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.
Government scraps pre-application consultation for Nationally Significant Infrastructure Projects.
Historic England and infrastructure
New projects offer opportunities for the historic environment and local communities.
Construction Management, 2 June
Construction deaths halve in two years.
Green Book changes to drive investment in all parts of UK.
Minimum energy efficiency standards (MEES)
CIAT briefing on response to consultations for privately rented non-domestic properties.
Connect, collaborate, shape the future
Registration now live for UK Construction Week Birmingham.
CIOB announces Saul Humphrey FCIOB as new President for 26/27 term.
A quick, simple, and zero-bills solution to prevent overheating.
The adaptive reuse of large industrial structures.
Promoting the circular economy by extending the life of buildings.
CIAT responds to Climate Change Committee report
An urgent wake-up call for both government and the built environment.
Construction Management, 24 June
FMB pilot aims to build pipeline of site-ready tradespeople.
A quick introduction.