By Tom Winnifrith | Wednesday 3 February 2021
Disclosure: I have no positions in any stocks mentioned, and no plans to initiate any positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from ShareProphets). I have no business relationship with any company whose stock is mentioned in this article.
After yesterday’s debacle, Katharine Lewis is now the sole remaining director of Iconic (ICON) which means it is breach of the 2006 Companies Act which requires all public companies to have at least two directors. However, that is the least of her worries. The main concern, and one which should be getting the appropriate professional and legal advice about, is Iconic currently trading whilst insolvent and should she ask for the shares to be suspended whilst it clarifies its financial position? Trading whilst insolvent was until recently, for a director, a Criminal Offence. It should be again.