Phoenix four banned from management
Phoenix four banned from management Company directors at time of MG Rover collapse barred from managing limited companies for a number of years.
Four former directors of Phoenix Venture Holdings Liimited and MG Rover Group LImited, known as the Phoenix four, have agreed to not act in the management of limited companies for varying periods, of between three and six years.Â
From left to right, Nick Stephenson, Peter Beale, John Edwards and John Towers, were found unfit to be company directors by The Insolvency Service, following an independent report into the financial affairs of MG Rover and its associated companies. Peter Beale has been disqualified from acting in the management of companies for six years; John Towers and Nick Stephenson have each been disqualified for five years and John Edwards for three years.
Commenting on the disqualification undertakings Edward Davey, Minister with responsibility for corporate governance and company law said: “These disqualification undertakings represent a successful conclusion to a lengthy and complex investigation into the collapse of MG Rover. Peter Beale, John Towers, Nick Stephenson and John Edwards have each been banned from being involved in the management of any company for several years. The outcome of this case serves as an important reminder that unacceptable conduct by company directors can result in lengthy periods of disqualification.”
MG Rover Group went into administration on April 8, 2005 owing creditors nearly £1.3 billion. The disqualification undertakings wil come into effect on Tuesday May 17.
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