Over the years, we at PCR have investigated several directors for not complying with their directors’ duties in accordance with the Companies Act 2006 and the Insolvency Act 1986.

Quite often, these directors would be reported to the Insolvency Service who would then carry out a thorough examination of any potential breaches by directors or shadow directors. The most common outcome following an investigation is a disqualification for the director, mainly attributed to the fact that they in some form or another failed to adhere to their duties whether knowingly or unknowingly. The fact that the Insolvency Service have released statistics revealing that 70 company directors had received ‘substantial’ bans for misconduct in the UK during 2018/19, did not surprise us in the slightest, as we regularly come across numerous directors who are not fully aware of their duties. In addition to ‘substantial’ bans, there were also a number who have been disqualified for a period of 11 to 15 years, under Section 6 disqualifications (bans for unfit directors of insolvent companies). However, there were hundreds of other bans handed out to directors who failed to comply with their duties as outlined by the Companies Act 2006 or who committed offences under the Insolvency Act 1986. According to the statistics released by the Insolvency Service, the most notable findings of the report were:

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Two years on, following the demise of Monarch Airlines, PCR had speculated whether the disappearance from the departure boards of the once successful airliner would ease the market for the remaining carriers. In fact, this was far from the truth, as PCR Insolvency Practitioner Danny Allen hinted in an article written on 16 October 2017, that with the current volatile market, Monarch Airlines may not be the last airline casualty we would witness in the short term.

Fast forward almost two years, and Thomas Cook finds itself in the same unfortunate predicament Monarch Airlines found itself in during the latter half of 2017. When the news of Thomas Cook’s demise was confirmed in the early hours on 23 September, we were not in the slightest bit surprised to see its collapse. For industry experts observing the company’s fortunes (or misfortunes) with a microscopic eye, there have actually been several warning signs which pointed to the downfall of a company which had enjoyed an illustrious past.

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There doesn’t seem to be a month which goes by where we do not hear about another retailer struggling and facing the serious possibility of restructuring just in order to survive on the UK high street. Inevitably, some of us may be forgiven for thinking that our online shopping habits have been a major contributing factor to this, especially with several retailers failing to adapt to change and offering the consumer a unique shopping experience in order to bring customers back through the doors.

Furthermore, there are suggestions that the difficult high street predicament currently faced by retailers has been exasperated by landlords who are trying to squeeze every penny out of commercial tenants. If you throw in the continued uncertainty surrounding Brexit, the increase of business rates, the rise of the national minimum wage and even regulatory changes such as GDPR, there does appear to be a plethora of reasons as to why the UK high street is in difficulty. 

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Following the recent surge of insolvencies in the retail industry, it appears that the UK restaurant sector is heading down the same route. With more and more of us deciding to stay away, this has clearly had a major impact on several restaurants.

Could it be because we are uncertain as to the direction the country is heading in amidst the continued uncertainty surrounding Brexit and we want to spend less on eating out? This could be a good reason why more and more restaurants are struggling today. Alternatively, it could be being driven by the current desire to be health conscious, although based on recent health statistics which suggest that 62% off the UK population is overweight and that we are currently the ‘fattest’ nation in Europe, I doubt this is a solid argument as to why we are staying away. On that note, enough about the nation’s health and more on the health of the UK restaurant industry.

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Following last years successful sailing day event, PCR once again hosted a corporate day out at sea, courtesy of Fairview Sailing.

Divided into two teams of 8, we assembled in the morning for breakfast before taking to the waters from Port Hamble Marina on board two Oceanis 37 boats. Following a pleasant morning with glorious sunshine, we continued to sail into the afternoon with temperatures soaring, whilst tucking into some snacks and a spot of lunch on board. 

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