Revenue monitors ‘phoenix’ firms

At least 700 companies are being monitored by the Revenue Commissioners on the suspicion that they may be so-called “phoenix” companies.

Phoenix companies are businesses that have been restarted under a new name after the original business has gone into liquidation.

They are frequently restarted by directors or the associates of directors who have shut their old business in order to avoid paying their taxes and creditors. The Revenue Commissioners are often one of the biggest losers in liquidations.