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By (user no longer on site) OP
over a year ago
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Limited company goes into administration/bust, the directors walk away, guaranteed not to be out of pocket, possibly start a new company doing exactly the same thing but under a different name and the creditors lose out or worse still go bust because of non payments......
Is this way of doing things archaic and need changing or is it the right way to be left as it is????
Discuss........ |
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By (user no longer on site)
over a year ago
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Banks go bust &......... same story, really.
of course it's totally unfair & morally wrong but that's capitalism for you, not to be confused with democracy - & it ain't gunna change!! |
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By (user no longer on site)
over a year ago
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It is the nature of a limited company which has a lot to commend it. However when these companies do go bust leaving creditors out of pocket there should maybe be a period of time when Directors are disqualified and any future creditors should be made aware of their past demeanours through a disclosure for a period of time on any letter heads etc. Should they then choose to trade with them on whatever terms that is their decision in full knowledge of facts. |
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"It is the nature of a limited company which has a lot to commend it. However when these companies do go bust leaving creditors out of pocket there should maybe be a period of time when Directors are disqualified and any future creditors should be made aware of their past demeanours through a disclosure for a period of time on any letter heads etc. Should they then choose to trade with them on whatever terms that is their decision in full knowledge of facts."
That already happens but it is not enough deterrent. The ex director can start a new company where his or her wife or children will be directors without his name on the board. He will be the Managing officer as staff and still runs the business. |
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