On 28 August, Accountancy Daily reported that the UK government has unveiled proposals to shake-up the insolvency regime, including hefty fines or disqualifications for directors who dissolve companies to avoid paying workers or pensions, in response to a consultation on corporate governance within companies which are in or are approaching insolvency – which ran March to June 2018. The government has now said it will strengthen the insolvency framework in cases of major corporate failure in a number of areas. As well as tackling so-called ‘phoenixing’, where directors dissolve one company and then start up a near identical business with a new name, the new rules would also give financially-viable companies more time to rescue their business.
https://www.accountancydaily.co/insolvency-overhaul-tackle-phoenixing
The UK report is at –
