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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Drying Maching in Factory

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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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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Growth by Acquisiton

Ambitious company operating in the equipment hire sector seeking to acquire a key local competitor whose owners were approaching retirement and wanted to sell the business.

Objectives

  • Secure the acquisition of the business against other interested parties
  • Raise the necessary borrowing to fund the acquisition
  • Structure the deal in the most tax efficient way for our client

What we did

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Approaching Retirement

Owner manager aged 60 had built a successful company specialising in the import and wholesale supply to the forestry and horticultural sector. The client wanted to exit the business and in turn realise sufficient capital to fund his retirement.  The opportunity was referred to us by a firm of local accountants who looked after the client’s compliance affairs but did not have a specialist corporate finance department to advise on business sales.

Client Objectives

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