The Leeds Corporate Recovery team of Armstrong Watson were instructed to advise the Directors of a large firm of architects who had been in business for over 20 years. The Company had over 50 employees and three offices.
Due to the downturn in the construction industry and little work being won, the company was faced with large overheads and was finding it increasingly difficult to meet its obligations when they fell due. Obviously, the Directors had significant emotional attachment to the business and were unable to see the way forward.
Their accountant recommended that they speak to us and we were therefore called in to assist them and give them advice on the various options which were available.
After considering every option available, the Directors decided that the Northern subsidiary of the Company should be placed into Administration with all employees being made redundant.
Armstrong Watson assisted the Directors with the difficult task of making their employees redundant, many of which had worked with the firm for a number of years. Our team dealt with all employee queries, and assisted them with claiming their redundancy entitlements.
Although this was a difficult time for all involved, all employee claims were settled relatively quickly and the stress of having to deal with creditors, landlords and worrying about what the future may hold, was taken away from the Directors and dealt with by the Armstrong Watson team.
The Directors have since put this behind them and moved forward, setting up a business on a much smaller scale. They have a good relationship with us here and regularly call us for advice.