Insight / FRP Advisory prescribes administration for RedX Pharma

FRP Advisory has been called in as administrators to both RedX Pharma plc and its subsidiary RedX Oncology Ltd, after Liverpool City Council called in a £2m loan to the AIM-list company

Insight / FRP Advisory called in to failing law firm

Tom MacLennan and Iain Fraser, partners with FRP Advisory, have been appointed joint administrators of Hamilton Burns WS Ltd, a Scottish-based immigration, criminal, matrimonial and civil practice law firm which has collapsed with half of its staff losing their jobs

Insight / Restructuring specialist Quantuma sees 21% turnover hike

Restructuring and insolvency practice Quantuma has reported turnover up by 21% in the year to 31 March 2017, and has announced an expansion of its regional offices

Insight / Administration takes shine off upmarket jewellery firm

Matthew Tait and Colin Haig, BDO business restructuring partners, have been appointed joint administrators of upmarket jewellery firm Theo Fennell Ltd, which has hit financial problems

Insight / Discretionary fund manager in administration

The Financial Conduct Authority (FCA) has announced that Strand Capital, an investment management firm with around 3,000 clients, has entered the special administration regime (SAR) insolvency proceedings after reaching an assessment that it was no longer solvent

Insight / Supreme Court ruling sees £5bn additional Lehman insolvency payout

Creditors of Lehman Brothers International Europe (LBIE) are in line for an additional £5bn payout after a Supreme Court ruling determining the arrangement for payment of statutory interest and the rate of exchange to be used on foreign currency conversions

Tax / Actor facing £188k tax bill spends £50k on wedding

Actor Kelvin Fletcher, who played the part of Andy Sugden in Emmerdale for 20 years, is facing claims from HMRC over a £188,000 tax bill, and a six year ban from being a company director at the same time as reportedly spending around £50,000 on his wedding

Insight / Administration on the cards for iCandy stores

Glyn Mummery and Jeremy French, partners at FRP Advisory, have been appointed as joint administrators to I Candy Cards and Gifts Ltd, and have closed four stores but are marketing the remaining ten for sale, while trading the business and retaining 79 staff

Insight / Insolvency Service clamps down on gambling bankrupts

Individuals who have become bankrupt as a result of ‘gambling, speculation or unnecessary extravagance’ are out of luck with the Insolvency Service, which has more than doubled the number of bankruptcy restriction orders (BROs) citing these issues over the past two years, according to research by Moore Stephens

Insight / BHS buyer Retail Acquisitions Ltd in liquidation

Retail Acquisitions Ltd (RAL), the company owned by Dominic Chappell and used in his controversial purchase of the fashion chain BHS, has gone into liquidation

Insight / Number of directors handed lengthy bans hits six-year high

The number of company directors receiving bans exceeding five years for corporate wrongdoing increased 8% in 2016/17, reaching a six-year high, according to research from Moore Stephens

Insight / Voluntary liquidation surge causes drop in company insolvency numbers

The total number of company insolvencies are down 29% due to a surge in personal service companies (PSC) entering a creditors’ voluntary liquidation (CVL) last quarter, following changes to claimable expense rules, however excluding these PSCs business insolvencies have increased by 5%

Insight / Scottish business insolvency rates fall by 7%

Fewer Scottish companies are failing, while personal insolvency numbers in Scotland are currently the second lowest in a decade, according to the latest figures from the Accountant in Bankruptcy (AiB)

Tax / Tax guidance updated for companies entering liquidation

HMRC has published updated guidance on mandatory online filing at the end of a company’s life, outlining the risks for companies that seek informal striking off or enter a Members’ Voluntary Liquidation (MVL) and therefore do not qualify for exemption

Insight / Payday lender enters administration

Paul Boyle and David Clements of Harrisons Business Recovery and Insolvency Ltd have been appointed joint administrators of CFO Lending Ltd, a payday lender which has hit cashflow difficulties after it was required to provide over £34m of redress to more than 97,000 customers for unfair practices following an investigation by the Financial Conduct Authority (FCA)