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“Desperately difficult situation financially”

Business quote of the day.

Photograph: Getty Images

“Desperately difficult situation financially”
 
The lawyer of William Rollason, chief executive Farepak’s parent company during its collapse just before Christmas 2006 that left almost 120,000 customers out of pocket by a total of about £37m, on why his client could not afford a fine of £50,000 from the Financial Reporting Council (FRC). Despite owning property abroad worth more than £600,000.
 
Rollason admitted recklessness and misconduct and was given a severe reprimand, a £15,000 fine and asked to pay £50,000 in costs by an independent tribunal yesterday.

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