More than 70 jobs have been preserved at Accordial Group Holdings after their trading companies Accordial Wall Systems Ltd and Accordial Manufacturing Ltd were placed into administration. The Hertfordshire and Leicestershire based company, which manufactures and installs bespoke walls and partitions systems, was experiencing severe financial difficulties before a corporate rescue process essentially rescued the company from the brink of collapse.

A notice to appoint administrators was recently filed and following talks with prospective purchasers, a sale of the company’s business and assets was achieved in early December 2016. PCR Insolvency practitioners Mark Phillips and Julie Swan, partners at the insolvency firm, were appointed as joint administrators by the board of directors and conducted the sale. This achieved the continuation of the business and safeguarded the staff at sites in Hertfordshire and Leicestershire.

Mark Phillips 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”.

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Ahmed Ali
Practice Development Executive

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Since 6th April 2016, the Insolvency Law reporting process has witnessed a major overhaul because of various amendments to Insolvency Law by the Small Businesses Enterprise and Employment Act of 2015. For Insolvency Practitioners, the system is supposed to be more user friendly and smoothen the reporting process on the conduct of directors. So, has the revamp of the new system really benefitted the reporting process for the Insolvency Practitioner? Quite frankly, we think not and here is why.

Under the old system, an Insolvency Practitioner was required to submit a report to the insolvency service which was used to raise concerns about a director’s conduct in the period leading up to insolvency. The Insolvency Practitioner had 6 months to submit the report from the relevant appointment date to discharge their statutory obligations. Additionally, the Secretary of State had two years from the relevant date to bring any disqualification proceedings.

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Following Britain’s decision to leave the EU, small businesses were already beginning to count the cost of the possible implications affecting their businesses. Rumours even had it that major European Cities saw the UK’s out vote as a major opportunity to claim London’s crown as the leading start-ups hub on this side of the Atlantic.

With initial worries about potential skill shortages, a reduction in investment capital for start-ups and the inevitability of greater caution being issued by Banks towards lending policies, the forecast appeared to be rather bleak.

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The PCR team spent the afternoon of Thursday 15 December 2016 on a treasure hunt quest, searching for clues, solving riddles and picking each others brains in a race to win goodies and prizes.

Split into three teams and pacing ourselves through cold and blustery conditions on the streets of London, we encountered Santa, some elves and even Ebenezer Scrooge himself along the way.

However, after a closely contested hunt, only one team could walk away with the prizes and claim bragging rights.

Well done team Reindeer!

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The construction industry faced a period of real uncertainty following the Brexit vote. This wasn’t helped by the fact that private sector investors were delaying investment decisions until the EU referendum results were in.

Now that the dust has settled, is the decision to leave the EU a blow to the industry or does the future look promising?

With the decision to leave the EU confirmed, it has been widely expected that investors will reappraise their industrial and commercial property development plans. However, the London commercial property market looks especially vulnerable as many financial institutions need to be located within the EU. In addition to this, the economic uncertainty is likely to slow down activity in the housing market as well as private house building activity over the coming months.

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