Secretary of State for Trade and Industry v Grove & Gunter - disqualification orders against directors - High Court 15.11.06
Vintage Hallmark PLC went into insovent liquidation. The DTI sought disqualification orders against two directors accused of, amongst other frauds, arranging for the company to buy at a huge overvaluation a business in which they were personally interested, which they knew was hopelessly insolvent and which had liabilities which there was no reasonable prospect of discharging by honest means. They vehemently denied any dishonesty and claimed that they relied entirely on expert qualified accountants. They said they did not understand figures. This did not wash with the Court.