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Too bleedin right it is!
More to the point, the deeper problem is that under UK law there'll be nothing stopping Mr Vulpine from starting up a new business under a different name. In much of Europe he'd be forbidden from doing so for the next 5 or so years - he would be 'black listed'.
This is what a lot of business owners do - take out massive loans, pay themselves a huge salary, run their business into the ground, fuck off with the remaining assets and the company order book, and start all over again.
[I am not saying that this is what Mr Vulpine has done. I have no opinion on what Mr Vulpine has done. The only complaint I had against Mr Vulpine is that he appeared to fancy himself a bit.]
The_Kindness_of_Trees-
In much of Europe he'd be forbidden from doing so for the next 5 or so years - he would be 'black listed'.
If someone is found guilty of wrongful trading then they can be personally held responsible for any of the company debts. If they are found guilty of fraudulent trading they can be banned from being a company director for a number of years.
Sumo
Is £90k pa really that much?!?!
I do have friends in tech who earn more and are 'simple' senior devs?