Unregulated sector is booming - Company Strike offs nearly double in 5 years
It looks like the unregulated company sector is booming and government hostility to the regulated insolvency profession is producing a boom in the number of strike offs and a reduction in the number of company rescues. Administrations are being regulated out of existence by the Goverment, but transferring assets to a new company and allowing the old company to be struck off, by breaching company law in failing to file accounts, is all the rage. No report on the conduct of the directors is prepared in a strike off and with well over 1,000 strike offs per day, no one can effectively monitor what happens within those companies. Only 8,000 companies are restored to the register which suggests HMRC simply cannot cope with the volume of strike offs. The cost to the tax payer in lost revenue is estimated at over £10 bn. Official statistics bear out the boom in the unregulated sector.
|Administration orders converted to creditors voluntary liquidations||Members'
|Removals From the Register, United Kingdom|
|Struck off and
|Wound up voluntarily
or subject to the supervision of the Court under the Companies Act
from the register
|Restorations to the register||Net total