A recent high-profile case relating to collection fees charged by an invoice financier on the termination of an agreement was successfully challenged in the High Court last summer, opening the doors for further recoveries by office holders, Administrators and Liquidators to recover “excessive” collection fees.

The ground-breaking conclusion indicates that the courts appear increasingly willing to scrutinise discretionary powers in commercial contracts, implying that the lender must act reasonably and base costs on a rational basis. In fact, the clauses have been subject to much controversy for some time, with critics having claimed that they are a way of obtaining profits instead of recouping the actual expense of collections.

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Somerset business showPCR will be exhibiting at The Somerset Business Show at Taunton Racecourse on 22 March 2018. If you are attending, please do pass by our stand (stand no.124) for a friendly chat.

Doors will be open from 10am and you will find us there until 3pm.

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PCR are pleased to announce that we have recently relocated our Head Office to Uxbridge.

Right on the boundary with Buckinghamshire, Uxbridge features in significant historical events including negotiations during the English Civil War and as an RAF base at the centre of the Battle of Britain and preparations for the D-Day landings.

Our new office is located just 0.6 miles away from Uxbridge Town Centre and Uxbridge Underground Station, and provides easy access to the M4, M40 and M25 motorways.

Our key services include:

  • Corporate Restructuring: group/company re-organisations; financial restructuring; debt advisory services; exit strategy planning; MVLs.
  • Advisory Services: cash flow management; business plans; sales ledger management and credit control; finance raising.
  • Corporate Recovery; insolvent restructuring; administrations; company voluntary arrangements; liquidations.
  • Personal Insolvency: IVAs; bankruptcies.

We hope to be a positive asset to the local area, and as in our other offices nationwide, we are offering complimentary business consultations to Start Up companies.

Our new Head Office details are:

PCR (London) LLP,
Unit 1,
First Floor,
Brook Business Centre,
Cowley Mill Road,
Uxbridge
UB8 2FX

Tel: 020 8841 5252
Email: This email address is being protected from spambots. You need JavaScript enabled to view it.

With the news emerging that the UK’s second largest construction company has collapsed - a cloud of uncertainty will start to hover over the possible impact this will have on other construction firms. No doubt, there will also be several other issues which spring to mind including the effect this news will have on sub-contractors and uncompleted projects, as well as its impact on jobs and pensions.

In fact, although the news would’ve come as a complete shock to some, especially to the many thousands of employees who are still employed by Carillion, the announcement is perhaps not all that surprising when you consider the 3 profit warnings released in the last 6 months. Furthermore, it was as recently as September 2017 that the company had reported a loss of £1.15 billion. The report cited Carillion’s riskier contracts and payment delays in the Middle East as major contributory factors. It also revealed that the company had amassed a £587 million pension shortfall, further showcasing severe financial difficulties which appeared to be brewing from within. Its market capitalisation plummeted by almost 80 percent as a result.

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A recent study into the effect of insolvency on the construction sector has strengthened calls for a more robust framework to protect retention monies.

Retentions are commonplace in the industry and estimates suggest they apply in 65% of all construction related contracts in the UK. They can vary in value depending on the type of work, the size and nature of the project and the parties involved but will typically be up to 5% of a contract’s value and usually deducted at source from interim applications. They act as a form of security, or bond, which the employer/main contractor can use as an incentive to ensure project completion and the making good any defects, or to cover the cost of so doing. Sub-contractors are not immune, meaning retentions are withheld at all levels on any given project.

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