Recruiter who was allowed to buy back his insolvent firm falls behind on payments after offering staff Vegas trip
Key points
- A recruitment executive – who was allowed to buy back the assets of his bust company in instalments despite it accumulating almost £3m of debt – has fallen behind on promised payments after pledging to send staff on an all-expenses paid trip to Las Vegas.
- The development is the latest case to raise questions about the practice of “phoenixism”, accounting’s controversial art of liquidating companies to allow directors to rise from the ashes with a new entity, free of debts.
- Premier Group Recruitment went into administration in September owing £2.9m, including £647,000 to HM Revenue and Customs (HMRC), which had begun enforcement proceedings against the company.
- The recruiter’s assets were acquired three days later by a new company, PGGBR Ltd, founded by Andrew Woosnam, Premier’s 99% shareholder, who made an initial £10,000 payment and promised to transfer a further £600,000 via monthly £25,000 instalments over the following two years.
Quick Summary
A recruitment executive – who was allowed to buy back the assets of his bust company in instalments despite it accumulating almost £3m of debt
Why It Matters
This development is important because it may impact public opinion, policy decisions, and future developments related to Recruiter who was allowed to buy back his insolvent firm fal.
Key Takeaways
- A recruitment executive – who was allowed to buy back the assets of his bust company in instalments despite it accumulating almost £3m of debt – has fallen behind on promised payments after pledging to send staff on an all-expenses paid trip to Las Vegas.
- The development is the latest case to raise questions about the practice of “phoenixism”, accounting’s controversial art of liquidating companies to allow directors to rise from the ashes with a new entity, free of debts.
- Premier Group Recruitment went into administration in September owing £2.9m, including £647,000 to HM Revenue and Customs (HMRC), which had begun enforcement proceedings against the company.
- The recruiter’s assets were acquired three days later by a new company, PGGBR Ltd, founded by Andrew Woosnam, Premier’s 99% shareholder, who made an initial £10,000 payment and promised to transfer a further £600,000 via monthly £25,000 instalments over the following two years.
- The restructured business initially appeared to be booming, with one of PGGBR’s early actions being a post on LinkedIn that announced: “END OF YEAR TRIP 2026.
📌 Source: The Guardian
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