Directors Banned After Chalet Biz Took £14M From Investors

Law360, London (May 19, 2021, 4:00 PM BST) -- Two brothers have been banned from acting as directors in the U.K. for six years each after their holiday parks company took £14 million ($20 million) from investors for chalets that were never built, a government agency has said.

The Insolvency Service said on Tuesday that the Business Secretary has accepted disqualification undertakings from James and William Moir after they did not dispute that they had breached their duties as directors of Walsham Chalet Park. The brothers have each been banned from forming or managing a company for six years.

According to their disqualification undertaking, they had failed to provide independent scrutiny...

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