Tag: phoenixism
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Taxpayers Lose Millions to ‘Phoenixism’ as UK Recruitment Firms Re-emerge from Administration
What is phoenixism and why it matters Phoenixism refers to the practice where a company enters insolvency, sheds its debts, and is reconstituted by its directors or former owners. The
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The Phoenix Problem: How UK Recruitment Firms Use “Phoenixism” to Dodge Taxes
What is Phoenixism and why it matters Phoenixism, in the context of UK business, describes a pattern where an insolvent company is restructured, rebranded, or reacquired by the same directors or shareholders who presided over its downfall. The restarted entity often continues trading with little to no disruption for clients and workers, but crucially, it…
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Phoenixism in UK Recruitment: How Reincarnated Firms Cost the Taxpayer Millions
Understanding the Phoenix Phenomenon in UK Recruitment In the UK, a troubling pattern known as phoenixism has resurfaced within the recruitment sector. Insolvent recruitment businesses are shed of their debts and then reconstituted by the very directors or shareholders who presided over their collapse. The result is a fresh, operational entity that can continue trading…