Going Bust: A Masterclass

Run a business with a turnover of £8.5 million a year with a 65% profit margin.

Owe some untraceable Cayman Islands company £20 million

Declare Insolvency

Sell assets of company £18.2 million to yourself for £15,000

PARTY :)

I was once PAYE and the company went bust, the directors immediately set up a new company, and negotiated to buy the stock at 10% of the true value, not only that but they could handpick the stock they wanted, leaving the receiver with the stock nobody was interested in.

Not only that but after 6 months of doing this, their new company also went into receivership, owing 6 months of unpaid invoices to the receiver, and started up yet another company.

None of this is illegal, highly immoral but not illegale

Happens every day, which is why I have been self employed for 18 years!