Pragmatic approach avoids bankruptcy.

2 men sitting in office in conversation

When dealing with formal corporate insolvency appointments, sometimes directors owe funds to the company which, as office holders, we are duty bound to try and recover for the benefit of the company’s creditors.

One recent case being dealt with by our Milton Keynes Office had this very issue, but the director had also provided personal guarantees to company trade creditors totalling circa £300K. One of these trade creditors had also commenced bankruptcy proceedings against the director.  We were appointed liquidator of the company and, following some investigation, explored the prospect of whether an informal ‘full and final settlement’ could be reached in order to avoid bankruptcy and maximise the return to the liquidation and guaranteed creditors. We discussed this with the director and suggested they contact a solicitor who was then able to put the offer to all creditors.

We are pleased to report that all creditors accepted the offer, the settlement funds were received within 7 days and, in avoiding bankruptcy proceedings the director can now move forward.

Should you or a client require any advice or assistance on any insolvency-related issue, then please contact PBC Business Recovery & Insolvency on 01604 212150 (Northampton) or 01908 488653 (Milton Keynes) or email to enquiries@pbcbusinessrecovery.co.uk.

Administration saves 170 jobs – It’s what we do.

Following our recent reports about our work in safeguarding businesses, PBC have now successfully ensured the continuation of another business via Administration, where all 170 employees were protected. Had the company entered into liquidation, it would have resulted in all employees being made redundant where the burden on the Government Purse was estimated to have been in excess of £200,000 in respect of the employees’ entitlements.

Ian Cooke from PBC said,

“This is another example of directors seeking early advice and where the PBC Team were able to assess the situation quickly and advise on the most beneficial solution for all stakeholders.”

If you require any advice or assistance on any insolvency-related issue, then please contact PBC Business Recovery & Insolvency on 01604 212150 (Northampton) or 01908 488653 (Milton Keynes) or email to enquiries@pbcbusinessrecovery.co.uk

Sale of business as a going concern and securing employment!

We are pleased to share that our Milton Keynes Office has recently completed the sale of the business and assets of a company that had been trading for over 29 years, securing the business and safeguarding the jobs of all 15 employees.

The sale was not to a connected/associated party and the key to this successful outcome was the director sought our advice at an early stage, which provided time to look at the best-case scenario in a difficult situation. We are also pleased to report that given our careful planning of the process the company’s secured creditor was fully redeemed within just two weeks of our appointment, removing the personal guarantee provided by the director.

If you require any advice or assistance on any 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.

Another satisfied customer

PBC received this testimonial from a very satisfied new client about a  matter we advised on. As Insolvency Practitioners we often deal with both solvent and insolvent liquidations, but we are also very well placed to help people look to avoid our formal services which is what happened below.  All initial meetings are free of charge and completely confidential and we have offices in Northampton and Milton Keynes.

“We were referred to Ian at PBC via our accountants to seek advice on an ongoing shareholder’s dispute. Ian met with us at our earliest convenience at his Northampton office. 

The support and knowledge given  was extremely professional and invaluable. We left the meeting with clarity and a clear plan on how to proceed. 

We wouldn’t hesitate using PBC again if ever needed.’

If you require any advice or assistance on any insolvency-related issue, then please contact PBC Business Recovery & Insolvency to discuss and advise on your situation on 01604 212150 or email to enquiries@pbcbusinessrecovery.co.uk.  Alternatively, visit www.pbcbusinessrecovery.co.uk for further information

PBC move into Milton Keynes

The Team at PBC Business Recovery & Insolvency are delighted to announce an expansion of operations by opening an office in Milton Keynes at the Regus Building, Atterbury.

PBC are an established bespoke insolvency practice who bring significant experience to the City, with advice for individuals and companies that are experiencing financial difficulties. Our team have over 100 years of Insolvency knowledge between them and this allows us to provide a comprehensive view into any Insolvency related issue.

We advise directors and owner-managed businesses on all aspects of rescue, recovery and, where necessary, closure.  This includes shareholders of solvent companies where they are planning a tax-efficient exit strategy.

We know that dealing with these issues can be difficult and very stressful. Our approach is friendly, professional and effective and is based on a proven history of dealing successfully with businesses and individuals both locally and nationally.This has resulted in us becoming a trusted and respected firm in the business community.

The initial consultation is free of charge without any obligation. Here we can discuss all aspects of the business in a confidential manner in order to provide an outcome that is right for the business, the directors and shareholders.

Associate, Ian Cooke said,

“We are always looking at what is the right advice for the client.  Sometimes those who we meet simply need an assurance or a steer on what is best for them.  However, if they need our services, then we always guide a client through the appropriate process, in order that they understand what is required and why.”

A full suite of the services PBC offer can be found on our website, www.pbcbusinessrecovery.co.uk

Director at PBC Gary Pettit, added,

“This is a natural move for us.  Milton Keynes is the fastest growing city in the UK and its location compliments our headquarters in Northampton, while allowing us to assist the expanding presence of professional advisors in the area.”

If you require any advice or assistance on any insolvency-related issue or corporate mediation, then please contact PBC Business Recovery & Insolvency to discuss and advise on your situation on 01908 488653 or email to enquiries@pbcbusinessrecovery.co.uk.