An investigation into the directors of BHS could be reopened by the Insolvency Service, following the release of new evidence contained in a report from the Financial Reporting Council (FRC).
Reports in The Times indicate, the chief executive of the Insolvency Service has written to the FRC to request more information on its findings surrounding the conduct of directors of Taveta Investments, the parent company for Sir Philip Green’s Arcadia.
The report from the FRC investigating the demise of BHS has not yet been publicly released, but is thought to be critical of Arcadia’s accountancy practices. The report sparked a legal battle with Taveta, which sought to block the publication of the full report.
This attempt was rejected, but Mr Justice Nicklin, the judge making the ruling, noted that while much of what was included in the report was in the public interest, full publication from the FRC risked being defamatory to Taveta staff.