Companies going bankrupt

[Rc2702]

Not thailand related but I came across a clients previous biz history after being asked for credit.

 

Accountant by trade this guy and he has set up various co. Over 20 years and trades Ltd for 2 years then dissolves biz goes bust etc.

 

Is this not just a bit embarressing to continually do this. They stiff the suppliers who provide them credit I'm guessing. Surely this is not creative accountancy?

 

Saw a competitor do it last year too and they have the gall to rebrand and then try to win there market back.

 

Seems well dodgy, you can't stiff the tax man and just start up again but you can stiff your suppliers and get away with it forever it seems.

 

Credit rejected btw.

 

 

 

 

[blackcab]

Some people have no shame.

 

This is unfamiliar territory for me. How can a director of a liquidated company continually be a director of other companies? I'm referring to the UK as I'm British.

 

I would have thought there was some sort of time limit in place to stop directors of limited companies going out and immediately setting up shop again.

[Rc2702]

Just now, blackcab said:

Some people have no shame.

 

This is unfamiliar territory for me. How can a director of a liquidated company continually be a director of other companies? I'm referring to the UK as I'm British.

 

I would have thought there was some sort of time limit in place to stop directors of limited companies going out and immediately setting up shop again.

I'm referring to a British company.

 

I use duedil to find history, free basic use but costs for advanced. He was flitting between co sec and director by looks of it. He dissolves companies, is that different law in regards to being a director again. One example. Kept business website but operated website under 3 companies 2 of which dissolved owing creditors and 3rd currently active. Same people different biz name.

 

 

[blackcab]

That's interesting. I'm guessing the website is not registered to any of the companies, is not a company asset and cannot be seized.

 

How much do you think he is getting away with? Is he selling stock cheaply just to build up volumes before he makes the real money in the last couple of months?

[Rc2702]

Just now, blackcab said:

That's interesting. I'm guessing the website is not registered to any of the companies, is not a company asset and cannot be seized.

 

How much do you think he is getting away with? Is he selling stock cheaply just to build up volumes before he makes the real money in the last couple of months?

It's terrible and I'm pretty sure he targets smaller companies and milks them for 60 days come Q4 and then does 1.  Spoke to 2 suppliers who opened up. Not massive losses but 500/1500 but that was 2 calls to suppliers I knew so could be same with 50 suppliers, who knows.

 

I seen stuff like this happen in movies but it appears to be a white collar crime with very little punishment.

[james1995]

I know of an upstanding businessman in Pattaya.he says you gotta make it look natural those were his words. it's a hell of a retirement plan if u do it right.