Former BHS director Dominic Chappell has been disqualified from running a company for 10 years.
Ex-racing driver Chappell purchased BHS from Sir Phillip Green for £1 in 2015, but the chain collapsed in April 2016, resulting in over 10,000 jobs being lost.
The Insolvency Service disqualified Chappell for “abusing his responsibilities” they also disqualified Chappell’s father who has been disqualified for five years alongside another director, Colin Sutton.
Chappel was also said to have transferred funds in excess of £1m to Retail Acquisitions Limited, where he was one of the directors of the company as well as a 90% shareholder.
Claire Entwistle, assistant director for the insolvency said: “Both Dominic and his father abused their responsibilities as directors. Not only did they carry out reckless financial transactions but they failed to maintain adequate company records – a basic requirement for any responsible director.
“The courts have recognised the severity of their actions and the bans handed down will seriously curtail their opportunities to manage companies.”
Last month Chappel denied allegations of tax evasion of £500,000, he pleaded not guilty to three charges at Southwark Crown Court.
BHS collapsed in 2015, a month after Chappell acquired it from Sir Philip Green in a deal worth £1. When it went into administration, BHS had a pension deficit of £571m.