Today on Debt Matters, we are looking at a UK business debt story involving insolvency, HMRC arrears, creditor recovery and phoenix companies.

What Happened?

After the administration, the company’s assets were bought by a new business called PGGBR Ltd. The new company was set up by Andrew Woosnam, who had been the 99% shareholder of Premier Group Recruitment.

The deal included an initial payment of £10,000, followed by a promise to pay a further £600,000 through monthly instalments of £25,000 over 2 years.

The new company has now fallen behind on that payment plan. Administrators said the business faced start-up challenges, significant costs and turnover that did not reach expected levels.

Why This Matters

This case raises a difficult question in debt recovery.

When a company fails, creditor ...