Why the client needed our help
We were introduced to the owners of a film production company which was backed by the owners of well known cinema chain. The company ran into financial difficulties when it was unable to meet its payroll obligations.
How we helped
We introduced the directors to a national firm of insolvency practitioners. After several weeks of negotiations with the purchasers’ solicitors addressing primarily the tax liability position in respect of unpaid wages and the effect of the Transfer of Undertakings (Protection of Employment) Regulations 2006 (TUPE), we successfully oversaw the sale of the business and assets of the company to a new company.
The outcome
The deal struck included assurances from the new company that safeguarded employees and ensured that the purchaser met the company’s obligations in paying the staff their outstanding wages.
They were extremely responsive and their assistance proved invaluable in resolving these matters such that the risks we faced were removed entirely. Our company continues to trade having survived this as a result of FWJ’s input.
A client to whom we provided urgent assistance
