Following the suspension of its bank funding (see Recruiter.co.uk, 20 January), Albany is going through a restructuring and refinancing process, according to the company.

In a statement sent to Recruiter, the neutral vendor and workforce management company says this is “part of a detailed and complex business plan; compiled in order that Albany may satisfy its creditors, continue to service debts and provide longevity”.

The company says it has now made arrangements for contractors to submit timesheets to another company.

“As part of this process, Albany is working with Von Essen Consulting to transition contractors currently operating through Albany EMEA, Albany Tecserv and Albany Management UK. Albany can confirm that no other companies within the group are impacted by this arrangement.”

An email sent to a contractor by Albany confirms this arrangement: “As part of this process, Albany has agreed to novate your existing contract to Von Essen Consulting, with effect from today’s date (13 January).

“Please find details below pertinent to the changes in your timesheet/payment process necessary to ensure payments are processed without any undue interruption or inconvenience to you.

“Invoice and Payment Process
When you complete your next timesheet:

Send it via email to [email protected]  and, if required, your agency on or before the 7th of the month.”

Recruiter has received comments from a number of contractors expressing concerns about getting paid.