Four companies linked to scheme which helped directors walk away from debts and undermine insolvency legislation are shut down

• Four companies have been shut down after investigations revealed they were connected to a scheme which helped directors sell struggling businesses for £1 while keeping assets and dropping debts
• The scheme’s operators failed to preserve accounting records or assess what had happened to the more than £18 million in combined assets of 75 companies they acquired
• This latest action by the Insolvency Service follows previous enforcement sanctions against companies and directors involved in the Atherton scheme

Four companies linked to a scheme which risks undermining insolvency legislation have been shut down.

Atherton Corporate Partners LLP, Jones & Harlington Ltd, TYA GRP Ltd and TYA Two GRP Ltd formed part of the Atherton…