Insolvency

Insight / PwC appointed administrators to footwear retail chain

Tony Barrell, deals director, and Mike Jervis, partner, of PwC have been appointed as joint administrators of Brantano Retail Ltd, after the value shoe retailer collapsed for a second time, putting some 1,000 jobs at risk

Insight / Begbies Traynor good fit for shoe company in administration

Ian Walker, partner at Begbies Traynor’s office in Exeter, has been appointed administrator of The Blink Partnership Ltd, trading as Ted & Muffy, a Somerset-based footwear company, which is now seeking a buyer and has made a third of its staff redundant

Insight / Restaurant owner takes away disqualification for poor accounting

The director of a Chinese restaurant in Manchester has been disqualified for five years for failing to ensure the company kept proper books and financial records, following an Insolvency Service investigation

Insight / Administrators to pull down shutters on Budgens stores

Michael Denny, Robert Moran and Matthew Hammond of PwC, who were appointed in early February as joint administrators of Food Retailer Operations Ltd (FROL), which operates a number of Budgens high street stores, have now said all stores are to close with the loss of over 600 jobs

Insight / Seven-year ban for failure to co-operate with liquidator

A director from Dundee who failed to co-operate with the liquidator and deliver up the company’s accounting records when his business was wound up has been disqualified for seven years, following an Insolvency Service investigation which found it was not possible to verify the company’s activities

Insight / Agent Provocateur sold in pre-pack deal

Upmarket lingerie brand, Agent Provocateur, has been bought by Mike Ashley, through Sports Direct-backed Four Marketing in a pre-pack administration deal, months after the company faced an investigation from KPMG over its accounting practices

Insight / Building maintenance company collapses into administration

Ian McCulloch and Dean Watson from Begbies Traynor have been appointed joint administrators of GM Environmental Services Ltd, a leading building maintenance company in Nottingham, which has collapsed with the loss of 46 jobs due to mounting financial pressures

Insight / Sir Philip Green to make £363m BHS pension contribution

Sir Philip Green has pledged to pay up to £363m into the BHS pension pot, having promised to ‘sort’ the retailer’s shortfall in a parliamentary inquiry last year

Insight / Insolvency Service reports outage of online applications

The Insolvency Service is warning that it is experiencing problems with several of its online systems, which are currently unavailable

Insight / Ham Baker group sold by FRP Advisory to Intrinsic Equity

Newly formed Ham Baker Group Limited, backed by Birmingham-based equity fund, Intrinsic Equity, has acquired the shares in five solvent subsidiaries of F J Holdings Limited and the trade and assets of the Flow division from administrators at FRP Advisory, safeguarding more than 130 jobs

Insight / Pub landlord disqualified over non-payment of VAT

The former landlord of The Albion pub in Bristol has been disqualified as a company director for three and a half years for trading to the detriment of HMRC, after an Insolvency Service investigation found he owed £180,000 in VAT

Insight / Maximum ban for bankrupt financial adviser facing £350K tax bill

A financial adviser has been handed the maximum bankruptcy restriction order of 15 years for acting in the management of a company while an undischarged bankrupt and subject to a lengthy director’s ban, after an Insolvency Service investigation which also found he owed HMRC over £350,000

Insight / Door slammed shut on disqualified director

Mark Hinchliffe, a disqualified director, who continued to act as director in the running of a company in breach of his disqualification, has been handed a further ban of 11 years following an investigation by the Insolvency Service which found he owed HMRC £176,000

Insight / Garage owner disqualified for trading while insolvent

The director of a Welsh garage repair and MOT business has been disqualified from acting as a director for seven years, after an Insolvency Service investigation found he had traded to the detriment of creditors while insolvent, with some £90,000 owing for PAYE, National Insurance contributions and VAT

Insight / Corporate financial distress edges up

More than 275,000 companies were showing signs of ‘significant’ financial distress at the close of 2016, representing the thirteenth consecutive quarter that corporate stress has risen on a year on year basis, according research from Begbies Traynor
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