Watchdogs Team To Stop Rogue 'Phoenix' Cos. From Rising

Law360, London (May 3, 2019, 3:55 PM BST) -- The Financial Conduct Authority and other industry regulators announced on Friday that they are banding together to tackle failed rogue companies that rise from the ashes as a new business so they can skirt liabilities, which is known as “phoenixing.”

The FCA said that it is working with the other watchdogs to discuss how they can tackle phoenixing by working together more closely to share data and intelligence on companies. The aim to put a stop to directors that deliberately avoid footing the bill for the liabilities of their failed financial company by closing down their practice but then resurrecting it as...

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