The directors who headed Phoenix Venture Holdings when its subsidiary MG Rover collapsed have been disqualified as directors.

The Phoenix Four - Peter Beale, Nick Stephenson, John Edwards and John Towers - have voluntarily agreed a ban for between three and six years.

It comes after a lengthy investigation by the Department of Business, Innovation and Skills into MG Rover's collapse in 2005.

In the five years since buying MG Rover from BMW for £10 until it collapsed owing £1.3bn, the directors of Phoenix paid themselves £40m in salary and pensions.

The four said they do not accept any allegations of wrong-doing.

They have never faced any criminal charges, and review by the Serious Fraud Office of the collapse did not lead to any criminal investigation.