Call: 02476 158234
Call: 02476 158234
Coventry:
Coventry University Technology Park
Puma Way
Coventry
CV1 2TT
Call: 01604 212150
Call:  01604 212150
Northampton:
9-10 Scirocco Close
Moulton Park
Northampton
NN3 6AP

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PBC Business Recovery and Insolvency Offices

2017 – A Year of Change

Where has this year gone? It seems to be that every year flies by; why is that?  Age?  Maybe.  But then you think about it.  We never have a break between seasons these days.  With Christmas rapidly approaching advertisers are pushing us to book 2018 holidays and I will not be surprised if shops are […]

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Charity Presentation

On 9th November Kym Carvell and Jamie Cochrane of PBC Business Recovery and Insolvency travelled up to Ronald McDonald House at Alder Hey in Liverpool to present Denise Byrne from the charity with a cheque for £3,303.48.  The money was raised on their sponsored walk earlier in the year from London to Northampton along with […]

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It’s a Girl!

Everyone at PBC would like to offer congratulations to Jenny and her husband Matt on the arrival of their daughter Maddison earlier this week. We are all looking forward to our first meeting with Maddison!

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What is insolvency and does it apply to me or my business?

Insolvency is a very simple situation that can need a very difficult and sometimes complex resolution. If you find yourself in a situation where you are potentially insolvent you will need to take a long, clear look at things and decide what is the best option. In this video, Kym Carvell looks at what insolvency […]

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Leopards do need to change their spots

It is a common phrase but if a leopard does not change its spots then it remains a leopard. Probably the most recent example of that has been British Home Stores who did not keep up with shopping trends. Now another big name has fell into difficulty with Toys R Us in the United States […]

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PBC launch new magazine

PBC are pleased to announce the launch of a new magazine, The Leaf. The first edition was issued earlier this week, but can also be read here.  If you wish to be added to the mailing list for future editions, please contact us.  

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Solvent Liquidation – What is it and who can use it?

We are often asked ‘what is solvent liquidation’ and ‘is it suitable for me’? In this video, Gavin Bates, one of our licensed insolvency practitioners explains the meaning of solvent liquidation and gives some clear examples of when it can be used, what it is used for and what you can expect should you decide it […]

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Statutory Interest on Corporation Tax in Solvent Liquidations

This blog is for tax advisors and directors who are considering a solvent liquidation, commonly referred to as a Members’ Voluntary Liquidation or MVL. We have recently been informed of what appears to be a change of policy by HMRC in respect of statutory interest on Corporation Tax. HMRC now require the payment of statutory […]

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When are creditors paid?

When a company or person is going through a financially difficult time one question that commonly comes up is who will get paid and when? Many people often have a vested interest in a company and there is a very clear order in which they will appear in the order of payment. While this is […]

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What is Bankruptcy?

Personal insolvency and bankruptcy is something that nobody wants to face. In this video Gavin Bates, one of our highly experienced team, explains a little more about what insolvency means, other options to potentially avoid bankruptcy and what it could happen if you do need to take the bankruptcy option. Many people come to PBC […]

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When do I need an Insolvency Practitioner?

Do have a dog but try to bark yourself? They (dogs) are pretty good at it and are certainly better than me so I tend to let them do what they are better at! So, why is there an apparent reluctance to consult with an insolvency practitioner (“IP”) until the very last minute, if at […]

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So what went wrong?

“If you fail to plan then plan to fail”. A well-known phrase that everyone in business should have hanging in a prominent place as a reminder that operating a business carries risk as well as reward. Nobody takes that brave leap into being self-employed thinking their business will fail within the first two years. However, […]

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PBC announce dividend from liquidation

PBC are pleased to report that having already paid preferential creditors in full a dividend of 9.72 pence in the pound was paid to unsecured creditors of GLA Stroud Limited when it was anticipated no funds would be available. The company was placed into creditors’ voluntary liquidation on 4 June 2014 after the preceding company […]

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Administration & Creditors’ Voluntary Liquidation

One common mistake that business owners, the press and many others make is to ask ‘is my business bankrupt’ or ‘can my business be bankrupt’. It is only possible for an individual to be bankrupt so a company will go through the process of liquidation or another insolvency. In short, If you are looking at […]

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PBC announce interim dividend from an IVA

PBC are pleased to announce an interim distribution from an individual voluntary arrangement. The debtor’s proposals were approved by creditors with modifications on 29 June 2016. The debtor has proposed monthly contributions together with 50% of commissions earned over £500 to her creditors, which are currently up to date.  The proposals anticipated dividends to creditors […]

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Northamptonshire Business Leader to Take Centre Stage at National Awards

A leading Northamptonshire businessman will take centre stage at national awards that will take place at Wembley stadium. Gary Pettit, the managing director of PBC Business Recovery has been selected as a judge for the SME National Business Awards 2017 which were launched in July 2017 as a result of the continued success of the […]

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What is mediation?

Alternative Dispute Resolution (ADR) is a very successful method of resolving financial and other business issues before they reach the stage of court action. In fact, the courts will often expect you to have tried ADR and may look unfavourably on you if you have not attempted to resolve your issues prior to legal action. […]

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What is the difference between Corporate and Personal Insolvency?

When you realise you are potentially in a position where you or your company is facing insolvency you will need to take action as soon as possible. It is sadly not uncommon for corporate and personal insolvency to be bedfellows, but they are very different things so you will need to make sure you are […]

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What is a Voluntary Arrangement?

Voluntary Arrangements (VA) are not a universal panacea for financial difficulties but they can be a way of resolving your financial issues to the satisfaction of everyone concerned. In this video licenced insolvency practitioner and senior team member here at PBC, Gary Pettit, will explain what a voluntary arrangement is and what it can do. […]

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National Appointment

Gary Pettit of PBC Business Recovery & Insolvency has been appointed as one of the judges for the prestigious SME National Business Awards that take place at Wembley Stadium on 1 December 2017. In response to the appointment, Gary said, “This is truly an honour and a reflection on the reputation of PBC and the […]

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Personal Insolvency Rates – Women Overtake Men

Every quarter the Insolvency Service produce statistics which confirm how many businesses fail, broken down by insolvency type:, liquidations (whether they are compulsory or voluntary) administration or company voluntary arrangements (CVAs). At the same time similar statistics are released for individuals, divided into bankruptcies, debt relief orders or individual voluntary arrangements (IVAs). There are very […]

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UPDATED TOTAL- Charity Walk Completed!

Kym and Jamie completed their 80 mile charity walk for Ronald McDonald Houses earlier this month. They have currently raised £2,047 and have therefore exceeded their amended target of £2,000, which itself was double their original goal. Kym’s daily blogs, reproduced below, provide the highlights of their four days walking:   Day 1 blog: I’ve […]

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Paying by card – know your rights!

Research by the UK Cards Association showed that, in 2016, 77% of national retail sales were made by card. It was also announced in the last few days by the British Retail Consortium that debit card payments overtook cash for the first time, no doubt increased by the use of contactless payment. Most payments by […]

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Ever Decreasing Circles

When you think of Ali Campbell you think of UB40, Shane Filan, Westlife and Martine McCutcheon may bring back memories of “Eastenders”. What they all have in common is being made bankrupt, which goes to prove cash is king. There is an old joke about the husband who did not report his wife’s card stolen […]

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Charity walk only 2 weeks away!

Northampton is within easy reach of London Euston – unless you choose to do it the way Kym Carvell and Jamie Cochrane from PBC are doing it. Spurred on by the excellent support a charity has provided to Kym and her family since Kym’s granddaughter Billie-Marie was born last August, the pair are planning to […]

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Targeted Anti Avoidance Rule

The following is a blog written by Pete Miller of The Miller Partnership which we at PBC felt should be shared to readers of our website. When the details of the Finance Act 2016 were first published, new measures such as changes to the Targeted Anti Avoidance Rule (TAAR), were met with a fair degree […]

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What do you expect from an insolvency practitioner?

Readers will often see phrases such as ‘Provide the best advice, no matter what the fee consequence…’. However, how often do you hear someone add to that, ‘and what it is you want’? Personally, I fail to see how you can receive the right advice without first understanding what you, the potential client, are hoping […]

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Mediate: Do not drag your feet – A warning from the Court of Appeal

Lord Justice Jackson recently delivered a clear message to parties who play for time when agreeing to mediate. ‘In a case where mediation is obviously appropriate, it behoves both parties to get on with it. If one party frustrates the process by dragging its feet for no good reason that will merit a costs sanction’ [Thakkar […]

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Charity Walk announced to raise money for Ronald McDonald House

PBC are pleased to announce the latest fundraiser for Ronald McDonald Houses. PBC chose Ronald McDonald House back in September 2016 as a result of the support they have offered to the family of PBC’s Operations Director, Kym Carvell. Unfortunately, Billie-Marie has had to return to hospital and therefore her parents have returned to the […]

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Be pro-active or accept your fate?

Apart from the obvious frustration, what steps do you take upon receiving the news one of your customers has gone into an insolvency process?  You may have retention of title on stock, it may be a debt write off that is business-threatening to you.   For 30 years The Insolvency Act 1986 has been the […]

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PBC continue to support business

What is your most valuable business asset? I hope most readers will respond along the lines of, “Our employees, of course.” Last year the directors of PBC Business Recovery & Insolvency were delighted to support the Northamptonshire SME Business Awards. In fact, we were so pleased with it that we agreed to support the awards […]

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How creditors will make insolvency decisions after 6 April 2017

Insolvency practitioners are well versed to creditors’ meetings as the way in which creditors make decisions about a company or individual who is insolvent and how the process is managed. However, from 6 April 2017 the profession and creditors will have to get used to a completely new way of operating as a result of […]

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PBC announce payment in full to creditors in a bankruptcy.

PBC are pleased to report a distribution in full plus statutory interest to unsecured creditors in a bankruptcy.   The only asset in the bankruptcy was the debtor’s 50% share in the dwelling property, where his ex-partner resided. His ex-partner expressed an interest in purchasing the estates half share.  However, due to personal circumstances she […]

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PBC announce successful completion of CVA

PBC are pleased to report a dividend has been declared on a company voluntary arrangement (“CVA”) which was successfully implemented. When first approached, Gary Pettit was asked how to place the company into liquidation. However, following advice the directors restructured the business with PBC’s guidance and proposed a CVA to its creditors, which was approved […]

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PBC announce successful conclusion of administration

PBC are pleased to announce the successful completion of the administration of Rowellian Football Social Club which included payment in full to its secured creditor, unsecured creditors (plus statutory interest) and a payment to its members. This has been a highly complex and unusual administration from the outset, including setting a legal precedent. By way […]

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PBC announce large dividend from complex liquidation

Gary Pettit, the liquidator of Alexander – Bale Facilities Management Ltd, is pleased to announce the payment of an unexpected dividend following extensive investigations into the company’s affairs. The company was placed into compulsory liquidation on 21 November 2011 and R Neil Marshman was appointed liquidator on 6 July 2012. Following his retirement from the […]

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‘Zombie’ companies on the rise – what are the implications?

The number of businesses in the UK that are trading but only making the interest payments on their loans has increased according to research conducted by insolvency trade body R3.

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Could Brexit affect your pension scheme?

The staff at PBC were recently visited by Darren Toms of Clumber Consultancy to provide a briefing on the latest position on how auto-enrolment and other matters had affected how the pension and insolvency “worlds” interact. During the briefing, Mr Toms raised the issue of the effects of Brexit on valuations of pension scheme liabilities […]

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‘Living beyond means’ – a leading cause of bankruptcy

Recent statistics released by the government showed the leading causes of bankruptcy in 2015 were living beyond means, relationships breakdowns and reduced levels of income. The data also highlighted differences in the reasons why men and women go bankrupt. Gavin Bates, Insolvency Practitioner at PBC, said: “These figures are similar in some respects to the […]

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Press Release – Bradford Bulls

Joint Administrators of Bradford Bulls – no purchase concluded and business ceasing to trade   Gary Pettit of PBC Business Recovery, Northampton was appointed one of the Joint Administrators to Bradford Bulls (Northern) Limited (“BBNL”) – in Administration, on 14th November 2016.  BBNL operates the Bradford Bulls Rugby League Club (“Club”), playing in the Kingstone […]

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A look at personal guarantees

A recent survey by Wirefund revealed that over half (55%) of SME business owners do not know what a personal guarantee is. This certainly matches our experience at PBC as we see many cases where company directors cannot remember whether they signed personal guarantees or not.   What is a personal guarantee? In the last decade, […]

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PBC announce large dividend paid from company voluntary arrangement

PBC are pleased to report on the recent payment of a dividend from a company voluntary arrangement (“CVA”).   After consulting with a financial consultant and seeking advice from PBC, the company proposed a CVA to its creditors which was approved with modifications in December 2013. The arrangement consisted of a splitting of the company […]

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Local Entrepreneur Wins Young Business Person Award

Fae Perkins, owner of Northamptonshire hair extensions business, Bond Hair, was crowned ‘Young Business Person of the Year’ at this year’s SME Northamptonshire Awards. Fae, aged 29, set up her business specialising in professional hair extensions over 8 years ago and was also shortlisted in the Business Innovation and Entrepreneur of the Year categories at […]

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How to avoid a Christmas cash flow crisis

While some businesses, particularly in the retail sector, find that Christmas is their busiest time of year, for others it can be a difficult period. Factors such as lower levels of production due to increased holiday, decreased sales and, in some instances, total shut down for a week or two, can all have an impact. […]

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Charity Craft Fair raises £420.

PBC would like to thank all those who attended the craft fair earlier this week for their generous donations which have raised £420 for Ronald McDonald Charity Houses.   For more information about PBC’s chosen charity, read here. In addition, PBC would like to thank the stallholders who attended, those who baked cakes and the team at the […]

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That was the year that was

How many of you can associate with the question, ”Where did [the month] go?” In fact, it does not seem that long ago since I was looking back at 2015 to see what PBC had achieved, yet here I am doing it all over again! Obviously 2016 will be remembered for the (Brexit) vote on […]

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Can they touch my pension?

The title of this piece is the question I am asked regularly by individuals who are threatened with personal insolvency and are (understandably) concerned their personal pension may be used to repay creditors. Personal pensions used to be an asset that could be realised for the benefit of creditors. Provided the bankrupt was over the […]

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PBC set new ground-breaking law

On Monday 14 November 2016 at 10.12 a.m. Gavin Bates and Gary Pettit from PBC Business Recovery & Insolvency were appointed joint administrators of Bradford Bulls Northern Limited. They were asked to consent to the appointment just over an hour beforehand. Bradford Bulls are former World club champions and Super League champions but over the […]

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Further Press Release regarding Bradford Bulls

The Rugby Football League and the Joint Administrators of Bradford Bulls agree mutual co-operation to resolve the Bulls’ affairs as swiftly as is possible. Gary Pettit of PBC Business Recovery, Northampton was appointed one of the Joint Administrators to Bradford Bulls (Northern) Limited (“BBNL”) – in Administration, on 14th November 2016.    BBNL operates the Bradford […]

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PBC appointed joint administrators of Bradford Bulls

Gary Pettit and Gavin Bates, Directors of PBC Business Recovery and Insolvency, have been appointed joint administrators of the Bulls. “A club like Bradford Bulls serves the local community and we will be working towards finding a solution that preserves the future of the club while also meeting the requirements of the Rugby Football League […]

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