Back in February 2011 we covered the decision of the Insolvency Service to apply to the High Court, on behalf of the Secretary of State for Business, Innovation and Skills, for disqualification orders to be made against nine individuals in relation to their conduct as directors of European Home Retail Group PLC and/or Farepak Food & Gifts Limited (Farepak).
The trial has now been scheduled to start on 24 May.
One of the former directors subject to the disqualification application is Sir Clive Thompson, the former chief executive of Rentokil Initial plc, a former President of the Confederation of British Industry and a former Deputy Chairman of the Financial Reporting Council.
Farepak, which operated a Christmas savings club, collapsed in October 2006. As Farepak (lawfully) operated an unregulated savings club, there was no compensation mechanism for customers. See the “Campaign for the victims of Farepak” website here.
