Former BHS owner Dominic Chappell faces a ban from serving as a company director following the retailer’s collapse but Sir Philip Green has been cleared.
Chappell, who headed up the Retail Acquisitions consortium that acquired BHS from Green for a nominal £1 in March 2015, has been informed by the Insolvency Service that it will pursue disqualification proceedings against him.
Three other ex-BHS directors are facing bans of up to 15 years – the maximum penalty the Insolvency Service can issue.
However, Green, who sold BHS prior to its collapse, has been told he faces no further action.
Individuals who are notified of such bans can make representations about why the action is unjustified before the Insolvency Service files formal court proceedings.
A spokesman for Green, who paid £363m into the BHS pension scheme last year to end the threat of action from The Pensions Regulator, said: “On 15 March, the Insolvency Service informed Sir Philip Green that it had concluded its investigation into BHS and confirmed that he will not be the subject of any proceedings under the Company Directors Disqualification Act 1986.
“Identical confirmations have also been sent to a number of other individuals who were BHS directors in the period prior to its acquisition by Retail Acquisitions Limited.
“Sir Philip and his fellow directors have cooperated fully with the Insolvency Service since its investigation commenced in May 2016, and welcome this decision.”
As previously reported, Chappell has already been handed a £10m bill by The Pensions Regulator as it attempts to recover cash owed to the BHS pensions scheme.
Chappell is also facing a new trial, having been charged with failing to produce information requested by the pensions watchdog.