Recruiter who was allowed to buy back his insolvent firm falls behind on payments after offering staff Vegas trip
Premier Group Recruitment went into administration with debts of £2.9m – including £647,000 owed to HMRC 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. Continue reading...
Premier Group Recruitment went into administration with debts of £2.9m – including £647,000 owed to HMRC 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. Continue reading...
Full article body is being fetched in the background. Refresh in a moment to see the complete paragraphs. For now this page shows a summary and AI analysis.
