UK Losing £96B As 1 In 8 Disqualified Directors Remain Active

Law360, London (May 16, 2019, 5:19 PM BST) -- More than 1,000 individuals who have been disqualified from holding directorship posts in Britain are still running companies, costing the U.K. £96 billion ($121 billion), research by a fraud investigation provider revealed Thursday.

HooYu, an identity verification service, said that one in eight of the U.K.’s 6,700 disqualified directors are registered as holding an active directorship on Companies House, the government’s registrar of businesses. This is possible because of loopholes in the register that allow fraudsters to record themselves as the head of a company despite being banned from holding this role.

The current registration process used by Companies House is...

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