01604 212150 (Northampton) 01908 033150 (Milton Keynes) 01234 989150 (Bedford)
Saint” Nick Bonser is on his way to Kim Parry CFW Chartered Accountants & Business Advisers on Friday with our donations for the food bank. Thank you so much to everyone who donated. This will help make Christmas a bit happier for those in need. 🎄
PBC are pleased to announce that we are collecting for the Kettering Food Bank again this Christmas in collaboration with @CFW Accountants and @AMC IT
Christmas isn’t a fun time for those who are struggling. So, if you could add a few items to your shopping basket and call in to our Northampton office, say hello and drop them off we would be very grateful.
Suggested donations are shown on the flyer and all donations need to be with us by 11th December.
If you are local to Moulton Park, we can look to collect to make things easier
Thank you.
PBC welcomed a number of local professional firms to their ten pin bowling event last night. The evening was full of moans, groans and elation with plenty of strikes being had. Winners were Phipps Henson McAllister with a combined team score over 2 games of 1233, with Hawsons Chartered Accountants coming a close second. Thanks to all that attended, without all you guys it would not be such a great event.
Now the Budget has been and gone we have some certainty, for the next couple of years at least, on the rate of CGT that applies to Business Asset Disposal Relief which is detailed below on the lifetime allowance of £1Million:
Should you or your clients be incentivised by the potential saving and would like to explore a Members Voluntary Liquidation, then please contact PBC Business Recovery & Insolvency on 01604 212150 (Northampton), 01908 033150 (Milton Keynes), 01234 989150 (Bedford) or email to enquiries@pbcbusinessrecovery.co.uk. Alternatively, visit www.pbcbusinessrecovery.co.uk for further information.
With the unrivalled level of experience available at PBC, we could easily say we are the best people to approach when you are having financial issues, whether that is your own or you are a creditor of someone else suffering a demise.
The fact is, we do not make such claims; we let others express their own opinion such as:
“Gary and his team at PBC are fantastic and they go above and beyond to support you every step of the way through challenging times. Highly recommended. Thank you to Gary and PBC for helping me to get my life back and hopefully some much needed sleep after months of worry.” Director, Northampton
“I can’t recommend Ian enough he’s been amazing with the closing of my business. He reassured and put my mind at ease talking me through step by step and what needs priority etc I didn’t know where to even start but with Ian’s guidance it made everything so much less of a worry to deal with. He was always at the end of the phone if I had any concerns or worries. Making the decision to close your own business is not an easy decision to make but Ian put everything into perspective. I can’t thank you enough Ian for all your help and guidance Thank you.” Director, Kettering
“Myself and my fellow directors are very grateful for all the assistance Natasha has given as the MVL has progressed. It has all gone far more smoothly than we could have hoped. We definitely made the correct decision when we elected to appoint PBC to act for us”. Director, Wellingborough
“My financial crisis stirred a myriad of emotions, most of which were negative and soul destroying. Thank heavens for some sound, honest and clear advice which straightened me out and, in reality, showed me it wasn’t half as bad as I thought.” Director, Rushden
“Good morning Claire, I just wanted to say thank you for the work you have done on the liquidation. Super efficient and communicative which was greatly appreciated”. Director of a solvent company.
At PBC we recognise the human side of what financial difficulties often create and put that added service into the process to ensure clients are fully aware of the surrounding issues and what they actually mean to them in an easy-to-understand manner.
If you need any advice or assistance on any corporate restructuring or insolvency-related issue, then please contact PBC Business Recovery & Insolvency on 01604 212150 (Northampton), 01908 033150 (Milton Keynes), 01234 989150 (Bedford) or email to enquiries@pbcbusinessrecovery.co.uk. Alternatively, visit www.pbcbusinessrecovery.co.uk for further information.
A great time was had by all at Stanwick Lakes yesterday for the second event of our up and coming professionals group.
Willow lantern making was not as easy as it looked, but as you can see from the pictures, everyone did a great job and had a few giggles, followed by a lovely lunch.
Thanks to everyone who joined us, we will see you again in the Spring for our next event!
The collapse of ISG into Administration will have a significant effect of many in the supply chain with monies owed not being paid any time soon or potentially not at all.
If the loss of income is likely to mean financial difficulties going forward it is imperative to take advice and try not to panic.
Whilst undoubtedly the Administrators of ISG have a strategy in mind, it is likely to be a few months before the anticipated financial outcome will become public knowledge. All we know so far is some 2,200 employees were made redundant, with 200 employees retained to assist the Administrators.
Below is guidance to supply chain members until the financial outcome of the matter becomes more visible.
At PBC Business Recovery & Insolvency we advise companies daily and, first and foremost, aways look at recovery options for those we advise – trying to prevent them entering a similar process to that of ISG. Sometimes, this is unavoidable, but the sooner advice is sought the greater the opportunities are.
If you need any advice or assistance on any corporate recovery option or insolvency-related issue, then please contact PBC Business Recovery & Insolvency on 01604 212150 (Northampton), 01908 033150 (Milton Keynes), 01234 989150 (Bedford) or email to enquiries@pbcbusinessrecovery.co.uk. Alternatively, visit www.pbcbusinessrecovery.co.uk for further information.
A great day was had by all at the PBC charity golf day yesterday, raising £1756.50 for the Lighthouse Centre.
The weather gods gave us all the 4 seasons in one day with a touch of hailstones in the afternoon just to top things off but overall, the weather was glorious, and it didn’t stop the teams from playing some excellent golf.
A massive thanks to all those that attended and supported a worthy local charity. With your support we can help fund the charity to continue its work helping those people with palliative care.
Winners:
Top scorer –Jonathan Newsham with 48 points
Highest scoring team –Bibbys
Charity Hole – Dermot Lally
Nearest the pin – Martin Chapman, Jon Newsham and Mark Cleaver
Thanks to Rushden Golf Club for being such great hosts.
We look forward to seeing you all again next year.
Some may remember the demise of the BHS Group as shops around the country closed down, following the group entering into administration in April 2016.
Move on eight years and the court has imposed a record £110,230,000 compensation order against two of the former directors. Yes, £110 million!
The commentary surrounding the BHS court hearings are far too long for this narrative. However, it can be summed up by saying any director whose company is facing distress must act rationally, assess the impact of their decision making and avoid, “Wishful thinking” at the expense of the company creditors.
Some key messages that came out of the two decisions, included:
In short, the court is saying any delay in taking positive action to protect the company creditors may expose directors to risk of (what they termed as) equitable compensation awards being made on a personal liability basis.
At PBC we have always encouraged directors to seek early advice. We appreciate how difficult it can be making that call and attending a meeting with our experienced team. However, time and again, business owners have expressed a relief after consulting with PBC and many of those fears built up inside are eased.
If you need any advice or assistance on any corporate restructuring or insolvency-related issue, then please contact PBC Business Recovery & Insolvency on 01604 212150 (Northampton), 01908 033150 (Milton Keynes), 01234 989150 (Bedford) or email to enquiries@pbcbusinessrecovery.co.uk. Alternatively, visit www.pbcbusinessrecovery.co.uk for further information.
So, your company went into liquidation and subsequently you receive a letter from solicitors acting for the liquidator, demanding you pay a sum of money in respect of various allegations of unfitness. What do you do?
Well, the first thing you should do is consult with a solicitor that practices insolvency as they will be aware of the terminology and implications relied upon with insolvency litigation.
However, there has been an increasing demand upon insolvency practitioners (“IP”) to represent those confronted with insolvency-related claims. Sometimes, assisting the instructed solicitor, while others have approached them directly.
At PBC we have (what is thought to be) a unique service, whereby we have the only person who is both an appointment taking IP while also an accredited mediator. That, together with the Team at PBC having a wide and extensive range of experience, allows PBC to offer pragmatic and commercial solutions.
Two recent examples of where PBC have assisted have been:
Case 1. A liquidator was pursuing the director for over £100,000 (although were willing to settle at £85,000). Using our experience and knowledge, this claim has been extinguished.
Case 2. PBC’s client was facing bankruptcy for a claim in excess of £200,000. During negotiation, PBC put forward the realities of bankruptcy and, more importantly, the potential recovery the claimant may achieve. Ultimately, a £75,000 settlement was agreed, resulting in the client retaining sufficient money to move on with their life.
It should be said, nobody at PBC has a right of audience to represent parties in court and solicitors are an invaluable aid in resolving disputes. However, as PBC are demonstrating time and again, adding our practical experience and a reality check, often promotes settlement.
If you need any advice or assistance on any corporate restructuring or insolvency-related issue, then please contact PBC Business Recovery & Insolvency on 01604 212150 (Northampton), 01908 488653 (Milton Keynes) or email to enquiries@pbcbusinessrecovery.co.uk. Alternatively, visit www.pbcbusinessrecovery.co.uk for further information.
