Company directors are being urged to avoid engaging rogue unlicensed insolvency advisors or risk severe financial penalties, being struck off as a director or at worst, a prison sentence, an accountancy firm has warned.
“It is very concerning that some directors are engaging the services of unlicensed advisors, often in the belief that they can abdicate themselves of financial and legal obligations,” said David Meldrum, a restructuring and insolvency director with Azets.
He continued: “Unlicensed advisors tend to use social media and direct marketing to target businesses that may have encountered financial problems with an offer to buy the business share capital and…
