Debt Co. Bosses Behind £7.6M Fund Shortfall Get 16-Yr Ban

Law360, London (July 30, 2019, 3:16 PM BST) -- Two directors of a debt solution company have been disqualified for a total of 16 years after losing £7.6 million ($9.3 million) of their customers' insolvency funds by failing to supervise the relevant bank accounts, a government regulator said Tuesday.

Philip Nuttall and Darren Varden were handed disqualification undertakings of nine and seven years respectively, preventing them from setting up, promoting or managing a company, the Insolvency Service said. The two were directors of Varden Nuttall Ltd., which handled agreements between debtors and their creditors, in the northwest English town of Bury.

The Insolvency Service found that the two directors had...

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