IN THE MATTER OF ASSET LAND INVESTMENT PLC

IN THE MATTER OF ASSET LAND INVESTMENT PLC

The Secretary of State failed to prove that Mr Lord's conduct as a director amounted to a total or sufficient abrogation of his duties to render him unfit under section 6 of the CDDA. Mr Lord took reasonable steps by ensuring legal advice was sought and implemented, had a limited non-executive role, and there was no evidence of personal responsibility for the breaches. The burden of proof was not met, and the application for disqualification was dismissed.

Parties
Claimant: The Secretary of State for Business, Energy and Industrial Strategy; First Defendant: Mr Nigel Jonathan Robert Lord; Second Defendant: Mrs Victoria Elisabeth Grace; Third Defendant: Mrs Bronwen Banner-Eve
Jurisdiction
England and Wales
Judgment Date
19 January 2022
Procedural Posture
Director Disqualification Application / Final Judgment After Trial
Outcome
Application dismissed
Legal Topics
Director Disqualification, Collective Investment Schemes, Misrepresentation, Unfitness of Directors, Company Management, Financial Services Regulation
Company Law Insolvency Law Director Disqualification Collective Investment Schemes Misrepresentation Unfitness of Directors Company Management Financial Services Regulation

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Parties

The Secretary of State for Business, Energy and Industrial Strategy

Claimant

Mr Nigel Jonathan Robert Lord

First Defendant

Mrs Victoria Elisabeth Grace

Second Defendant

Mrs Bronwen Banner-Eve

Third Defendant

Procedural Posture

Director Disqualification Application / Final Judgment After Trial

Legal Issues

  1. 1 Whether Mr Lord's conduct as a director rendered him unfit to be concerned in the management of a company under section 6 of the Company Directors Disqualification Act 1986
  2. 2 Whether Mr Lord allowed the company to operate an unauthorised collective investment scheme
  3. 3 Whether Mr Lord allowed the company to make misrepresentations to the public

Ratio Decidendi

The Secretary of State failed to prove that Mr Lord's conduct as a director amounted to a total or sufficient abrogation of his duties to render him unfit under section 6 of the CDDA. Mr Lord took reasonable steps by ensuring legal advice was sought and implemented, had a limited non-executive role, and there was no evidence of personal responsibility for the breaches. The burden of proof was not met, and the application for disqualification was dismissed.

Court Disposition

Application dismissed

Orders

  • The application for a disqualification order against Mr Lord is dismissed.