AdvisoryMatters

Recent projects

read timeRead time: 1 min
wedgeService: Business advisory wedgeSector: Real estate & hotels

Our team of 30 dedicated restructuring professionals, licensed insolvency practitioners and fraud and forensic specialists work across our offices in Leeds, London and Manchester.

Our skills are applicable to any scenario which requires restructuring, investigations or insolvency expertise. We work across all industry sectors, but have particularly strong recent experience in regulated entities, financial services & insurance, tech & media, property & construction, recruitment, logistics, leisure and deceased insolvent estates.

Find out more about our recent projects below.

<—- Back to our AdvisoryMatters hub

Company Voluntary Arrangement of a Fine Art Dealer

A Fine Art dealer which had traded successfully for almost 20 years began experiencing cashflow issues due to COVID-19 purchasing restrictions placed on Museums and Galleries around the world. A petition to wind up the Company was issued by HMRC in relation to tax arrears with a hearing date set within 6 weeks.

PKF GM assisted the Directors in proposing a Company Voluntary Arrangement which provided the necessary breathing space for the Company whilst also protecting the creditors’ interest. The Arrangement was approved by HMRC, the petition dismissed, giving the Company a period of two years to repay all creditors in full.

Investigation on behalf of water treatment company

PKFGM were engaged by a water treatment company to investigate internal problems surrounding the classification and volume of waste removed from riverbed refurbishment. The issues also included the disappearance of skips containing scrap metal and staff collusion to enable these practices to continue over a period of time.

Our work resulted in the Company identifying the perpetrators, which allowed disciplinary action to be taken in respect of the staff involved and more importantly the repayment of monies lost due to this activity.

Informal restructuring of pan-European fund manager

PKFGM were engaged to assist a regulated business operating across a number of major European jurisdictions.

Our work included marshalling of cash flow to enable the eventual repayment of all creditors whilst ensuring that the existing core business remained sustainable.

Key to this process was the agreement of significant repayment plans with individual creditors in a large number of jurisdictions.

Administration of contract painting business

PKFGM were appointed administrators over a well-established £18m turnover business specialising in contract painting. The business had 150 employees and operated over various sites across the UK.

The Company’s difficulties stemmed from the build-up of significant arrears with HMRC, resulting in the threat of a winding up petition.

Using an accelerated M&A procedure, we were able to identify a purchaser and sold the business and assets via an Administration process preserving all jobs and maximising value from contract book debt ledger.

Investigation on behalf of a telephone regulator service in the UK

PKFGM replaced the incumbent insolvency practitioners at the request of the largest creditor.

Once appointed we conducted extensive investigations in relation to the conduct of the company and its directors. The Company was found guilty of breaching telephone regulations in respect of excessive charging on SMS subscriptions and a Regulatory fine was in excess of £900,000.

Vendor transaction services

PKFGM were engaged to assist a specialist construction services company during M&A process. Working in in conjunction with PKF Corporate Tax team, we provided financial analysis and scenario planning to enable existing investors to evaluate the merits of the potential sale of the business.

During the process PKFM supported Board during extensive negotiations with purchaser.

Company Voluntary Arrangement of a crate hire and logistics services business

This assignment presented in interesting scenario in that the CVA proposal does not provide for any return to unsecured creditors. Unusually, HMRC will receive all funds as preferential creditors and the remaining unsecured creditors have therefore agreed to write off their debts in order to retain the company as a customer. Given unsecured creditors would receive nothing under any alternative insolvency regime, their support displays a welcome maturity and understanding of current economic conditions.

Closure of online grocery retail business

PKFGM were engaged to assist in the closure of major online grocery retailer. Key issues includes the safeguarding of numerous consumer creditors. A possible sale of part of the business is currently being negotiated.

Administration of financial services business

PKFGM were appointed administrators to the holding company of a major financial services group with regulated subsidiaries worldwide. After lengthy negotiations, we have exchanged on asset sale which is subject to regulatory approval in multiple jurisdictions.

Company Voluntary Arrangement of recruitment business

PKFGM were instructed to assist a recruitment business whose liabilities mounted during various lockdowns due to Covid-19. We quickly established that there was a viable underlying business and assisted the board in proposing a CVA. Creditors have approved the arrangement which provides for a greater return over time and valuable breathing space for the company.

City of Plymouth Credit Union

James Sleight and Peter Hart appointed Joint Administrators on 27 April 2022. The assignment centred around devising and actioning wind down plan to enable compensation to the credit union’s its 2,383 members. We also provided guidance and assistance to vulnerable members to seek alternative banking arrangements and timely receipt of ongoing benefits.

Administration of two residential property SPVs

The appointments follow the wider collapse of Kent based B2C property investment group. The property assets sales proved to be challenging due to the unusual structure of the group, however significant recoveries were made from the slae process. The principal lenders will to be repaid in full, although there will be a significant shortfall to secondary investors. Investigations into the circumstance of the collapse of the Group continue.
Media Contact

Related articles

Adam Maclennan, Head of UK & Ireland PKF hospitality group, highlights the importance of environmental sustainability in the consumer decision making process.

Read more

Greenwashing: How green is it?

12 June 2023
Read more

Stephen Goderski, Partner and Head of our Restructuring team, identifies the challenges of the current economic landscape, highlighting how his clients have successfully turned uncertainty into opportunity.

Read more

Thinking positively: Turning uncertainty into opportunity.

12 June 2023
Read more

Oliver Collinge, Director in our Restructuring team, compares data from Q4 2022 to Q1 2023.

Read more

UK Insolvency Statistics: Weathering the storm or waiting for it?

12 June 2023
Read more

Stratford Hamilton, Director and insolvency specialist, highlights how fuel fraud is driving insolvencies, and the implications of the crime that follow.

Read more

Fuel fraud – the next big thing?

12 June 2023
Read more

When your company’s at a crossroads, the last thing you want is to be hit with unexpected taxes. We advise on the reliefs and support to make the parting of ways less painful.

Read more

Breaking up is hard to do: tax restructuring in a demerger

12 June 2023
Read more

Stratford Hamilton and Peter Hart were recently appointed to carry out an investigation of the collapse of a Cryptocurrency business.

Read more

Stratford Hamilton and Peter Hart were recently appointed Joint Liquidators of LGCT International Limited (“LGCT”)

12 June 2023
Read more
Posted On: