A Manchester-based company has been shut down after investigations revealed it was acting as a front to enable unlicensed insolvency activities previously carried out by another firm.
Davis Acquisitions Ltd became the director of 78 client companies previously associated with Save Consultants Ltd, allowing directors to transfer control and avoid formal insolvency proceedings. Websites of both companies promised directors they could ‘leave their debts behind’ and avoid ‘difficult insolvency proceedings’ by selling their companies within 48 hours.
However, the services they were offering bypassed legitimate procedures that protect creditors and ensure proper scrutiny of director conduct. Davis Acquisitions Ltd…