Stricter regulation of liquidation processes for debt avoidance

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Stricter regulation of liquidation processes for debt avoidance

Petition Details

We urge the Government to tighten rules preventing directors from repeatedly liquidating businesses to avoid debts and then starting new ones. This “phoenixing” practice may leave customers, suppliers, and employees out of pocket while directors escape financial responsibility

Additional Information

We want the Government to act because repeated business liquidations allow directors to escape debts while harming customers, suppliers, and employees. We propose restricting directors with multiple failed businesses from starting new ones, making them personally liable for certain debts, and ensuring fairer asset distribution to protect small creditors.

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