As we reported here last week, the Secretary of State withdrew his action to have the former directors of Farepak Food & Gifts Limited (Farepak), and its parent company European Home Retail Group PLC, disqualified as directors.
The former directors had been widely blamed in the media and by action groups for the collapse of Farepak, a company that ran a Christmas savings club and whose collapse in 2006 led to over 100,000 customers losing almost all of their deposits.
The judge presiding over the disqualification action, Mr Justice Peter Smith, made a statement following the withdrawal of the disqualification action last week. In that statement he made clear that blame had been wrongly attached to the directors:
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