Fewer directors disqualified
The new Companies Annual Report for 2002/2003 published today has revealed that fewer company directors were disqualified then in 2001/2002.
The latest figures revealed that 1,777 directors were disqualified in the 2002/2003 down from 1,929 in the previous year. Of this latest total, 1,275 were disqualification undertakings, 319 were the result of proceedings taken against unfit directors and 166 were in association with civil and criminal prosecutions.
It also revealed that 359 company investigations were undertaken during the year, with the most common alleged misconduct being fraudulent trading. Eighty companies were wound up by the court, following representations made by the DTI.
In 2001, the DTI set up a hotline to help nab dodgy directors with the public’s help.