Phoenixing
The UK government guidance 'Phoenix companies and the role of the Insolvency Service' defines the term thus:
"Phoenixing, or phoenixism, are terms used to describe the practice of carrying on the same business or trade successively through a series of companies where each becomes insolvent (cannot pay their debts) in turn. Each time this happens, the insolvent company’s business, but not its debts, is transferred to a new, similar ‘phoenix’ company. The insolvent company then ceases to trade and might enter into formal insolvency proceedings (liquidation, administration or administrative receivership) or be dissolved."
[edit] Related articles on Designing Buildings
- Business interruption cover under COVID-19.
- Campaign for cash retentions reform.
- Carillion.
- Cash flow statement.
- Contract claims.
- Fair payment practices.
- Insolvency Act 1986 - Use of Prohibited Names.
- Insolvency in the construction industry.
- ISG administration, October support update.
- ISG files for administration.
- Liens.
- Liquidation in the construction industry.
- New regulations on late payment.
- Profitability.
- Prompt payment.
- Remedies for late payment.
- Resolution planning.
- Scheme for construction contracts.
- Solvency.
- Support for ISG contractors, companies and employees.
- The Late Payment of Commercial Debts Regulations 2013.
Featured articles
Check out some of the best features and news from Designing Buildings as well as key stories from around the web.
Bridging the gap between clients and contractors
Concerns remain around contractor quality, capability, and delivery.
Construction Management, 10 June.
Heat pumps beat boilers in new home tests.
Building Safety Act implementation in Wales
CIAT to host industry panel on 26 June.
New and updated CLC building safety guidance.
New UK National Buildings Database.
Building Safety Wiki Interviews
Chief executive of the British Woodworking Federation.
Planning condition discharge in England and Wales
A brief explanation from a building compliance expert, with further links.
Overheating guidance and tools for building designers
Guidance for dealing with element of building fabric control that have increasing importance.
Shading for housing, a design guide
From the Good Homes Alliance and British Blind and Shutter Association.
UK Standard Skills Classification (SSC)
A shared framework for describing skills needs.
Social media ban consultation comes to close
CIOB urges UK Government to consider social media’s role in careers guidance in ban debate.