Dozens Of Cases Of Suspected 'Phoenixing' Passed To FCA

Law360, London (January 16, 2020, 3:55 PM GMT) -- More than 130 cases of suspected “phoenixing” have been passed to the Financial Conduct Authority, Britain's compensation fund said Thursday, as regulators tackle the problem of advice companies that disappear from view and then rise from the dead

The Financial Services Compensation Scheme said in its annual report that it has referred 136 cases of companies seeking to avoid liabilities by using the controversial administration tactic.

Phoenixing occurs when a failing advice company is closed down and re-opened under a new name with the same offices, staff and directorship. It is not illegal, but it allows directors to escape paying compensation...

Stay ahead of the curve

In the legal profession, information is the key to success. You have to know what’s happening with clients, competitors, practice areas, and industries. Law360 provides the intelligence you need to remain an expert and beat the competition.


  • Access to case data within articles (numbers, filings, courts, nature of suit, and more.)
  • Access to attached documents such as briefs, petitions, complaints, decisions, motions, etc.
  • Create custom alerts for specific article and case topics and so much more!

TRY LAW360 FREE FOR SEVEN DAYS

Hello! I'm Law360's automated support bot.

How can I help you today?

For example, you can type:
  • I forgot my password
  • I took a free trial but didn't get a verification email
  • How do I sign up for a newsletter?
Beta
Ask a question!