Monday 28, February 2011 by
Insolvency law not protecting creditors ‘burnt’ by phoenix companies
A recent insolvency survey among SMEs by leading commercial debt recovery company Daniels Silverman has found that a massive 96 per cent of businesses believe that insolvent companies should not be allowed to escape debts by transferring assets to a new company, operating under the same directors and in a similar guise, under pre-pack administration – known as ‘phoenix’ companies.
