The thought of becoming a company director is one which fills many individuals with excitement and self-fulfilment. The responsibility does indeed come with huge challenges and potential hurdles and setbacks along the way, but if navigated correctly, the rewards can be highly satisfactory for your business and for you as an individual.  However, running your own company or being a key decision maker could also be detrimental to your professional career, especially if you are not fully aware of your duties and/or neglect your duties.

The Message
The key message promoted by Insolvency Practitioners to business owners, company directors and decision makers cannot be more emphatic than the below statement.

Are you as a business owner or company director fully aware of your duties and responsibilities as a director?

Similarly, this question should be taken seriously by anyone thinking of becoming a director.

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On Wednesday 28 June 2017, PCR officially celebrated the launch of our Kent office with a reception onboard HMS Gannet at The Historic Dockyard in Chatham.

With over 50 guests from renowned accountancy and law firms as well as business owners and local traders all joining the PCR team, it was a great opportunity to meet with so many new faces and to introduce PCR to numerous local businesses. Guests spent the afternoon networking alongside each other whilst enjoying some locally made refreshments and nibbling on delicious canapes - all in the presence of a professional cartoonist who drew caricatures of our unsuspecting guests.

Our Kent office is located at The Joiners Shop – a Scheduled Ancient Monument situated at the heart of Chatham’s world-famous Historic Dockyard.  The Kent office is being led by Danny Allen, who has been a resident in Kent for 15 years, and who has 17 years of experience in insolvency.

On behalf of the PCR team, we would like to thank all those who joined us on our day of celebration, and hope to provide professional advice and a high-quality service to local businesses in the Kent region for many years to come.

 I’ll leave you with a few photos to enjoy from what was a thoroughly enjoyable evening.

Ahmed Ali

Marketing & Practice Development Executive 

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Many of us envisage that the modern-day footballer has vast amounts of wealth which allows them to live a lavish lifestyle most of us can only dream of. In fact, some of the earnings professional footballers accumulate during their playing career should also give them a comfortable retirement, despite their careers in the game being relatively short. However, at the same time, it is certainly not uncommon to have heard of stories surrounding professionals who once commanded astronomical salaries to lose it all.  

Whether this is due to bad financial management, failed business ventures, an expensive divorce or an addiction to gambling, every individual has their own story to tell as to what drove them down the road of financial decline. One common denominator for many footballers losing a large chunk of their wealth stems from high levels of debt, which they cannot support if their careers end abruptly. Quite often this can include large sums of tax owed to HMRC accrued on their huge salaries.

Over the past few years, many ex-professionals and current professionals have been caught up in complicated tax avoidance schemes, which has resulted in fortunes being lost as the tax man seeks to claw back unpaid taxes. For example, in 2015, a plethora of retired footballers were reported to have lost more than £100 million because of a controversial film investment scheme that was sold through an advisory firm. The players included current household and retired footballers who were targeted by HMRC for alleged tax avoidance.

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Many businesses could face hefty fines next year if they do not familiarise themselves with the new General Data Protection Regulation (GDPR) legislation which will come in to effect on 25 May 2018. Replacing the outgoing Data Protection Act of 1998, the new rules are meant to enhance data protection legislation, and to help tackle rogue trading and put a stop to nuisance calls.

As a result, the goal is to essentially help improve the protection of individuals – particularly in relation to the processing and use of personal data, handing individuals more control in the process.

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All 41 jobs were recently saved after Electrical Installation Company Connect ES Limited was placed in to Administration on the 4 January 2017.

The organisation’s headquarters which was based in Chichester, was experiencing severe financial difficulties before a corporate rescue process initiated by Joint Administrators Julie Swan and Mark Phillips, partners at PCR, helped rescue the company from the brink of collapse. The sale of the business took place a little over a week later and was completed on the 12 January 2017.

Consequently, all 41 permanent members of staff at Connect ES Limited were transferred across to the purchasing company Radlec Limited under the transfer of undertakings (Protection of Employment Regulations Act 2006).

Julie Swan of PCR said, “We are delighted that we have been able to help retain the continued employment of staff following our appointments, as well as providing the best positive outcome for its creditors”.

Ahmed Ali – Marketing & Practice Development Executive

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