37. Ways to get and out of the Spotlight

What’s an Illegal Phoenix? It is the phoenix that is not legal. For so long unhelpful definitions like this, gaps in regulation and oversight have allowed Directors to be given (or to seek) advice that might help them avoid paying debts and taxes. Enter the Creditor Defeating Disposition!As we often say on the Sounds of the Baskerville, there are legitimate circumstances where, through a Voluntary Administration or Small Business reconstruction, an enterprise can have reduced debts and be saved to trade on. Today’s guest, Ginette Muller, Principal of GM Advisory, helps Directors with Safe Harbour as a defence for them as they try and save a business that maybe could potentially be insolvent.We explore some avenues for the business owner who wants to do the right thing for a business in trouble. And for those who others might try (or be ‘advised’ ) to attempt the odd Creditor Defeating Disposition? The spotlight is brighter…. things are not so grey anymore!