Dozens Of Cases Of Suspected 'Phoenixing' Passed To FCA
Law360, London (January 16, 2020, 3:55 PM GMT) -- More than 130 cases of suspected “phoenixing” have been passed to the Financial Conduct Authority, Britain's compensation fund said Thursday, as regulators tackle the problem of advice companies that disappear from view and then rise from the dead
The Financial Services Compensation Scheme said in its annual report that it has referred 136 cases of companies seeking to avoid liabilities by using the controversial administration tactic.
Phoenixing occurs when a failing advice company is closed down and re-opened under a new name with the same offices, staff and directorship. It is not illegal, but it allows directors to escape paying compensation...
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