Report: UK DTI acts to have 371 firms wound up

A total of 371 British firms were wound up in court last year due to representations made by the Department of Trade and Industry (DTI), a report showed today.

British government figures also showed that 1,527 directors were disqualified – 250 fewer than the previous year.

The Companies Annual Report, published by the DTI, showed 197 investigations into companies were completed in the financial year to March 31.

Most of these cases were undertaken as a result of alleged fraudulent trading.

Among the different sectors, the category attracting the most investigations was wholesale and retail, followed by manufacturing.

More than half of all probes were sparked off by tip-offs from members of the public, while 20% started after information from DTI agencies.

The report said 213 director disqualifications were as a result of proceedings for unfitness.

Another 141 were in association with civil and criminal proceedings, while the rest were disqualification undertakings.

The report also includes an update on progress on the British government’s aim to modernise company law following the completion of a three-year independent review, and gives information on other company law reform projects.