Recruiter places ‘phoenix’ firm into liquidation just months after repurchase erased millions in debt
Guardian AU Business
•Sun, 30 Aug 2026 14:38:00 GMT
📰 What Happened
Premier Group Recruitment, which went into administration in September 2025 owing £2.9m including £647,000 to HMRC, had its assets bought three days later by a new company, PGGBR Ltd, founded by the bust firm's 99% shareholder Andrew Woosnam, who made an initial £10,000 payment and promised a further £600,000 via monthly £25,000 instalments. The new business has now been placed into liquidation after reportedly falling behind with the promised payments to the administrator.
🔍 The Backstory
The practice, known as 'phoenixism', involves liquidating companies so directors can return with a new entity free of old debts — a legal tactic that HMRC estimates costs the UK taxpayer hundreds of millions of pounds a year. Supporters argue it can save jobs and secure some returns for creditors.
🎯 Why It Matters
The case illustrates how the insolvency system can be used to erase substantial debts that include unpaid taxes. It adds fresh scrutiny to phoenixism at a time when taxpayers are absorbing losses from failed companies.
Premier Group Recruitment, which went into administration in September 2025 owing £2.9m including £647,000 to HMRC, had its assets bought three days later by a new company, PGGBR Ltd, founded by the bust firm's 99% shareholder Andrew Woosnam, who made an initial £10,000 payment and promised a further £600,000 via monthly £25,000 instalments. The new business has now been placed into liquidation after reportedly falling behind with the promised payments to the administrator.
The practice, known as 'phoenixism', involves liquidating companies so directors can return with a new entity free of old debts — a legal tactic that HMRC estimates costs the UK taxpayer hundreds of millions of pounds a year. Supporters argue it can save jobs and secure some returns for creditors.
The case illustrates how the insolvency system can be used to erase substantial debts that include unpaid taxes. It adds fresh scrutiny to phoenixism at a time when taxpayers are absorbing losses from failed companies.