The director at the heart of the Carrington Wire pension fund deficit saga has been disqualified for a period of 12 years. BackgroundWe have previously reported on the background to the Carrington Wire Limited (“CWL”) collapse and the Pensions Regulator’s actions in issuing warning notices to CWL’s former Russian parent company (OAO Severstal), and a contribution notice to Richard Williams, the sole director and shareholder of Gillico Limited (“Gillico”) (a shelf company that purchased the entire CWL shareholding for £1). You will be aware from our previous post (Dodgy Directors Top Trumps) that the UK Insolvency Service will investigate directors’ conduct and if appropriate commence director disqualification proceedings or enter into disqualification undertakings. Accordingly, the Insolvency Service has also carried out an investigation in relation to the collapse of CWL and the conduct of Richard Williams as a director. Case against Mr WilliamsMr Williams was at the heart of a series of transactions which enabled OAO Severstal to avoid its liabilities under a guarantee to the CWL Defined Benefit Pension Scheme (“Scheme”).The pension deficit in relation to the Scheme was £26.5 million. While OAO Severstal had attempted to sell CWL, and the Scheme and its Trustees were initially kept appraised of… Read full this story
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