Phoenix insolvency happens all the time. This is when a trading company is liquidated and a new trading company takes over the assets. Sometimes this is accomplished with a straightforward liquidation, but it can also be done through a pre pack administration.
It is not surprising that Phoenix insolvency is sometimes looked upon in a suspicious way. Conflicting opinions often are given by R3 and often by the same person and so there is no clear directive as to the moral and ethical use of Phoenix schemes.
Telling you that you’ll get in trouble for doing something wrong whilst not giving any guidelines is a daily obstacle for the modern day director. Probably that’s why some Politicians have their stables heated at the expense of the public – because it doesn’t say you can’t.
If you want to know more about Phoenix insolvency then call TaxGone on: 01302 815846.
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