New sanctions are available in the UK for directors who are serial offenders.
While the vast majority of UK companies are run responsibly, there are a minority of directors who deliberately dodge debts by dissolving companies then starting up a near identical business, with a new name. The practice is known as ‘phoenixing’ or ‘bumping companies’.Under the new powers the Insolvency Service will be able to fine directors or even have them disqualified.
