The Challenge of Phoenix Companies in Bankruptcy and How to Safeguard Your Business
During 2023 corporate bankruptcy filings have risen leading to concerns not only for the companies involved but also for their stakeholders. While bankruptcy can be a legitimate business tool, some unscrupulous owners may exploit it to defraud creditors and restart their enterprises while utilizing new aliases. In this article, the concept of “phoenix” companies is further discussed and how you can protect your business from falling victim to the deceptive practices of these organizations.
