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An increasing number of fraudsters, disguised as company doctors, are buying
controlling stakes in companies in trouble, stripping them of assets and leaving
creditors and shareholders with nothing, according to accountants Grant
Thornton.
The firm claims that the scam is rarely adequately pursued, despite growing in
popularity.
Nick Wood, recovery and reorganisation partner at Grant Thornton explained:
"Once a company is stripped bare of its assets, there are no assets remaining to
allow an insolvency practitioner to investigate and pursue the fraudster".
Former directors may also be at risk, even though they sold their business in
good faith, as in many cases the original directors will not have been changed
on the Companies House register and therefore remain legally responsible for the
company's conduct.
Source:
RedAlert
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