On Sep. 2, UK GVT confirmed two insolvency companies shut down.
The Insolvency Service confirmed Atherton Corporate (UK) Ltd and Atherton Corporate Rescue Limited have both been wound-up after they facilitated the sale of struggling companies and had encouraged directors to dispose of all their assets before selling.
Announcement Overview
The firms helped sell firms in financial distress, misleading directors by telling them they could keep company’s assets, and to continue to trade through a new company.
They incorrectly advised directors there would be no further responsibility for debts.
The companies, which were both led by former director John Irvin, had made several misrepresentations to prospective clients, suggesting they could retain their company assets while transferring liabilities to the buyers without the risk of consequences.
The misleading advice included claims that the new company could use the distressed company’s trading names without any need to pay for them, and that all the books and records relating to the distressed company, could all be legally disposed after the sale.
They also advised would-be customers they could delay informing Companies House of the issues, so they could continue to access the distressed company’s bank account.
Five associated companies which had supported the scheme by buying the distressed companies and then appointing new directors have also been shut down as a result.
The Official Receiver has been appointed as liquidator of Atherton Corporate (UK) Ltd, GPA KLM Ltd, Namare GRP Ltd, Summers & May Ltd, and TPG GRP Limited following a winding-up of the companies at the High Court in London, on Tuesday Aug. 27, 2024.
These firms included some companies that were involved in buying distressed firms, and keeping them all going long enough to create a gap for former owners/directors.
Also, Julie Tait of Grant Thornton UK LLP has been appointed as liquidator of Atherton Corporate Rescue Limited and the Aguia Group Ltd after these companies were wound-up at the Court of Sessions in Scotland on Tuesday Aug. 13, 2024, as part of actions.
