UK recruiter emerges from insolvency for third time, avoiding millions owed in tax

Hampshire business seems to have benefited from phoenixism', which costs the taxpayer about 800m a year

A UK recruitment business has been acquired out of administration for a third time in four years as part of a succession of deals that left some of the former management team in place and millions of pounds owed to the public purse.

The chain of insolvencies appears to contain more examples of phoenixism - a process when companies are liquidated and directors are able to rise from the ashes with a new entity, free of debts.