Trade secretary Alistair Darling has been urged to initiate the suspension of
all the directors associated with Farepack and European Home Retail on the basis
of what one MP claimed was a ‘damning report’ from administrators Stoy Hayward.
Livingston Labour MP Jim Devine claimed: ‘This report shows that not only
were the directors aware that the company was in serious financial difficulties
for most of 2006, but that they also used money from hundreds of thousands of
decent hard working families to fatten up other companies within the group.
He said he had written to Darling ‘calling on him to ensure that these
individuals are suspended immediately from holding any directorship in the UK
with a view to barring them altogether’.
He added: ‘These people are not fit to run any company in Britain, and I will
be forwarding this report to the Fraud Squad asking them to investigate’.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children