If Companies House plans to erase closed company records after 6 years is given the green light (instead of the current 20 years) insolvency practitioners and those working in the fraud recovery arena, such as myself will be up against a brick wall in seeking to unravel the truth behind a purported fraud and the scale of a director's history. Being able to access such records helps to build the picture, uncover connections and enables potential recovery strategies to be sought. Government agencies need to work together with the private sector. Careful consideration is needed to the impact this major change will have.
Plans to cut the amount of time that records of closed companies are held could enable corporate fraudsters to hide previous criminal activities, the chairman of R3 in Yorkshire has warned.