Provisional liquidators appointed to two connected corporate rescue companies

[Frank Wessely]

Breaking News.

• Provisional liquidators have been appointed to Atherton Corporate (UK) Ltd and Atherton Corporate Rescue Limited
• The companies offered a service to "facilitate the sale of distressed companies" as an alternative to using insolvency practitioners

The winding up petitions will be heard in Court later this month / early September.

Interestingly, Atherton Corporate Partners LLP trading as National Company Rescue is not included but I suspect that may be only a matter of time as investigations will be continuing.

I am surprised it has taken so long for the Insolvency Service to act.

Thanks.

​

 

[Ozzy]

Ah yes, them and their 'solutions' being raised on more than one occasion here. Good to see this, thanks for sharing

 

[japancool]

@Mark T Jones .

You know what always surprised me when people posted on the forum asking about these people? They all seemed to find reasons to not be convinced by what people were telling them here despite asking the question in the first place.

 

[Mark T Jones]

Good news indeed.

However there are A LOT of companies out there doing this - with a theory that the likes of Neville Taylor are merely front men.

It really requires a change in law.

 

[Mark T Jones]

@Mark T Jones .

You know what always surprised me when people posted on the forum asking about these people? They all seemed to find reasons to not be convinced by what people were telling them here despite asking the question in the first place.

Yip - we all like the idea of a get out of jail free card

 

[Lee Green]

Breaking News.

• Provisional liquidators have been appointed to Atherton Corporate (UK) Ltd and Atherton Corporate Rescue Limited
• The companies offered a service to "facilitate the sale of distressed companies" as an alternative to using insolvency practitioners

The winding up petitions will be heard in Court later this month / early September.

Interestingly, Atherton Corporate Partners LLP trading as National Company Rescue is not included but I suspect that may be only a matter of time as investigations will be continuing.

I am surprised it has taken so long for the Insolvency Service to act.

Thanks.

​

About time!

 

[ChrisCallaghan]

Excellent news! Thank you for sharing @Frank Wessely !

 

[UK Contractor Accountant]

Provisional liquidators have been appointed to Atherton Corporate (UK) Ltd and Atherton Corporate Rescue Limited

nothing left in there! - all shipped out to Atherton Corporate Holdings Ltd (John Irvin)

 

[japancool]

Maybe those people had a lot of Tory friends.

 

[UK Contractor Accountant]

Neville Taylor

no one knows how old he is - has different dates on birth down at Companies House to mask his Directorships!

 

[Lisa Thomas]

Thanks for sharing.

 

[Tables Force]

From back in January:

"Nine-year ban for director of more than 400 companies after he repeatedly undermined the insolvency regime"

No longer available - GOV.UK

www.gov.uk

 

[Tables Force]

And now we have this:

• Karen Mortimer and Joanna Seawright have been disqualified for their part in a scheme designed to subvert insolvency legislation
• Both facilitated the Atherton corporate rescue scheme by becoming directors of a combined 138 struggling companies without independently verifying their financial positions, failing to look into the location of more than £42 million in assets and leaving creditors with combined debts exceeding £67 million
• Mortimer and Seawright did not dispute their misconduct and agreed to be disqualified for seven years rather than taking the case to court

Seven-year bans for sisters who enabled insolvency avoidance scheme and put creditors at risk of financial loss

Key figures in scheme to undermine insolvency system banned as directors

www.gov.uk

 

[Ozzy]

Feels like they got off quite lightly

 

[jimbof]

Indeed; facilitate a lack of scrutiny in £67million in losses and get told not to do it again for the next 7 years?!

It's hardly likely to discourage another outfit from following suite.

 

[Mark T Jones]

Indeed; facilitate a lack of scrutiny in £67million in losses and get told not to do it again for the next 7 years?!

It's hardly likely to discourage another outfit from following suite.

The problem is that they haven't actually done anything illegal- they've stretched the rules of directorship

Neville Taylor may well have broken laws by providing false information the Companies House (hopefully still under investigation)

Until it actually becomes illegal to buy companies in this manner there will be a steady stream of volunteers to pocket £1k a throw to front for Atherton and friends

 

[Lee Green]

Maybe about time this forum stops promoting the "spongebob" process, which isnt too dissimilar to what these entities were essentially trying to do.

Clearly a strike off is appropriate for certain circumstances. But i wouldn't be surprised if many of those looking at this forum have overdrawn DLAs. So many directors we advise just don't understand the mechanics of how their DLAs work.

 

[Lisa Thomas]

I see regular adverts for these types of 'schemes' on Facebook....

 

[DontAsk]

This is why we need the tighter rules on proof of ID. They're not the **** as described in another thread.

 

[UK Contractor Accountant]

Usual bshit companies will pop up - sell us your company for a £1 and walk away from your debts. We will change over as Directors & shareholders and hey presto its all suddenly gone away.

How much are they charging for this service?

What they need to do is enforce confiscation orders if caught doing it - what does a Director ban do ...... they just act as a shadow Director if get caught & front somebody else up.

 

[Lee Green]

Usual bshit companies will pop up - sell us your company for a £1 and walk away from your debts. We will change over as Directors & shareholders and hey presto its all suddenly gone away.

How much are they charging for this service?

What they need to do is enforce confiscation orders if caught doing it - what does a Director ban do ...... they just act as a shadow Director if get caught & front somebody else up.

about £10k.. from ones i've been involved with.

 

[Lee Green]

the people who act as directors are just a front. So they wont start acting as shadow directors. The people behind the scenes will just find another stooge to take another 100 appointments.

 

[Elliot Green]

The problem is that they haven't actually done anything illegal- they've stretched the rules of directorship

Neville Taylor may well have broken laws by providing false information the Companies House (hopefully still under investigation)

Until it actually becomes illegal to buy companies in this manner there will be a steady stream of volunteers to pocket £1k a throw to front for Atherton and friends

It isn't the sale of shares that's the issue per se; it is what is permitted to happen to company records, to company assets etc. You can buy an insolvent company but then if you jump into the director hot seat, you need to fully comply with the Sequana Creditor Duty.

 

[jimbof]

It isn't the sale of shares that's the issue per se; it is what is permitted to happen to company records, to company assets etc. You can buy an insolvent company but then if you jump into the director hot seat, you need to fully comply with the Sequana Creditor Duty.

From the outside looking in - or what? It sounds like for 100+ counts the result is... nothing.

 

[Elliot Green]

From the outside looking in - or what? It sounds like for 100+ counts the result is... nothing.

If the company is insolvent a director must consider the position of creditors.

 

[jimbof]

If the company is insolvent a director must consider the position of creditors.

Sure, but as I say, where are the teeth? It sounds like in this case you have 2 people not looking after the interest in the case of 100+ companies and over £50m, and the penalty is not being allowed to be a director for 7 years? Seems like something is up.