Our regulatory team are experienced in advising businesses about CIB investigations and in assisting you to minimise the commercial consequences to your business.
The department for Business Innovation and Skills’ (BIS) Companies Investigations Branch (CIB) initiates an investigation when they have reasonable grounds to suspect fraud, serious misconduct or a material irregularity in a company’s affairs
The Companies Investigations Branch investigates complaints from the police, regulators, Trading Standards and members of the public, and forms a view as to whether any action is required to protect the public from the company in question. Using powers given to it under section 447 Companies Act 1985 to mount a civil investigation into a company, the CIB is able to request the provision of specific documents and explanations regarding the documentation. This is a compulsory requirement and failure to co-operate can lead to contempt proceedings in Court.
Investigations are confidential and conducted in a way that shouldn’t pose a risk to the trading of your business. However, third parties, such as suppliers, customers and employees can be required to provide documentation. Our regulatory lawyers have the necessary experience to work with you to manage the impact of the CIB investigation.
What powers does the CIB have?
The CIB can direct your company to produce specified documentation and information which an appointed investigator can copy. If your company refuses to co-operate, the investigator can obtain a search warrant and attend your premises with the police to search and seize company documentation. In less serious cases they can take informal action such as issuing a warning to a company director and asking them to rectify any faults found.
In more serious cases they can:
- Refer the Company Directors to The Insolvency Service for Directors Disqualification proceedings
- Refer the company to the police or BIS’s Prosecution Lawyers for a criminal investigation
- Apply to the Court to close down a company on the basis that this is in the public interest
- Refer information to other regulators to consider disciplinary action against their members, such as the Institute of Chartered Accountants, or the Solicitors Regulation Authority
A failure to co-operate with an investigator can lead to an allegation of contempt of court, which can lead to a term of imprisonment or a fine.
Get in touch
If you are facing a CIB investigation please contact us for urgent advice so that can advise you about the investigation, the extent to which you need to co-operate and to minimise the disruption and impact on your business. You can speak to one of our solicitors in strict confidence and without obligation:
- Request a free call back using the form on the right
- Phone us during office hours on 0845 216 2000
- Email us at firstname.lastname@example.org.
Who Can Help You?
Related contentMore >
What we do...
Our experienced lawyers can guide you through an investigation by the Companies Investigations Branch. By identifying what information has been requested we can work with you to assess what the real issues are and assist you to minimise any potential risks to you and your business.