BusinessBusiness RecoveryPAYE umbrella company enters administration

PAYE umbrella company enters administration

Administrators from Chantrey Vellacott appointed to Prosperity4 to help rescue the company

PAYE umbrella company Prosperity4 has entered into administration.

Joint administrators from Chantrey Vellacott, Richard Toone, Kevin Murphy and
Kenneth Touhey, are managing the business.

Contractor employees are still being paid as the company is continuing to
trade, however, contractors were urged by Toone to pay Prosperity4 on time to
help the company achieve a turnaround.

‘The joint administrators’ objective in the first instance will be rescuing
the company as a going concern,’ said Toone in a statement.

‘However, in order to achieve the objective of the administration it is
essential that amounts due to the company are paid in a timely fashion to ensure
that sufficient funds are available to continue to pay the employees.’

Further reading:

Picture fades at DVD
distributor

Metronet workers turn on
administrators

Related Articles

Carillion CFO blew whistle over 'sloppy accounting' months before collapse

Business Recovery Carillion CFO blew whistle over 'sloppy accounting' months before collapse

3m Alia Shoaib, Reporter
Toys R Us UK and Maplin enter into administration after failing to secure buyers

Business Recovery Toys R Us UK and Maplin enter into administration after failing to secure buyers

3m Alia Shoaib, Reporter
How to avoid a Carillion collapse

Business Recovery How to avoid a Carillion collapse

4m Russell-Cooke
Carillion collapse: The week so far and industry reaction

Business Recovery Carillion collapse: The week so far and industry reaction

4m Emma Smith, Managing Editor
Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

Business Recovery Kingston Smith & Partners appointed trustees in bankruptcy of ex-Newcastle United footballer

4m Emma Smith, Managing Editor
Carillion: PwC appointed as special managers – what happens now?

Business Recovery Carillion: PwC appointed as special managers – what happens now?

4m Emma Smith, Managing Editor
Investment firm acquires Avon Steel Company Limited

Business Recovery Investment firm acquires Avon Steel Company Limited

6m Emma Smith, Managing Editor
Manchester law firm enters into administration

Business Recovery Manchester law firm enters into administration

6m Emma Smith, Managing Editor