The former chairman of hotel group Queens Moat Houses (QMH) has been barred from acting as a company director for six years.
John Bairstow was disqualified by the High Court following an investigation into QMH by the Department of Trade and Industry.
The investigation, finally published last month, followed the near-collapse of the hotel group in the early 1990s.
Shares in the company were suspended in 1993 and restated financial results showed a loss of £56.3m, against the profit of £90.4m previously announced.
Judge Sir Donald Rattee said in his judgement: "Third parties dealing with QMH, as well as its shareholders, were seriously misled by thoroughly irresponsible statements as to the company's financial position in 1991 and 1992 to which Mr Bairstow was a party.
"Although I accept that he did not inted to mislead such persons, I am satisfied that such misleading statements would not have been made had Mr Bairstow performed his duties as a director of QMH properly and conscientously."
Bairstow was refused leave to appeal.
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