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09/05/2011

R3 comments on the Phoenix Four’s disqualification

“R3 welcomes the Insolvency Service’s decision to disqualify the four directors of MG Rovers. When the system works well, as in cases like this, it sends out a clear signal that company directors cannot act wrongfully without fear of repercussion. This action saves future losses to creditors, increases consumer confidence and protects UK plc.”

Frances Coulson, R3 President


R3 Press Office

Notes to editors:

  • R3 is the trade body for Insolvency Professionals and represents the UK’s Insolvency Practitioners.

  • R3 comments on a wide variety of personal and corporate insolvency issues. Contact the press office, or see www.r3.org.uk for further information.

  • R3 promotes best practice for professionals working with financially troubled individuals and businesses; all R3 members are regulated by recognised professional bodies
     
  • R3 stands for 'Rescue, Recovery, and Renewal' and is also known as the Association of Business Recovery Professionals.