Two key enablers of a scheme designed to undermine insolvency legislation by allowing business owners to keep their assets and drop debts have been banned as company directors.
Sisters Karen Mortimer and Joanna Seawright put the creditors of 138 companies at risk of financial loss after taking control of the businesses which were referred to them by Atherton Corporate UK (Ltd) and Atherton Corporate Rescue Limited.
The Atherton companies provided a corporate rescue scheme where directors of companies in financial distress were encouraged to sell their businesses as an alternative to formal insolvency proceedings such as liquidation.
Most recently filed accounts of the 138 companies showed assets totalling more than £42…