The Secretary of State for Business, Energy And Industrial Strategy v Gregson & Ors [2018] EWHC 1215 (Ch) (14 February 2018)

The Secretary of State for Business, Energy And Industrial Strategy v Gregson & Ors [2018] EWHC 1215 (Ch) (14 February 2018)

Mr Gregson's failures to segregate client funds, maintain adequate records, comply with regulatory requirements, and improper payments to himself and connected parties constituted serious misconduct and unfitness to be concerned in company management. Disqualification is mandatory.

Citation
[2018] EWHC 1215 (Ch)
Parties
Claimant: Secretary of State for Business, Energy and Industrial Strategy; Defendant: Mr Gary John Gregson; Defendant: Mr Andrew Roy Brooke; Defendant: Miss Shalles Fee Onido; Defendant: Miss Nova Espoltero
Jurisdiction
England and Wales
Judgment Date
14 February 2018
Procedural Posture
Director Disqualification Proceedings / Trial Judgment
Outcome
Director disqualification order made against Mr Gregson for ten years.
Legal Topics
Director Disqualification, Unfit Conduct, Client Money Segregation, Regulatory Compliance, Misleading Advertising
Company Law Insolvency Financial Regulation Director Disqualification Unfit Conduct Client Money Segregation Regulatory Compliance Misleading Advertising

Case Brief

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Parties

Secretary of State for Business, Energy and Industrial Strategy

Claimant

Mr Gary John Gregson

Defendant

Mr Andrew Roy Brooke

Defendant

Miss Shalles Fee Onido

Defendant

Miss Nova Espoltero

Defendant

Procedural Posture

Director Disqualification Proceedings / Trial Judgment

Legal Issues

  1. 1 Whether Mr Gregson's conduct as director of GBFS, One Tick, and GAB was unfit under the Company Directors Disqualification Act 1986
  2. 2 Whether regulatory requirements regarding client money segregation, record-keeping, and reconciliations were breached
  3. 3 Whether payments made to Mr Gregson and connected parties lacked commercial probity

Ratio Decidendi

Mr Gregson's failures to segregate client funds, maintain adequate records, comply with regulatory requirements, and improper payments to himself and connected parties constituted serious misconduct and unfitness to be concerned in company management. Disqualification is mandatory.

Court Disposition

Director disqualification order made against Mr Gregson for ten years.

Orders

  • Mr Gary John Gregson disqualified from acting as director or being concerned in company management for ten years under Company Directors Disqualification Act 1986.