Insolvency and Administration

Transparency and Trust – Consultation Response Submitted

ShareSoc is submitting a response to the BIS Discussion Paper on “Transparency & Trust” which can be read here:  www.sharesoc.org/Transparency_&_Trust_ShareSoc_Response.pdf . This wide ranging consultation is on a number of proposals to tackle many problems in the modern corporate scene, with a particular focus on tax avoidance and money laundering. Knowing who controls and owns companies is one of the concerns, but it also aims to tackle incompetent and fraudulent directors. A summary of the key points ShareSoc made in our ...

RSM Tenon Pre-Pack: an odd connection

ShareSoc has made many representations in the past about the abusive use of pre-pack administrations. In the case of publicly listed companies, they usually mean the ordinary shares become instantly worthless. The latest case of a pre-pack in a listed company is that of RSM Tenon. This company (an accountancy practice oddly enough) got into difficulty by taking on excessive debt for a growth strategy. Baker Tilly were negotiating to buy the business for a rock bottom price. But yesterday it ...