The GuardianLean L·
Recruiter places ‘phoenix’ firm into liquidation just months after repurchase erased millions in debt
New company reportedly quickly fell behind with promised repayments to administrator A recruitment executive who was allowed to buy back the assets of his bust company in instalments, despite it accumulating almost £3m of debt, has placed his new business into liquidation after falling behind with promised payments to the administrator. The news is the latest event to raise questions about the practice of “ phoenixism ”, accounting’s controversial art of liquidating companies to allow directors…
Read at The Guardian →
