Submitted on Sunday 27th September 2020
Rejected on Monday 5th October 2020
Current status: Rejected
Rejection code: no-action (see below for details)
Change business insolvency legislation to stop abuse by Company Directors
Change the Corporate Insolvency and Governance Act 2020, Companies Act 2006 & Insolvency Act 1986 to prevent Company Directors filing for bankruptcy & insolvency to rid themselves of commercial debts and tax liabilities then start-up a new phoenix company within the same business sector.
These unfair practices provide a commercial advantage to their direct competition.
The ease of writing off debt, filing for bankruptcy and the borderline fraudulent transfer of assets through pre-pack sales, facilitated by complicit lawyers and accountants, should lead to the disqualification of directors who exploit the system. There should be greater HMRC scrutiny and transparency of business practices.
There is no deterrent nor punishment of owners to redress the burden on the tax-payer
You can't sign this petition because it was rejected. But you can still comment on it here at Repetition.me!
The Government e-Petitions Team gave the following reason:
We understand that you are concerned about directors liquidating one business and then going on to set up a similar business, but there are already rules about investigating insolvencies and disqualifying directors from acting in the management of a limited company in certain circumstances, and it is not clear how you want the current rules to be changed.
You can read the Government's guidance on phoenix companies and the role of the Insolvency Service here: www.gov.uk/government/publications/phoenix-companies-and-the-role-of-the-insolvency-service/phoenix-companies-and-the-role-of-the-insolvency-service
If there is a specific change you would like the Government to make these rules, you could start a new petition about this, but it would need to be clear what change you want to be made.
18.227.114.125 Sun, 05 May 2024 04:24:59 +0100
