Phoenix companies - is this a new record?
A timber frame company went bust recently and I checked out its directors. During the course of the past ten years, they co-ran 16 current or recently dissolved/liquidated companies (most are set up and then quickly dissolved as it happens, and one of them had three further companies too).
Is this a record?
I am aware from evidence at one of the recent creditors meetings that the directors know exactly what they are doing but I am quite curious see how phoenixing on this scale can be justified by any firm accountants.
So, has anyone worked for the firm of accountants who advised on this set up, or one like it? Obviously I can see that you have been doing very well abusing ESC C16 and according to what published accounts are around, I note that you were not keen on accounting for work in progress either, but tell me, how did you ever calculate how many associated companies to put in the corporation tax comp?
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