The Insolvency Service accused Atherton Corporate (UK) Ltd and Atherton Corporate Rescue Ltd “several misrepresentations” and “misleading” clients. Get the latest top news stories sent straight to your inbox with our daily newsletter We have more newsletters Get the latest top news stories sent straight to your inbox with our daily newsletter We have more newsletters A tycoon has been slammed over a scheme that allowed “distressed” firms to go bust and avoid millions of pounds of debt. The Insolvency Service wound up two “corporate rescue” firms led by John Irvin – Atherton Corporate (UK) Ltd and Atherton Corporate Rescue Ltd – accusing them of “several misrepresentations” and “misleading” clients.
According to the government agency, company directors were told they could go bust and still keep their company’s assets, continue to trade the business through a new “phoenix” company and avoid debt responsibility. Irvin connected owners of distressed firms with new directors who would nominally buy the company and take responsibility for winding it up. Meanwhile, the genuine owner would retain the company name and assets.
One client of Irvin told the Record: “I was very sceptical. “He was very smooth on the phone and assured me everything was above board. “But any idiot could see that my company had no value, it only had debt, so it all looked very, very fishy.
“I couldn’t believe he was getting away with it but he must have made a fort.