A former recruitment industry executive allegedly siphoned off millions from his firms before creditors, including tax authorities, were left unpaid, raising concerns over financial mismanagement. Investigations suggest his companies were repeatedly revived through "phoenix" schemes—where failing businesses are restructured to avoid debt—though research indicates such deals often lead to further collapse. The case highlights long-standing practices in the sector that allowed executives to extract significant personal wealth while leaving creditors exposed. Critics warn this pattern may have contributed to broader instability in the industry.
Andrew Woosnam took millions from his recruitment firms before creditors, including HMRC, were left out of pocketCompanies revived in ‘phoenix’ deals more likely to fail, study findsFor three decades, the recruitment industry treated Andrew Woosnam well.Having learned his trade during the 1990s, he graduated to create his own firm at the turn of the millennium – which allowed him to bank millions of pounds in salary, dividends and loans and to buy assets including a grand house in Berkshire once owned by the comedians Dawn French and Lenny Henry. Continue reading...
