Sir Philip Green alone responsible for BHS collapse

Unfortunately it happens all the time. Unscrupulous b******* who don't give a flying f*** about anyone else.

I had the misfortune of working for one such cowboy a few years back. He just fleeced everyone. But still managed to get a well known former PM to open one of his centres and made a reputedly large contribution to Conservative Party central funds before hiding his fortune overseas.

And it happens on both sides of the political fence.

The lack of honesty and toothlessly incompetent regulators makes it easy to screw everyone else.
 
I actually watched the televised questioning in front of the Parliamentary committee a few weeks ago (too much time on my hands I know)

Someone who I definitely wouldn't trust.
 
It's about time these sorts were put in prison. It's a criminal offence to take money out of a company if it then fails.

Why a multi times bankrupt is even allowed to be a director or buy a company is beyond me too.

Green needs all his assets stripped. Take the wife's too as she was clearly complicit.
 
I agree that such actions of the Directors should punished and that the law in the UK does nothing to deter such actions

A sceptic, (not me), may have said that it went like this

Green buys it - milks it - into his usual "tax shelter"

Green sees the sh1t hitting the fan and decides to get rid

Green offer generous fees to the professionals to get a deal done - he needs a stooge

Chappell comes along - Green says take it from me for "nothing" with maybe even an incentive - and may have mumbled "get what you can out of it"

Chappell obliges and strips what he can out of it ....... and b****r the workers


The MP's wring their hands - produce a daming Report and nothing is done - maybe he will lose his "Sir"

just "par for the course"
 
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BillN_33 said:
I agree that such actions of the Directors should punished and that the law in the UK does nothing to deter such actions
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Well, exactly.

There seems little doubt that Mr Green is a personal of low moral character. But how did he not just get away with it but continue to get away with it? People have found themselves in prison for far far less.

Revoking his title might be a tad embarrassing down at the yacht club but I think a stay at Her Majesty's Pleasure might do a little more to discourage others.
 
IS he on his boat now. Dangerous things boats when pension funds are found stripped. Just ask Maxwell
 
I knew Philip Green many, many years ago soon after he started in business.
At that time, he had a reputation for being a complete and utter crook a sharp businessman and then there was the British Gas shares thing.
To my mind, what is suprising here is not that his business methods are once again in the public eye so much as the fact that he was able to buy a knighthood given a knighthood in the first place
 
what I find utterly amazing is that no one seems to be able to identify a criminal act that either Green or Chappell has committed ......... it is easy for me to say that in France or the US I think that both would find themselves facing prison ...... certainly in France such action would really be taken seriously

This is far from being the first time that such has happened and what is also amazing is that UK company law has not been change by either Party in government to deal with wrong doings

If such people can get away with it they will and stick two fingers up to the Government, the country and the Law.

It is shameful that this will not be taken forward and punitive action taken against Green and Chappell

(obviously we have to believe what has been said by the Committee of MP's and their Report)
 
srichards said:
It's about time these sorts were put in prison. It's a criminal offence to take money out of a company if it then fails.

Why a multi times bankrupt is even allowed to be a director or buy a company is beyond me too.

Green needs all his assets stripped. Take the wife's too as she was clearly complicit.
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Directors who have behaved improperly can effectively be banned from acting in that capacity in the future, they can be banned for a period of time, and possibly for ever.
BUT the action is nearly always taken based on a report from the Insolvency Practitioner involved, and guess who usually hires the insolvency practioner?
So, a cynic may feel that a Company Director who has made mistakes, perhaps due either to bad professional advice, to lack or experience etc., or who failed to cease trading on the day that the Company became insolvent, is at very real risk of being disqualified from future directorships, but the fat cats who deliberately set out to thieve are safe, simply because they made sure that they walked away with their pockets full, and because the insolvency practitioner knows that if that person is disqualified they won't get any future business from him
viv1969 said:
I agree
But I'd rather they run a company, than hold the most powerful political position on the planet.
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Good point!
...
 
maybe the israelis might step in and bump him off like they did maxwell.
 
srichards said:
It's a criminal offence to take money out of a company if it then fails.
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Not quite right. It's only a criminal offence to draw dividends or continue to trade if AT THE TIME it was known that the company was insolvent.
The law does not apply hindsight.
 
It's quite telling that our bankers are facing prison in America for international fraud that we don't really seem to think is worth more than a slap on the wrist.

Clearly British law is based on the old boys network. The idea that bankers and senior businessmen are assumed to be gentlemen really should have been put to bed 100 years ago.
 
Phil V said:
It's quite telling that our bankers are facing prison in America for international fraud that we don't really seem to think is worth more than a slap on the wrist.
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Yes, it's quite telling that it's OUR bankers.
A bit of research I did from a Wall Street Journal article found that of 11 bankers found guilty or pled guilty (i.e. not those that settled), eight worked for European banks.
 
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