The Financial Services Authority ..
The Financial Services Authority (FSA) has said it will not tolerate 'phoenix' firms which try to si...
The Financial Services Authority (FSA) has said it will not tolerate 'phoenix' firms which try to sidestep their liabilities to customers by moving assets between companies. Phoenix firms occur when assets of a limited company are moved to another legal entity, sometimes below their market value, without moving or meeting liabilities, and the FSA has recently investigated 18 suspects, referring one to Enforcement. The FSA plans to work more closely with liquidators to investigate directors'
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