Former BHS owners Sir Phillip Green and Dominic Chappell may have to face MPs to explain their management of BHS next week.
The Commons Business, Innovation and Skills select committee has launched an inquiry into the sale and acquisition of BHS.
The inquiry will examine matters relating to company law and the steps that Arcadia Group took to ensure that Retail Acquisitions was a responsible owner.
It will also look at what checks were undertaken by RAL to verify that BHS was a going concern.
Iain Wright MP, chair of the committee, said: “The sale and acquisition of BHS raises real questions about whether directors acted in the best long-term interests of the company and their employees. Is there too much of an incentive in the system for owners to asset-strip, take out vast sums for personal gain, and then dump and run, leaving the taxpayer to pick up the tab when the company fails, rather than create value for the long-term?
“In this inquiry we’ll want to question the role of advisers – the lawyers, bankers, auditors and others who advised on the sale and purchase of BHS – and examine the legal obligations of company directors in this process.”
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