The Premier League announced last week that they would be investigating the continuing role of Karl Oyston at Blackpool Football Club since he stepped down as chairman in August, days before announcing his bankruptcy.
However, Oyston vowed to remain at Bloomfield Road as acting Chief Executive until the end of the season, or in the interim until a new Chairman could be found.
Now the Premier League have stepped in over concerns that Oyston is acting as a ‘shadow director’ of the club.
Although not listed at Companies House as a director, a shadow director is essentially someone whose instructions are followed by other officers of the company.
The Companies Act 2006 and the Insolvency Act 1986, for example, impose various obligations and liabilities on shadow directors. Undischarged bankrupts are also prohibited from acting as directors or from being involved in the management of businesses.
There is growing speculation surrounding the bankruptcy of Oyston. The Insolvency Service’s online register no longer lists Karl Oyston’s bankruptcy, which could be for a number of reasons:- either the bankruptcy has been annulled because the debts have been paid or the bankruptcy order should never have been made; Mr Oyston has entered into an Individual Voluntary Arrangement; or he has been granted a “stay of advertisement’ until (or if) an annulment is granted.
Hopefully the ex-Chairman’s fortunes have recovered, in line with the success of Ollie’s army’¦
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