UK 11:28 Wednesday, 7 October 2026
Breaking news and expert analysis on fast-moving AIM and LSE listed shares
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.
Earlier this week I asked if the Board of AIM listed Rangers FC could justify why it had rejected two refinancings in favour of a third proposal put forward by a major shareholder in the club Mr. Michael Ashley. The Board of Rangers FC (RFC) is dominated by business associates of Mr. Ashley. Can Rangers show paperwork to justify its decisions and therefore show that it did not breach Section 994 of the 2006 Companies Act? Rangers has not responded. And so today I have written to AIM Regulation Team asking it to investigate
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Comments
drunken sailor
Tom,
AIM regulation only see it as their job to enforce AIM regulations (not that they actually bother to do even that) The Companies Act 2006 is not as far as I am aware called up in AIM regulations and I do not believe there is a specific AIM regulation that would be analogous to section 994. Therefore I don’t think you are going to get any joy out of AIM regulation (not that anybody gets any joy out of them even when it absolutely crystal clearly is their responsibility). The FCA has no interest in the Companies Act 2006. I have asked far and wide who does actually give a toss about companies who flagrantly disregard the provisions of the Companies Act and the best answer I have been given to date is that you should try these people:
Intelligence.Live@insolvency.gsi.gov.uk
https://www.insolvencydirect.bis.gov.uk/insolvencyprofessionandlegislation/dearip/dearipmill/chapter26.htm
“Generally, in targeting companies for investigation CIB gives priority to complaints or concerns raised about ‘live’ trading companies rather than those which are subject to some form of formal insolvency proceedings where the protection of the public from further losses or damage is not immediately at issue;”
“General concerns about developing behaviours and specific complaints about live companies should be sent to Intelligence.Live@insolvency.gsi.gov.uk, “
https://www.gov.uk/complain-about-a-limited-company
“Complain to The Insolvency Service
You can make a complaint if you have reasonable grounds to suspect a currently active company of:
causing significant harm to customers, suppliers, etc
breaking the law, eg fraud
serious misconduct, eg company assets have not been used properly
having a significant irregularity in its affairs”
https://www.gov.uk/company-director-disqualification
“You can be banned (‘disqualified’) from being a company director if you don’t meet your legal responsibilities.
Anyone can report a company director’s conduct as being ‘unfit’.
‘Unfit conduct’ includes:
allowing a company to continue trading when it can’t pay its debts
not keeping proper company accounting records
not sending accounts and returns to Companies House
not paying tax owed by the company
using company money or assets for personal benefit”
https://www.gov.uk/running-a-limited-company
“1. Directors’ responsibilities
As a director of a limited company, the law says you must:
try to make the company a success, using your skills, experience and judgment
follow the company’s rules, shown in its articles of association
make decisions for the benefit of the company, not yourself
tell other shareholders if you might personally benefit from a transaction the company makes
keep company records and report changes to Companies House and HM Revenue and Customs (HMRC)
make sure the company’s accounts are a ‘true and fair view’ of the business’ finances
register for Self Assessment and send a personal Self Assessment tax return every year”
There should be enough hooks in the above for you to bring the matter to their attention.