"John Smith" wrote in message
...
I know that one of the basic premises of a limited company is that should a
company go bust owing a significant sum, in most cases the company owner
will not be personally liable for its debts.

However, what is to stop a company with debts but also assets, starting up
a new company with a new registration, doing the same business but simply
transferring all of the assets to the new company, leaving the old company
with just the debts and closing it down?


ahh such a moral dilemma, it can be done, is done and there's no law to stop
it.

....like the MP's claiming for mortgages when they don't have one.