Reply to: Director Disqualification

[Lance]

There is nothing legally stopping a disqualified director working in finance, however an institution may have a rule that they don't hire anyone who is disqualified.

It is a subtle but important distinction.

you're right.... however fiancial probity IS a requirement... And being disqualified from being a director is strong evidence of an extreme lack of financial probity.
I don't think he'd stand a chance *if they check the disqualified lists*. I don't know what is checked from a BPSS perspective.

[WTFH]

It's bloody tough out here at the moment so potentially closing down two industries can't help one iota.

It might be tough for some. I started looking a month ago and have turned down 4 roles in the last 2 weeks - 3 of which were on higher rates than the last few years. But I tend to work in pharma/medical and with products, not just pushing money around.

[SimonMac]

I don't know the rules, but it might prevent you working in the finance industry.

I see what you are saying but not so sure I totally agree. I think it's a bit wider than specific roles. Many finance companies will do a check on every contractor coming in and being disqualified owing 100K to HMRC isn't going to sit very well at all so that potentially closes off a very large market. SC might not be quite as cut and dried as we know they aren't that bothered about certain criminal activities but if they are looking for someone that can act responsibly and not open to coercion then OP isn't in a great place with that so closes off another market.

You are right, doesn't stop him but I think it's going to be a bit more problematic than you make out there.

It's bloody tough out here at the moment so potentially closing down two industries can't help one iota.

There is nothing legally stopping a disqualified director working in finance, however an institution may have a rule that they don't hire anyone who is disqualified.

It is a subtle but important distinction.

[northernladuk]

But neither of those things are preventing him from working anywhere. Just very specific roles.
That would be like if I argued I was being prevented from being a brain surgeon and I wanted to sue someone.

I'm not qualified to be one.
I'm not allowed to be one.

But it doesn't mean I can work somewhere outside brain surgery.

I see what you are saying but not so sure I totally agree. I think it's a bit wider than specific roles. Many finance companies will do a check on every contractor coming in and being disqualified owing 100K to HMRC isn't going to sit very well at all so that potentially closes off a very large market. SC might not be quite as cut and dried as we know they aren't that bothered about certain criminal activities but if they are looking for someone that can act responsibly and not open to coercion then OP isn't in a great place with that so closes off another market.

You are right, doesn't stop him but I think it's going to be a bit more problematic than you make out there.

It's bloody tough out here at the moment so potentially closing down two industries can't help one iota.

[WTFH]

I don't know the rules, but it might prevent you working in the finance industry.

it won't help with SC clearance either.

But neither of those things are preventing him from working anywhere. Just very specific roles.
That would be like if I argued I was being prevented from being a brain surgeon and I wanted to sue someone.

I'm not qualified to be one.
I'm not allowed to be one.

But it doesn't mean I can work somewhere outside brain surgery.

[Lance]

I don't know the rules, but it might prevent you working in the finance industry.

it won't help with SC clearance either.

[krytonsheep]

You're not being prevented from working in the future, you are being prevented from being a director.

I don't know the rules, but it might prevent you working in the finance industry.

[JoJoGabor]

OP - have you ensured you are outside of IR35 regulations?

[Lance]

how can one work in future if I have been disqualified as a director, I went through a liquidation and recently received a letter from the insolvency service, for continuing to trade when not having paid tax on time and fully to the detriment of the HMRC, I have reached an agreement with liquidator paying 25k towards a 100k debt

I am thinking of accepting the insolvency service charge and asking for a reduction in tenure as I will not waste their time with a court case etc

Can I also ask for exceptional dispensation to continue working, if I set up a new company now and use it to start a contract what happens once am disqualified

Pls all responses are welcome

It reads like you were liquidated with outstanding debt. And were disqualified.
And then you continued to trade.......
Do I have that right?

Cos you're now facing a bigger issue than being disqualifed. It sounds like you've been caughting trading while disqualified. Do you like the taste of porridge?

[wattaj]

If the OP is still in contract earning good money why is he only paying 25k of what he owes?

Ooh, ooh, me! Pick me! I know...

[northernladuk]

Thanks for the reply do you know any good umbrella companies with a good pay out

Speak to Lucy at Clarity Umbrella. It's not a 'good payout'. It will be what the law allows. They do have a great pension offering that will be more tax efficient than the others though.

You do sound like the type that isn't taking anything seriously so a prime candidate for the 80%+ rubbish. Do not even be tempted. If it's over 80% then it is not compliant and you are going to get in to even more trouble.

[northernladuk]

Just thinking wouldn't his contract be between the agency and his Ltd thus moving to Umbrella requires a new contract?

Correct. The entity the old contract with no longer exists so will have to be a new contract drawn up.

Just hope the client doesn't ask why.

If the OP is still in contract earning good money why is he only paying 25k of what he owes?

[wattaj]

Just thinking wouldn't his contract be between the agency and his Ltd thus moving to Umbrella requires a new contract?

Probably.

[rik sherman]

What does your contract say? Most would kick your ass to the kerb.

Just thinking wouldn't his contract be between the agency and his Ltd thus moving to Umbrella requires a new contract?

[wattaj]

Hi

One more question if one is in the middle of a contract when the disqualification is finalised, what does one do, can I finish said contract or have to let agency know and change my working arrangement

What does your contract say? Most would kick your ass to the kerb.