2010/03/08

Firms flock to 'bankruptcy brothel' UK

A GREEK multinational company has deprived creditors of £1.3 billion by claiming that a one-man London office was its global headquarters and exploiting lenient insolvency rules introduced by Labour.

Wind Hellas, Greece’s third-largest telecoms company, moved its assets to Britain from Luxembourg in August. Its tiny London head office consisted of one man, one desk and a computer.

Two weeks later it began the process leading to its adminstration, using a financial device known as a “pre-pack” which grew out of legislation championed by Gordon Brown when he was chancellor. The Times

Note: it's "british business", as usual.

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