Bust companies revived in ‘phoenix’ deals more likely to fail again, study finds

Exclusive: research for the Guardian shows pre-pack' deals with former management also pay far less to creditors

• The boss whose twice-bust business appears to be back

Insolvent businesses reacquired by their previous management in pre-pack" administrations are much more likely to fail again and tend to repay far less to creditors, research for the Guardian suggests.

The study is the latest to raise questions about the practice of phoenixism" - accounting's controversial art of liquidating companies to allow directors to return with a new entity, free of debts.