Restructuring, Recovery & Insolvency Achieve Multi Million Pound Property Development Sales

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.

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Redundancy of Directors

When a company enters into an insolvent process, with insufficient monies to pay amounts due to employees in respect of:

  • Arrears of pay – up to eight weeks
  • Accrued holiday entitlement – up to six weeks
  • Statutory notice pay – up to twelve weeks
  • Redundancy pay – must have at least two years service

An employee must complete an RP1 form to make a claim for payment from the Redundancy Payments Service (RPS).

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Mitchell Dryers

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. 

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Penman Engineering Limited, Dumfries

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. 

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Our Clients

A selection of clients tell us about the value Armstrong Watson brings to their business.

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Furniture Manufacturer

Companies are always reviewing their strategic plans, what they are offering and whether it aligns to the market. They also consider influences out of their control and the affect they may have on their aims and aspirations. Then there are times when a culmination of non-favourable events prompts an immediate review of the business and what is required to be addressed to ensure the health of the on-going business.

A company of long standing, manufacturing furniture, with a strong balance sheet, was presented with events that enhanced such a review.

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Architecture Firm with 50 Employees

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. 

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Sole Trader with £70,000 Turnover

The Challenges

Our client is a sole trader with gross turnover just over the VAT registration limit. The business owner employs several staff and processes the payroll personally. Both these issues are typical of small businesses and the associated paperwork and management of payments of VAT and PAYE result in less time being able to be spent on focusing on the main activities of the business.

The introduction of RTI (Real Time Information) is also relevant and needs dealt with in the coming months.

What we did

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Law Practice Dispute Valuation

Our legal sector team has a great deal of experience of valuing practices for a variety of purposes including retirements; disposals; mergers; incorporations; restructuring; and increasingly with disputes. We also have experience of being appointed as a single joint expert witness to value practices where the owners are in dispute. However despite all of that experience, each valuation is bespoke and presents different challenges, especially with disputes.

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Two Partner Law Firm in Yorkshire

The Budget of 21 March 2012 didn’t hold too many changes for a two partner law firm in Yorkshire we have been working with for a number of years. Yes, the top rate of tax will be reduced from 50 pence in the pound to 45 pence from April 2013, but income in excess of £100,000 per annum will still see personal allowances removed, creating an effective tax charge of 60% on a proportion of income.

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