because he is also a major creditor

and therefore can dictate the acceptance of his 'new' offer to buy back the company.

Its a great scam.

You buy somehting for 100 million, 75 from you and 25 from others

You declare the company bankrupt and offer to buy back the debt free company for 1 pound.

As you are the major creditor your offer gets accepted.

You pay off the creditors pro rata and dismiss the debts with the proceeds of the sale (£1)

You gain a company worth 100 million and have paid on 70 million

Others lose 25 million

Deal or no deal?

they should modify the law to prevent bankrupt board members holding office for three years.

Posted By: Army Boy, May 5, 14:45:54