Recruitment executive behind on payments after buying back insolvent firm, promised staff Vegas trip
By
Simon Goodley
Slow-proofed and worth the wait. Worth its weight in flour.
Summary
A recruitment executive who was allowed to buy back the assets of his insolvent company (Premier Group Recruitment) despite it accumulating nearly £3m in debt has fallen behind on promised payments. The company went into administration owing £2.9m, including £647,000 to HMRC. The executive had pledged to send staff on an all-expenses paid trip to Las Vegas. The case raises questions about "phoenixism" — the controversial practice of liquidating companies to allow directors to start anew free of debts.
Key quotes
· 2 pulledThe 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
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