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Small business insolvant advicce needed.

A friend is winding up their business and an insolvancy company has been appointed. He has started to scrap assets and he isn't putting them through the book. I've told him he can't do that but he thinks he can. Does anybody know where I can find the relevent laws or tell me them so I can show him in black and white. I'm worried he's going to end up in a lot of trouble.

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