The idea
Having gone through administration just 15months after doing an MBO, with a loan from RBS Natwest our company was sent into administration the very same week that the tax payer bailed out the RBS!!!!!!!
To then go through administration and watch a wealthy individual in partnership with an insolvency practitioner buy our debtor list of £3.5M for just £75K and see the creditors get leass than 10p in the pound and some of them go out of business was the icing on the cake of dispair.
Insolvency practice and the regulations that apply are supposed to be there to protect creditors. The system does not do this. It feeds a thriving industry where wealthy individuals and funds buy debtor lists to become even richer off the back of hard working businesses that are forced into administration by none business minded gravy train bank employees with no knowledge of the reality of business.
SORT OUT THE REGULATIONS SO THAT THEY DO WHAT IS INDENDED.
Why is it important?
If we are to have regulations we should ensure they do what the original intentionn was and not get manipulated to make the super rich richer.