Insolvency Service using AI to spot Phoenix Company abuse

A new Insolvency Service taskforce will target ‘abusive phoenixism’ by company directors.  The Insolvency Service will use AI to root out rogue directors who deliberately fold their companies to dodge tax and walk away from their debts.
Phoenixism accounted for 22 per cent of the £3.8 billion in total tax losses in 2022-23, according to HM Revenue & Customs estimates, and the practice has long been a source of frustration for the small firms left unpaid when a customer