Laws against asset stripping?

[G]

Do we have any laws against asset stripping?

Should we?

Thinking of BHS, of course.

[sickpup]

Yes we do have them.

[Rogerborg]

It's also an offence to beat or shake any carpet, rug, or mat in a London thoroughfare. Well, except for door mats before the hour of eight in the morning.

It's more a question of what laws are enforced.
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[Ribenapigeon]

I'm guessing this thread is about BHS going down the toilet. Retail workers are along with cleaners and agricultural workers at the bottom if the pile so companies like BHS make a good target for carpet baggers. Lots of temp staff, hardly any unions and probably a good deal of easily exploitable people in the workforce.

[panrider_uk]

The guy who currently owns it wants to buy it back out of administration - after all its debts have been written off of course.
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[Matt B]

What assets were stripped from BHS?

If you mean Philip Green then he took shareholder dividends. Very different to asset stripping which involves buying an undervalued company then selling off it's assets. Green sold BHS last year for £1 but AFAIK Retail Acquisitions the new owners have only taken dividends and payments, not sold anything off.
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stinkwheel: He had an animated .gif of a cat performing fellatio. It's not socially acceptable. It can have real life adverse effects on other people.

[G]

Sorry; probably the wrong term as it's cash rather than more tangible 'assets'.

I was thinking of the latest ones who bought it for £1, paid themselves massive amounts of money and left the business in a considerably worse position, with serious issues for things like the pension.

[Matt B]

More damage was done by Green. He took around £580 million, coincidentally about the same amount the pension fund is short by, Retail Acquisitions have (I think) only taken around £150 million. They are at the moment trying to get Green in front of some MPs to explain the payments. Will be interesting to see how he justifies taking that amount out of a company that made no profit since 2008 and very little before that.
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stinkwheel: He had an animated .gif of a cat performing fellatio. It's not socially acceptable. It can have real life adverse effects on other people.