Tycoon Slapped Over 'Phoenix Company' Scheme To Help Firms Avoid Debt

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Business Notícia

Phoenix Company,Debt Avoidance,Insolvency Service

John Irvin, the head of two corporate rescue firms, has been accused by the Insolvency Service of misleading clients with a scheme that allowed 'distressed' companies to go bust and avoid millions of pounds in debt. Irvin connected owners of struggling businesses with new directors who would nominally buy the company, taking responsibility for winding it up while the original owner retained assets and avoided liability.

A tycoon has been slammed over a scheme that allowed “distressed” firms to go bust and avoid millions of pounds of debt.

Irvin connected owners of distressed firms with new directors who would nominally buy the company and take responsibility for winding it up. In a notice on its website, the Insolvency Service said Irvin’s companies “made several misrepresentations to prospective clients, “They also advised would-be customers that they could delay providing information to Companies House so they could continue to access the distressed company’s bank account.”

 

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