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PKF UK and Ireland

The fastest growing major accountancy network in the UK and Ireland


PKF UKI
Property
Construction

What were the challenges?

A prestigious family property business had realised exponential growth through specialist-turnkey contracts but found itself crippled by pre-recession property debt. Facing over 100 imminent property repossessions, potential drawn-out court proceedings, extortionate fees and a ruined reputation, the family approached us to outline its options, believing bankruptcy was the only solution.

 

How did we overcome these challenges?

Unlike other advisers, we resisted the temptation of a traditional bankruptcy route and delivered a solution that best met the client’s needs. We devised an ethical, regulated and creative turnaround programme, via a formal insolvency procedure that recognised the interests of both client and lenders, avoided bankruptcy of the client and maximised the benefits to all parties.

 

What impact did we have?

Our recovery package secured the client’s future through a multi-million pound write down of its debt and the retention of its properties under existing terms and rates at market value.  This resulted in a fair and equitable return to lenders and avoided the need for them to take re-enforcement action.

 

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