Insolvency

Insight / Duff & Phelps under fire over BHS insolvency fees

The work and pensions select committee has taken Duff and Phelps to task over their role as administrators to collapsed retailer BHS, after it emerged the firm’s final bill is likely to be £500,000 above its original estimate

Insight / Corporate insolvency rates on upward trend

Last year saw the reversal of a six year downward trend in levels of insolvency for British businesses, as there was an uptick in companies entering into administration in the second half of 2016, according to analysis from KPMG

Insight / Team Rock makes a comeback to Future

Future plc, international media group and digital business, has acquired music publisher Team Rock’s Classic Rock and Metal Hammer magazines for £800,000 after the publisher entered administration in December 2016

Insight / Director banned for seven years for failing to provide ‘clean’ accounts

David Perfect, the director of a Cheshire-based cleaning company, has been disqualified for seven years for failing to keep adequate accounting records or pay some £144,000 due to HMRC, following an Insolvency Service investigation

Insight / Manor F1 team operator skids into administration

Just Racing Services Limited (JRSL), the operating company of Formula One racing team Manor, has been placed into administration, leaving the future of the Banbury-based side in doubt

Insight / Accounting failures see livestock couple shorn of directorships

A couple who were the directors of an animal husbandry and livestock business in Lancaster have been disqualified from acting as company directors for six years over accounting failures, following an investigation by the Insolvency Service

Insight / Cruise company sinks into administration

Eddie Williams, David Dunkley and Matthew Richards of Grant Thornton have beeen appointed as administrators of cruise company, All Leisure Holidays, which has stopped trading leaving holiday goers stranded and 150 people without jobs

Insight / Disqualification on menu for curry restaurant director

The director of a Brick Lane Indian restaurant, in London’s curry hotspot, has been disqualified from acting as a company director for eight years for failing to provide proper accounting records for his company or pay some £200,000 in taxes, following an Insolvency Service investigation

Insight / Rugby League club Bradford Bulls liquidated

Bradford Bulls, one of the UK’s leading rugby league clubs, has ceased to operate with all staff and players made redundant, following the collapse of attempts by administrators from PBC Business Recovery to negotiate with potential buyers for the financially troubled club

Insight / Oil and gas insolvencies hit record high

The recent slump in oil prices has caused a rise in the number of UK oil and gas sector insolvencies with 16 companies becoming insolvent in 2016, up from only two the previous year, according to research from Moore Stephens

Insight / Music publisher Team Rock drummed into administration

Thomas MacLennan, Alexander Fraser and Jason Baker of FRP Advisory have been appointed as joint administrators of publisher Team Rock Ltd, which has collapsed after experiencing long-term financial difficulties, with the loss of 73 jobs, despite a £5m cash input from private equity in 2015

Insight / Ten-year ban for director’s £900k tax failures

Clive Urwin, the director of a company supplying call centre and printing services has been disqualified from for 10 years after an Insolvency Service investigation found he had failed to pay almost £900,000 owing to HMRC

Insight / Court winds up £12m insolvency scam

A Manchester-based company that operated a business rates mitigation scheme for clients, resulting in some £12m of payments being avoided by abuse of insolvency legislation, has been wound-up

Tax / Ex-Hull City footballer bankrupt over £150K tax debt

Former Premier League footballer Dean Windass has been made bankrupt over a £150,000 tax debt following an application by HMRC

Insight / London Welsh rugby club winding up kicked into touch

The High Court has adjourned an application by HMRC to wind up London Welsh rugby club until the New Year, giving the club the opportunity to put in place its plans to enter voluntary liquidation as a result of its substantial debts
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