Why do the business regulatory authorities allow someone to go bust and then start up a new company the next day, having written off all their losses ?
Why does Companies House not disqualify directors automatically for trading recklessly or whilst insolvent.
Legally, they are not liable personally and can just walk away. In practice there are ways of suing the incompetent or corrupt director and getting access to their own properties to cover losses, though it takes time and money.
Tim Allan certainly has a few properties in his name. On paper he's probably worth over £800,000.
Tim Allan folded SIPit Scotland and set up SIP Construction Company leaving massive debts. He was put into compulsory liquidation by HMRC (wonder why) and was advised that he had been trading whilst insolvent for a considerable time by accountants. Why was he not investigated and disqualified by the regulators ?
He is now trying to fold SIP Construction leaving massive debts again. He is walking away again from his responsibilities and his creditors. Who gets hurt ? Who takes his losses ?
Surprise, surprise, less than four weeks later he is back in the business of SIP kit manufacture working with SIP PMC.
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