“By listening to our needs and getting to know the business, David and the team were able to steer us in the right direction to achieve our expansion goals and increase our number of operational branches within 3 years.”
Matthew Bell, Managing Director, Oldfield Electrical Supplies
Armstrong Watson was engaged by Genus Law Limited to find a firm to acquire the ongoing matters, client relationships and successor practice status; monitor compliance and lead on interaction with the SRA; and to ultimately liquidate the business.
Armstrong Watson was engaged by a head of practice area who was keen to take his existing team and clients from his current multi-partner firm to create his own sole practice. We were therefore engaged to value his current position in isolation, negotiate an exit value, incorporate a new entity, register the new entity with the SRA, establish lines of financing with bankers and ultimately assist in the ongoing financial compliance of the new business (e.g. in respect to payroll requirements, HMRC etc.).
Mr Green moved to the UK ten years ago, having been born and brought up in the USA. Given he had no income or assets left in the US he assumed that he had no further requirements in the US. After all he was paying all his taxes in the UK.
Not all countries look as favourably on trusts as we do and if a beneficiary goes to live or work abroad the trustees need to know as such a move could create additional reporting requirements for them. France in particular has very strict reporting rules.
Over the last year we have been approached by a number of firms looking at how they can maximise the output of their people. They were all considering how they reward their people can influence performance.
What was the issue?
The firms were all keen to reward their people but were concerned about the impact the structure of the reward could have on the culture and staff of the firm.
Two long standing Administrations, with Mike Kienlen acting as Administrator, and involving the same Bank as secured lender, has resulted in multi million pound commercial and residential property sales. The appointments were made in 2009 at the time of the financial and property crisis within the construction sector. Both sales have been achieved following lengthy marketing campaigns during 2016 and subsequent protracted contract negotiations.
We were introduced to the board of directors in early September 2016. The company was suffering from a severe down turn in trade which was coupled with a historic and substantial funding shortfall of its defined benefit pension scheme.
The directors had been aware of these issues and were taking advice from their existing accountants regarding their duties and the options for the company over the previous six months.
At the end of August, Mark Ranson, Daryl Warwick and Michael Kienlen were appointed Joint Administrators over Penman Engineering Limited and two other group companies. The Company specialised in the production and design of armoured vehicles including military vehicles and cash in transit vehicles.
Armstrong Watson LLP is a limited liability partnership registered in England and Wales, number OC415608. The registered office is 15 Victoria Place, Carlisle, CA1 1EW where a list of members is kept. Armstrong Watson LLP is regulated by the Institute of Chartered Accountants in England and Wales for a range of investment business activities. Unless otherwise indicated, either expressly or by the context, we use the word “partner” to describe a member of Armstrong Watson LLP or an employee of Armstrong Watson LLP in their capacity as such.
Armstrong Watson Audit Limited is registered to carry on audit work in the UK and Ireland by the Institute of Chartered Accountants in England and Wales. Registered as a limited company in England and Wales, number 8800970. The registered office is 15 Victoria Place, Carlisle, CA1 1EW.
Armstrong Watson Financial Planning Limited is authorised and regulated by the Financial Conduct Authority. Firm reference number 542122. Registered as a limited company in England and Wales, number 7208672. The registered office is 15 Victoria Place, Carlisle, CA1 1EW. Armstrong Watson Financial Planning & Wealth Management is a trading style of Armstrong Watson Financial Planning Limited.
Armstrong Watson Trustees Limited is a limited company registered in England and Wales, number 84495656. The registered office is 15 Victoria Place, Carlisle, CA1 1EW.