “Leave” to act as a Director despite Disqualification (under Section 17 of the Company Directors Disqualification Act 1986).  In doing so, we also liaised with the Director’s Accountants to ensure a clear and exhaustive retainer to support the Leave Application, which helped to tip the scales in the Director’s favour.

Following the successful Hearing of the Leave Application in the High Court, the Director was granted Leave at the first Hearing to continue his business as a Director despite his Disqualification.

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 Matthew.Howat@hasolicitors.co.uk to arrange a free consultation.

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