Has anyone hear of this company and are they legit?

[Lcd83]

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 good to be true is the case here. I have spoken to them via email through the website and been given a runddown and what it what cost me etc.

I read a similar thread on here regarding a forum member doing something similar so im guessing this is also a bit of an unknown

 

[Chris Parkman]

If your company is insolvent, I think you need to ask yourself why would they do this, what is in it for them?

 

[UK Contractor Accountant]

and been given a runddown and what it what cost me etc.

please post up and the IP's can advise on what they are up to.

 

[Chris Parkman]

There is something similar going around which I have discussed with my regulator, The Insolvency Practitioners Association, a week or so ago and I believe that they were going to investigate this further

 

[WaveJumper]

Sounds like a very similar thread we had on here a few weeks back I believe the thread was closed by Ozzy in the end

 

[Lcd83]

Im

please post up and the IP's can advise on what they are up to.

Unable to post links, i have the emails saved as screenshots

 

[WaveJumper]

DM one of us the links

 

[WaveJumper]

Here are the links:
www.athertoncorporate.co.uk
www.nationalcompanyrescue.co.uk

 

[UK Contractor Accountant]

It was the rundown and costs involved after you messaged them that was needed.

Copy & paste from email etc

They say it's not asset stripping so can only be Dissolution process unless turnaround is on the cards.

 

[Lcd83]

It was the rundown and costs involved after you messaged them that was needed.

Copy & paste from email etc

Hi. I Did copy and paste those into the dm too

 

[WaveJumper]

I have know idea what formate you sent over but unable to copy the txt

 

[Lcd83]

I have know idea what formate you sent over but unable to copy the txt

My bad. Will copy and paste directly on here. I was using the screenshots

 

[Lcd83]

Email 1

Thanks for your enquiry
What we do is offer an alternative to a formal company liquidation. I would strongly recommend that you avoid going down the route of any formal insolvency process (liquidation, CVA, administration etc)
We can transfer your limited company and all its’s unsecured debts and liabilities (inc BBL, HMRC, landlord debt & trade creditors) to new Directors / shareholders
This is a fully legal process carried out by our UK registered Solicitors and a more preferable route for many clients as they can avoid being responsible for the company’s debts but avoids going down the route of a formal liquidation which will give you reputational damage and give you many issues going forward.
We should be able to protect the cash in bank, any assets and also your debtor list. Unlike an Insolvency Practitioner who will look to take all of these
Would you like me to send you more information and a draft fee agreement? If so please confirm the total liabilities (£) of your company


Email 2



We have been restructuring businesses for over 12 years and have carried out over 200 company sale transactions. Please see our Trust Pilot reviews from existing clients.

As discussed the main benefits of selling the entire company is as follows

1. You will not be associated with the company at the time of liquidation, avoiding reputational damage
2. All historical, current and future liabilities are passed to the new Director / Shareholder
3. The sale process is dealt with by a registered Solicitor and we cover all legal costs and fees to the new Directors etc
4. The process can be completed within 24 - 48 hours
5. You don’t need to involve Insolvency Practitioners
6. An Insolvency Practitioner will sell the assets of the company to pay their fees (we don’t do this)
7. An Insolvency Practitioner will take control of your bank account and remove any funds (we don’t do this)
8. You can keep trading

I have also attached a draft fee agreement based on the liabilities you have stated


I look forward to hearing from you

There was a small document too which i have dm'd

 

[UK Contractor Accountant]

So basically a Dissolution process with assets squirreld away before Strike Off.(Spongebob in disguise!)

Don't know how they guarantee that banks or HMRC don't petition for liquidation.

Also still on the hook for BBL abuse, if that has occurred, as Insolvency Service have retrospective powers following any Strike Off.

 

[japancool]

7. An Insolvency Practitioner will take control of your bank account and remove any funds (we don’t do this)
8. You can keep trading

I don't see how this squares with the other points. It was never "your" bank account in the first place, it was the company's and any monies therein belong to the company. This seems to me to be heavily implying you can keep the money, and that you carry on running the company.

 

[Ian J]

Email 2

We have been restructuring businesses for over 12 years and have carried out over 200 company sale transactions.

Not in their existing company they haven't but there was a previous company that unfortunately went bust

 

[WaveJumper]

All very strange and they certainly have their name to a lot of dissolved companies on CH

 

[Gavin Bates]

I have seen this sort of thing before and the devil is in the detail. Normally lots of charges for legal assistance and other unclear charges. The last one I saw (not the business mentioned above) was effectively taking a fee (not £1 as it claimed) and did nothing to help the poor director.

back to your original comment ‘if it seems too good to be true it probably is’. In this as Chris has mentioned why would you take on an insolvent company for a £1?

 

[UK Contractor Accountant]

I saw something something similar a few years back offering the same sort of service. The company was removed from the public register in the Public Interest.

 

[MikeJ]

Please see our Trust Pilot reviews from existing clients.

Very strange pattern to these reviews!

There's one on 23rd Feb 2021.
Then there's 6 posted between 8th and 10th Dec 2020.
One on 31st March 2020
Then 6, plus one update on 17th and 18th March 2020.
Then one on 3rd March 2020

Of course it's possible that this odd pattern is because they send out a mailshot asking people to put reviews up, but personally I doubt it.

 

[Adam93]

Any money you owe the company (overdrawn directors loan or illegal dividends etc) they can chase you for. That certainly will not die on the change of ownership.

Also, when insolvent, your duties as director are to act in the best interests of creditors. I don't see how this is fulfilling that duty.

 

[jimbof]

So what is the upside to the firms providing this service?
Is there some benefit to them in acquiring the soon to be defunct company? I can't think of any, but maybe I'm not imaginative enough.

Or is it just that they levy fees on the outgoing owners, and then deal with the dissolution themselves in whatever way they see fit?

 

[UK Contractor Accountant]

r is it just that they levy fees on the outgoing owners, and then deal with the dissolution themselves in whatever way they see fit?

this - just dissolution process in disguise. Something you can do yourself for no cost. By just doing nothing 9 times out 10 you will get the same result with Companies House dissolving the company for you.

 

[jimbof]

Do you think they use patsies for the directors?

 

[Sean Grey]

Is this the same as the BDG Group? / 'Capt' Kevin Morris ( or whatever name he's using nowadays

 

[Sean Grey]

Maximum 15-year ban for fake insolvency practitioner

Judge orders Director of Public Prosecutions to consider criminal prosecution, while accomplice receives separate 11-year ban.

www.gov.uk

 

[Spongebob]

So what is the upside to the firms providing this service?
Is there some benefit to them in acquiring the soon to be defunct company? I can't think of any, but maybe I'm not imaginative enough.

Companies with historical losses have a value for those wishing to avoid taxes

 

[Ozzy]

Is this the same as the BDG Group? / 'Capt' Kevin Morris ( or whatever name he's using nowadays

Just quickly say, the BDG Group quote is NOT the Business Data Group that I own and owns this forum

Anyway, as @Spongebob says, old companies with losses have a value to those looking for a little tax evasion. Tread carefully as you don’t want to get caught up in some investigation into fraud on top of any difficulty you may already be dealing with.

 

[Sean Grey]

Just quickly say, the BDG Group quote is NOT the Business Data Group that I own and owns this forum

Anyway, as @Spongebob says, old companies with losses have a value to those looking for a little tax evasion. Tread carefully as you don’t want to get caught up in some investigation into fraud on top of any difficulty you may already be dealing with.

Indeed - completely different company! ( or alleged / so called company!! )

 

[Curious Business Man]

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 good to be true is the case here. I have spoken to them via email through the website and been given a runddown and what it what cost me etc.

I read a similar thread on here regarding a forum member doing something similar so im guessing this is also a bit of an unknown

hello did you find out if its real company and as what they say ?

 

[GSI]

hello did you find out if its real company and as what they say ?

Did anyone hear back about this company as I too am talking to them at the moment about my struggling business

 

[Frank Wessely]

Did anyone hear back about this company as I too am talking to them at the moment about my struggling business

Hi GSI, I think it’s made clear by previous posts that this service comes with a severe “health warning” for company directors. I’d recommend that you also talk to an IP about the options for your company so that you can make an informed decision. You are welcome to call me or any of the other IPs in this group.

 

[NortonBishop]

I read a similar thread on here regarding a forum member doing something similar so im guessing this is also a bit of an unknown

Does anyone have a link to the thread mentioned above please?

 

[japancool]

As an aside, I googled "company rescue" (out of curiosity, I hasten to add) in my local area.

Why are so many insolvency practitioners advertising themselves as "business rescue" companies? Insolvency is not rescuing the business, and many directors looking to phoenix their companies will be in for a nasty shock with their newco.

 

[Frank Wessely]

Hi Japan Cool, that’s a fair question. I can’t speak for any other IPs but the answer is that business rescue is one of the services provided by some IPs. To add context, my primary professional qualification is as an IP but I provide various services ranging from working with severely distressed companies which will likely involve a formal insolvency process, (which CAN mean saving the business or closing it down), advising healthy businesses in relation to solvent reconstructions or solvent liquidations to handling non-formal advisory work which doesn’t involve a statutory procedure at all. It all depends upon the circumstances. I’m not sure what you mean by “a nasty shock” but I hope that the above helps to clarify matters a little.

 

[NortonBishop]

It appears that director shareholders are looking to sell their shares in their failing company to a third party so that that third party is associated with a failed company failing to pay its debts - to HMRC for example - rather than the original director shareholders.

What nasty shocks might be the original directors be awaiting?


(for the avoidance of doubt, this is not my situation by the way)

 

[japancool]

I’m not sure what you mean by “a nasty shock” but I hope that the above helps to clarify matters a little.

By "a nasty shock", I mean that directors who want to continue with their phoenixed companies will often find it difficult to get business insurance, trade credit (or even trade accounts) or general finance and credit if their personal finances are linked in with the company's (which is often the case for small businesses), especially if PGs were involved in the old company.

The "business rescue" company I dealt with some years ago promised a lot and delivered none of it beyond insolvency. The only person who benefitted from it was them. Very helpful until they got their money.

 

[Lisa Thomas]

.

 

[NortonBishop]

Lisa, would you see a situation where a director shareholder would be well advised to pay a third party to take their shares so that the third party takes the flak for the failed business?

(again - not me!)

 

[Frank Wessely]

By "a nasty shock", I mean that directors who want to continue with their phoenixed companies will often find it difficult to get business insurance, trade credit (or even trade accounts) or general finance and credit if their personal finances are linked in with the company's (which is often the case for small businesses), especially if PGs were involved in the old company.

The "business rescue" company I dealt with some years ago promised a lot and delivered none of it beyond insolvency. The only person who benefitted from it was them. Very helpful until they got their money.

If the IP does their job well then the directors will be made aware in the first meeting that their new company will have to re-establish itself in terms of credibility and risk. This can take several months or sometimes longer, but what I tell clients is that there should be no nasty shocks. They might not like everything that I tell them but at least they are aware; there’s not much worse than a nasty shock.

That being said, there are ways to deal with these challenges.