Bans for Farepak directors

Posted: 24th February 2012

Farepak

Two former directors of Farepak, the Christmas savings business whose parent company went into administration in 2006, have accepted disqualifications from acting as directors.

Joanne Ponting was banned from acting as a director for two years and Steven Hicks for three years, from February 2012 and November 2011 respectively. The bans were agreed without court proceedings being necessary. Seven other Farepak directors face legal proceedings in May.
The collapse led to more than 120,000 families losing an average of £400 each. So far, only those who made payments after Farepak’s parent company went into administration on 11 October 2006 have received refunds. The remaining creditors are currently expected to recover 15p in the pound. As of last month, more than 200 Farepak savers had died without receiving a penny.