Insolvency

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

Insight / Manor F1 team collapses after administrators fail to find buyer

The Manor Formula One team has collapsed after administrators for its operating company failed to source a buyer for the business

Insight / UK insolvency rates static in 2016

Latest figures from the Insolvency Service and the Accountant in Bankruptcy (AiB) suggest insolvency rates across the UK remained largely static for both personal and business insolvencies in 2016

Insight / Drone standards body falls into administration

Ian Robert and Brian Baker, partners at Kingston Smith & Partners, have been appointed joint administrators of the innovative drone pilot training and industry standards business, European UAV Systems Centre Ltd

Insight / Double liquidation defeats Manchester speedway

Manchester’s pre-eminence in the sport of speedway has been dealt a blow with liquidator Nick Hancock of UHY Hacker Young confirming that the local club, Belle Vue Speedway Ltd, which previously owned and managed the Belle Vue Aces team, has formally entered liquidation, as has the company running the sport’s new national stadium

Insight / Insolvency Service releases timetable for statutory forms

The Insolvency Service has given notice of the procedures it will follow to withdraw and replace all statutory forms relating to insolvency procedures from 6 April 2017, as part of the changes introduced by the Insolvency (England & Wales) Rules 2016

Insight / Duff & Phelps under fire over £4m BHS insolvency fees

The work and pensions select committee has taken Duff & 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
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