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

Liquidators’ appointment valid despite breach of deemed consent procedure

The Insolvency (England & Wales) Rules 2016 came into effect in April 2017 and were aimed at enhancing creditor participation in the insolvency process while also consolidating the rules. One of the new provisions enables an insolvency practitioner (“IP”) to serve creditors with a notice of deemed consent; meaning if the IP does not receive […]

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A personal problem?

  Invariably, when we talk about insolvency people start thinking of the likes of BHS, Toys “R” Us and other large corporate concerns. However, what about a problem that is closer to home? The Insolvency Service recently released the statistics for Q2 of 2018. These show corporate insolvency numbers were down on the previous quarter […]

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Restoration of Company Results in Dividend to Creditors

PBC are pleased to report that a dividend of 66.40 pence in the pound was paid to unsecured creditors in a liquidation that, at first, appeared to have no distributable assets. The company was placed into creditors’ voluntary liquidation in June 2012 and following closure of the liquidation the company was dissolved. PBC were subsequently […]

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A Stark Lesson

How many readers find themselves looking at how much to pay in order to service personal debt every month after you have just been paid? In some cases that level reaches a point where it simply cannot be managed where you then start to notice those road-side signs that promise to write off 90% of […]

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PBC CONFIRM DIVIDEND PAID FROM AN IVA

PBC are pleased to announce a first and final dividend to creditors from an individual voluntary arrangement (IVA). The debtor’s proposals for an IVA were approved in November 2017 and comprised a lump sum following the sale of an investment property. The arrangement included the removal of a second charge against the dwelling property, with […]

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Jamie and Natasha abseil for Ronald McDonald

Here at PBC, we are determined to raise as much money as possible for this excellent cause.  So far we have had a charity craft fair, Kym and Jamie walked 80 miles from London Euston to Northampton and the quiz night.  We also have an extremely popular tuck shop in the office!  To date, PBC […]

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Spring is here!

    The Spring 2018 edition of PBC’s quarterly magazine, The Leaf, is available to read here. Topics include: The New Rules 12 Months On Focus on Administration Early Advice aids Survival of Business And Many More

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Are Members’ Voluntary Liquidations (MVLs) under attack again?

A couple of years ago, the Finance Act 2016 introduced a new anti-avoidance rule which targeted MVLs to counter ‘phoenixism’ – starting a new business soon after winding up the previous one. This was to stop what was seen as an abuse of Entrepreneurs’ Relief. More recently we have seen HMRC now demand statutory interest […]

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The New Rules – 12 months on

The 6th April will mark the first anniversary of The Insolvency (England & Wales) Rules 2016, (commonly referred to as the “New Rules”). Doesn’t time fly?  So, we thought the anniversary was an opportunity to reflect and comment on the major changes introduced by the New Rules. The right to opt out of receiving future […]

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Early advice aids survival of business

At PBC, we have written numerous blogs and articles about how taking early advice about a worsening financial situation can lead to more options being available and the earlier the advice is taken the more likely a recovery process can be instigated. This message was true in the recent administration of Noble Express Ltd. The […]

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“Irresponsible” directors face further scrutiny

Directors of insolvent companies, who have acted irresponsibly, will face further scrutiny of their actions in new plans announced by the government.  The plans are detailed in this BBC News article.

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CHARITY QUIZ A GREAT SUCCESS

Greens Restaurant was filled with the sound of brains whirring as fourteen teams did battle at PBC’s charity quiz in aid of Ronald McDonald House at Alder Hey.  It was a night which saw the teams discover 12 is the only number which scores itself in Scrabble and 23 is the next number in the […]

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An alternative credit check?

Are you an SME who is contracted to supply (or are considering supplying) a large company? If so, how confident are you payment of your invoices will be paid in a timely manner, if at all? In recent times we have witnessed some large companies failing, including Connaught Construction, BHS and recently, Carillion.  With each […]

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Time to pay thanks to Carillion?

Following the demise of Carillion, HM Revenue & Customs have announced their Business Payments Support Services are open to approach by any company or business that has suffered a short-term cash flow problem as a result of the large scale failure. The Support Service will consider: Instalment arrangements of tax due that cannot be paid […]

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PBC announce Charity Quiz

PBC are pleased to announce a charity quiz to raise money for Ronald McDonald Charity Houses. The quiz will be held on Wednesday 21 March 2018 at 6pm at Greens Restaurant, Collingtree Park Golf Club. For further details about the evening, please find the invite and booking form here. For further details about why PBC […]

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Second Edition of The Leaf Released

PBC are pleased to announce the release of the second edition of The Leaf Magazine, which can be read here. Topics in this edition include: Beware the Unregulated Insolvency Advisor Focus on Mediation Statutory Interest on Corporation tax in Solvent Liquidations And Many More

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A Round Up of Recent Insolvency Statistics and Perhaps More Trouble Ahead!

Last week The Insolvency Service released the insolvency statistics for the fourth quarter of 2017. Whenever these are published, the newspapers will always look for the story without going into the details. So for example, the press reported that personal insolvencies in 2017 increased by 9% as compared to 2016, Of course that is correct, […]

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PBC ANNOUNCE DIVIDEND TO CREDITORS IN LIQUIDATION

PBC are pleased to declare a dividend of 26.82 pence in the pound to the unsecured creditors of Silver Sovereign Limited. The company’s major asset was an adverse directors’ loan of approximately £57,000. This has been recovered in full which has allowed a payment to creditors to be made. Joint liquidator, Gavin Bates, said, “Whilst […]

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PRESS RELEASE – NOBLE EXPRESS LIMITED – IN ADMINISTRATION

Noble Express Limited, the Northampton based supplier of catering equipment, cleaning chemicals and other non-food essentials to the hospitality industry, has been placed into administration. The company has experienced difficult trading conditions over the past two years, which affected cash flow and led to the appointment of administrators PBC Business Recovery and Insolvency last week. […]

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Beware the Unregulated Insolvency Advisor!

Last year R3, The Association of Business Recovery Professionals, launched a campaign to warn about the risk of using unlicensed insolvency advisors and produced a very helpful guide which can be found here. The problem of unregulated advisors is not a new one but something that has grown over the last few years. The guide highlights some […]

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The peril of working with a big company

How many times have you heard the story of a SME securing that “Life changing” contract with a big company? While many can look back and say that really was a life changer, too many fall into an ever-decreasing financial circle. All is going well until the SME gets told the previously agreed unit price […]

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Statutory Interest on Corporation Tax in Solvent Liquidations

This blog is for accountants, tax advisors and directors who are considering a solvent liquidation, commonly referred to as a Members’ Voluntary Liquidation or MVL. During the course of 2017 we have been informed of what appears to be a change of policy by HMRC in respect of statutory interest on Corporation Tax. HMRC now […]

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Restoration of Company Leads to Major Pay Out to Creditors

PBC are pleased to report that having already paid preferential creditors in full a dividend of 44.58 pence in the pound was paid to unsecured creditors in a liquidation that, at first, appeared to have no distributable assets. The company was placed into creditors’ voluntary liquidation in 2010 and following closure of the liquidation the […]

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Insolvency back in the headlines

News broke early this morning of the liquidation of Carillion, the second largest construction company in the UK with 20,000 UK based employees and responsible for providing public services from sectors such as prisons, hospitals, transport and schools. For clarity, the companies subject to winding up are: Carillion Plc, company number 03782379 Carillion Construction Ltd, […]

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A fool with a pen in hand!

The heading pretty much sums up my view of a director who grants a personal guarantee for company debts. I am possibly being a little harsh as giving a personal guarantee can sometimes be a non-negotiable term of contract or borrowing. In the past I have seen directors who have guaranteed practically every supplier, making […]

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Christmas Opening Hours

The offices will be closed from 12 noon on Friday 22 December 2017 and will re-open at 9 a.m. on Tuesday 2 January 2018. PBC would like to wish everyone a Merry Christmas and a Happy New Year  

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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 […]

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When are creditors paid?

When a company or person is going through a financially difficult time common questions which occur are 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 sometimes frustrating […]

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What is Bankruptcy?

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

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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 administration. In short, if you are looking at a […]

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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 insolvent 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 different so you will need to make sure you are approaching it from […]

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What is a Voluntary Arrangement?

Voluntary Arrangements (VAs) 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 licensed insolvency practitioner and director here at PBC, Gary Pettit, will explain what a voluntary arrangement is and what it can do.  Many people […]

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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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       Gary Pettit and Gavin Bates are licensed to act in the United Kingdom as an Insolvency Practitioner by the Institute of Chartered Accountants in England and Wales.
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