Corporate simplification: eliminating group companies

Partner
McGrigors LLP
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Accountants are often asked to help resolve the problems caused by a mass of legal entities within a group structure, explains McGrigors partner Paul Sutton.

Common complaints include additional audit, regulatory and company secretarial costs, dividend blocks and fraud risks – not to mention the sheer difficulty of managing dozens of entities.

Operational reporting lines are often organised by reference to business units rather than legal entities, and it can be difficult for individuals to keep track of the companies of which they are directors and ensure that they are meeting their personal obligations.

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