The former directors of Phoenix Venture Holdings Ltd and MG Rover Group Ltd â€“ known in the media as the â€œPhoenix Fourâ€ â€“ have been disqualified from directing a limited company for between 3 and 6 years.
They were accused of sucking the financial lifeblood from MG Rover over a period of several years, having acquired the company for just Â£10 back in 2001.
Over the next four years, the directors would leach over Â£42 million from the struggling company, leading to its eventual demise and over 6000 jobs being lost.
The four, named as Peter Beale, John Edwards, John Towers and Nick Stephenson, left MG Rover owing creditors upwards of Â£1.5 billion in April 2005, when the company went into administration.
MG has in recent months made something of a comeback with the launch of it’s new saloon, the MG6.
Trade Minister Ed Davey said: â€œThese disqualification undertakings represent a successful conclusion to a lengthy and complex investigation into the collapse of MG Rover.
“The outcome of this case serves as an important reminder that unacceptable conduct by company directors can result in lengthy periods of disqualification.â€