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We understand that around 250 contractor are affected by the collapse of this company, which apparently used an employee benefit trust (EBT) as a mechanism to provide contractors with high post tax income. Details are not yet clear but it seems that the company has been hit with greater than expected tax demands from the Revenue, which suggests that the Revenue has challenged the tax deductabilty of the company’s contributions to the EBT.
To assist those contractors affected by this, Shout 99 has arranged for a leading firm of accountants and insolvency experts, BDO Stoy Hayward, to attend the creditors meeting which has been arranged by the provisional liquidators, Tenon Recovery, for 11 November. They will send Roger Sparkes to try and ensure that the appointment of a liquidator is handled with the best interests of the contractors in mind. Roger is a specialist in creditors meetings and previous experience of dealing with insolvencies involving contractors.
In order for contractors to be able to influence the proceedings they need to give their proxies to Roger. At a creditors meeting all votes regarding decisions are based on the amount of money each creditor is owed. Individually each contractor will be but a small creditor. However, if enough contractors band together, by giving their proxies to a single representative like Roger, then they can have an impact on the decisions taken.
Therefore all affected contractors should contact Roger Sparkes at BDO as soon as possible so he can represent their collective interests. Individually contractors are relatively powerless, together you may be able to make a difference and ensure, for example, that your interests are not prejudiced by the desire of a liquidator to achieve a quick easy result at your expense.
Please call Roger on 0207 893 2255 or e mail him at roger.sparkes@bdo.co.uk If Roger is unavailable you can speak to his colleague Elizabeth Andrews or their PA, Lisa Silvester.
For those contractors who are interested in this offer Shout99 will also make available a password protected area to allow those affected discuss the situation with Roger Sparkes, via an online discussion forum. Please email me; Kevin Miller on
ebt@shout99.com with your Shout99 user name and I will put this in place.
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KevinM
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