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.’
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies