The Insolvency Service will make abusive phoenixing, where directors repeatedly walk away from company debts and set up similar businesses again, its leading enforcement priority under a five-year strategy it launches tomorrow. Some 146 investigations have started since April, with another 87 about to begin.
Duncan Beach, who became chief executive in January after a 20-year career in change management at banks including HSBC and Credit Suisse, said the practice was his main concern.
“It is such a blight on the economy,” Beach said.
He gave the example of a small housebuilder that sells a new home off-plan to a family, closes…