Are banks acting as Shadow Directors?

[Spandavia]

Hi,
I hope someone will be able to answer this rather complex question:

I and many other Company Directors were forced by our Bank manager to use a firm of third party Consultants in order to retain funding and support from the bank. It wasn't optional but conditional (and in writing). In some cases the manager went one step further and put members of the Consultancy firm into clients businesses as Directors or even as CEO. He also gave these Consultants full fiduciary powers. In all cases, the clients were forced to act on the instruction or directions of the Consultants - or the bank would pull the plug.
The bank manager was eventually sacked. Since he left, 50+ Companies he involved with the Consultancy firm have gone bust (administration, liquidation or dissolved) at a cost of millions to the bank, the customers and the unsecured creditors.
My question is - was the bank itself acting as a Shadow Director in these Companies even although they were doing it at arms length?

Many thanks in advance for any answers.
Span

[natweststaffmember]

Re: Are banks acting as Shadow Directors?

You are talking about HBOS I assume?

[Spandavia]

Re: Are banks acting as Shadow Directors?

HBOS? Very possibly but the question is quite generic. I do wonder if the consultancy issue is quite a broad and worrying one. For example - does Nat west operate a similar situation?

[natweststaffmember]

Re: Are banks acting as Shadow Directors?

I have to admit ignorance on the business side. If you see my location you may probably guess why I have said that bank specifically as there has been a long running issue highlighted in the local press here.