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Quote: Originally posted by debendaz on 05/11/2011

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Yes thats correct the hole is Pyramid is the trading names know as a trading style.

How it works is i set up a holding company called ABC Holdings Ltd and we are the owner of ABC Leisure Ltd but we get in to trouble so we send ABC Holdings into administration on Thursday and on Friday i set up a company Called XYZ Holdings Ltd and i buy ABC Leisure Ltd as a trading name so take over the name at a token payment i may even buy the stock and have negotiated a new lease on the premises and machinery taking over these debts and open monday as XYZ Holdings Ltd t/a Abc Leisure Ltd. debts gone and m a new legal entity.

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Actually the administrators of the company have a statutory duty to dispose of the assets for the best possible price, so it does not follow that some other subsidiary buys it as a sham debt avoidance scheme.

Phil

Quote: Originally posted by cwdc56768 on 05/11/2011

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Actually the administrators of the company have a statutory duty to dispose of the assets for the best possible price, so it does not follow that some other subsidiary buys it as a sham debt avoidance scheme.

Phil

Yes to pay their inflated bill

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Quote: Originally posted by geoff+emmy on 06/11/2011

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Quote: Originally posted by cwdc56768 on 05/11/2011

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Actually the administrators of the company have a statutory duty to dispose of the assets for the best possible price, so it does not follow that some other subsidiary buys it as a sham debt avoidance scheme.

Phil

Yes to pay their inflated bill

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Have to agree with that - my husband was made redundant two years ago when his employers went into administration in exactly this way.  We recently had the Administrator's accounts and every penny raised went to cover their bill.

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