Anyone dealt with national company rescue

[Philipmcg]

This company offers to buy ltd with outstanding debt

Anyone any knowledge or experience?

Would benefit from advice

 

[japancool]

Has anyone hear of this company and are they legit?

Hi. Has anyone ever heard of had dealings with this company? National company rescue / atherton corporate They basically buy the shares in a business taking on all liabilities etc allowing you to walk away. If i went through a route like this would there be any risks to myself? Im guessing to...

www.ukbusinessforums.co.uk

 

[Lisa Thomas]

This is a trading name of Begbies.

 

[japancool]

This is a trading name of Begbies.

@Lisa Thomas are you sure? It's Atherton Corporate, according to their website.

National Company Rescue

We buy insolvent LTD & LLP companies instead of going through liquidation

www.nationalcompanyrescue.co.uk

 

[Philipmcg]

@Lisa Thomas are you sure? It's Atherton Corporate, according to their website.

National Company Rescue

We buy insolvent LTD & LLP companies instead of going through liquidation

www.nationalcompanyrescue.co.uk

Yes it’s national business rescue

 

[Philipmcg]

someone told me this would be fraud to sell the company to someone - even though they know the full financial history of the company

 

[Frank Wessely]

This is a trading name of Begbies.

You’re thinking of Real Business Rescue.

Thanks.

 

[Philipmcg]

ok so my point is im insolvent - don't have money to pay debts back. debts total 42K . Am i best to sit back and let the bank wind me up? Or is it better to appoint an insolvency practioner. I don't have any funds in the business.

 

[Lisa Thomas]

You’re thinking of Real Business Rescue.

Thanks.

Doh! Oh dear, Sorry for the confusion and thanks for connecting the dots, Frank!

 

[Lisa Thomas]

ok so my point is im insolvent - don't have money to pay debts back. debts total 42K . Am i best to sit back and let the bank wind me up? Or is it better to appoint an insolvency practioner. I don't have any funds in the business.

Does the business have any assets (physical or otherwise - cash/debtors/overdrawn director loan account)?

What happened to the BBL funds?

Is the company still trading?

What happened to the employees?

Probably too many questions to give you advice on the forum.

I'm leaning towards letting it be dissolved but hard to say without more information.

 

[Lisa Thomas]

someone told me this would be fraud to sell the company to someone - even though they know the full financial history of the company

Who told you this? were they license to give insolvency advice?

You can do what you like with your shares but it wouldn't be wise for someone to buy an insolvent company.

I wonder if they were referring to selling the company's assets for less than their market value. That's illegal under the Insolvency Act.

 

[Lisa Thomas]

@Lisa Thomas are you sure? It's Atherton Corporate, according to their website.

National Company Rescue

We buy insolvent LTD & LLP companies instead of going through liquidation

www.nationalcompanyrescue.co.uk

Frank has pointed out I was mixing it up with real business rescue, apologies.

Not heard of Atherton before so I had a look at their website which states on the home page that they are not Insolvency Practitioners...

 

[Philipmcg]

Does the business have any assets (physical or otherwise - cash/debtors/overdrawn director loan account)?

What happened to the BBL funds?

Is the company still trading?

What happened to the employees?

Probably too many questions to give you advice on the forum.

I'm leaning towards letting it be dissolved but hard to say without more information.

No assets, staff left got new jobs, none of staff had been there for more than 2 years . No directors redundancy claimed - 2 directors were on paye. business no longer trading , business had bad debt from a company going into liquidation owing us 55k plus 22k that was owed from previous work but never invoiced. There was other works not paid for over disputes totalling 26k. Bounce back was used for keeping things going . Paid 8 k of it back . also owe another debt of 14K

Who told you this? were they license to give insolvency advice?

You can do what you like with your shares but it wouldn't be wise for someone to buy an insolvent company.

I wonder if they were referring to selling the company's assets for less than their market value. That's illegal under the Insolvency Act.

the information i have been given is i sell shares to the this company, they take on all debt, any future liabilites - can anything come back on me from this? they are not taking any assets as there is none.

Who told you this? were they license to give insolvency advice?

You can do what you like with your shares but it wouldn't be wise for someone to buy an insolvent company.

I wonder if they were referring to selling the company's assets for less than their market value. That's illegal under the Insolvency Act.

 

[Robert Moore]

I just want to resurrect this post as there is fraud going on. See the latest article in the Times Newspaper https://www.thetimes.com/business-m...eme-still-running-despite-crackdown-b02z6f7lf

 

[UK Contractor Accountant]

I just want to resurrect this post as there is fraud going on. See the latest article in the Times Newspaper https://www.thetimes.com/business-m...eme-still-running-despite-crackdown-b02z6f7lf

the Atherton lot were shut down by the Insolvency Services.

Have they resurrected themselves?

The times article referenced is a "paid read".

Companies promoting ‘corporate rescue’ scheme shut down after undermining insolvency regime

Seven companies have been wound-up following Insolvency Service investigations.

www.gov.uk

 

[Ozzy]

Just read The Times article and yes it appears they are still doing their thing, would recommend anyone read the article if they can access it and are thinking of using such a service.

One quote in The Times article from someone who used the service is telling;

Another said, on condition of anonymity: “I can’t explain to you how many problems this has caused me.” He said he was being pursued by the Insolvency Service. “I know other people who have been pitched the Atherton service and I’ve told them to go nowhere near it. It’s bad for creditors and risky for directors — the only winners are Atherton.”

 

[japancool]

Just read The Times article and yes it appears they are still doing their thing, would recommend anyone read the article if they can access it and are thinking of using such a service.

Can you precis it? How are they still at it?

 

[Ozzy]

Can you precis it? How are they still at it?

I cannot without paying for a relevant licence to.

 

[Ian J]

I cannot without paying for a relevant licence to.

Or else you can use https://12ft.io/