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Thread: Granville directors fail to submit financial statements

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    HEXUS webmaster Steve's Avatar
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    Granville directors fail to submit financial statements

    The directors of a number of companies within the Granville group, which went into administration in july, have failed to provide administrators with financial statements and are in breach of insolvency rules. The result for them is daily fines, but they might struggle to rectify the problem.
    William Davies, one of two directors in breach of the law, was forced to become director of six Granville companies just three weeks before it went under, according to the creditors' report. He now faces fines under the insolvency act for not producing a statement of affairs.

    Yet the labyrinthine state of the group's finances only came to light after Davies took over. He told administrators the management data was out of date and inaccurate. Administrators reported that it was "severely limited".
    [The Register]
    Last edited by Steve; 26-01-2006 at 10:50 AM.
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