I didn't say it doesn't happen! What I did say is that Pheonixism is illegal and precisely to avoid the situation where unscrupulous directors can do the dirty on their creditors for their own convenience. What can happen, is a pre-packed admin. This normally involves the director/s of a distressed company approachIng an administrator before the business becomes insolvent and agreeing the acquisition of certain assets e.g. contracts, staff, materials/stock, goodwill, etc. before putting the company into admin. These pre-packs are strictly regulated and prevent 'the same old names' habitually shedding debt by 're-inventing themselves' whenever things get sticky.