Manchester Company Shut Down for Pretending to Be Insolvency Experts
A Manchester firm, Save Consultants Ltd, has been slammed shut by the High Court for offering insolvency practitioner services without a licence. The company, which claimed to help struggling businesses dodge debts, was exposed for trading illegally and leaving investigators in the dark.
Fake Insolvency Services Put System at Risk
- Save Consultants boasted it could sell company shares and relieve debts fast, pitching itself as a “unique alternative” to formal insolvency.
- None of its current or former directors held the required insolvency practitioner licence.
- The company failed to cooperate with Insolvency Service probes, refusing to explain its shady business dealings.
- Two now-defunct websites pushed its services, promising turnaround help, debt restructuring, crisis management, and creditor negotiations.
Official Receiver Steps In to Wind Up Affair
Following the Insolvency Service’s investigations, Save Consultants was wound up at the Manchester High Court on 2 July. The Official Receiver has been appointed liquidator to oversee the company’s affairs.
“Save Consultants claimed to offer services to the public which put the integrity of the insolvency regime at risk,” said David Usher, Chief Investigator at the Insolvency Service.
“Our investigations indicated they were operating as insolvency practitioners without authority. No directors were licensed, and no evidence showed any qualified practitioner was involved. Since the directors refused to cooperate, we had no choice but to act decisively.”
What You Need to Know About Insolvency Practitioners
Only licensed insolvency practitioners can handle liquidations or administrations. Becoming one requires passing rigorous exams and proving fitness and propriety to regulatory bodies.
Anyone with enquiries about Save Consultants can contact the Official Receiver’s Public Interest Unit at 16th Floor, 1 Westfield Avenue, Stratford, London, E20 1HZ or email [email protected].
