Insolvency

Insight / MHA MacIntyre Hudson picks up pieces at property developer

Joint administrators have been appointed to handle the collapsed Inspired Asset Management Ltd and Inspired Developments (London) Plc, two property companies which failed following the jailing of their chief executive for driving and drug offences

Tax / Restaurateur served up nine-year ban after hiding VAT from HMRC

A restaurateur behind Glasgow’s Cyan Restaurant has been disqualified for nine years after failing to pay a £195,000 VAT bill.

Insight / Bolton Wanderers FC rescued in last-minute deal

Bolton Wanderers Football Club has avoided liquidation with a last-minute rescue by Football Ventures (Whites) Limited, which agreed a deal to buy the club and an associated hotel complex

Accounting / Directors’ duties when trading through insolvency

Suzanne Jones, partner at Seddons, examines the consequences for directors working in the 'twilight zone' when companies are teetering on the edge of insolvency and what they need to consider if they continue to trade

Insight / Spudulike latest casual dining casualty

Baked potato fast food chain Spudulike has collapsed after a pre-pack sale of the 45-year old business fell through, resulting in the loss of 300 jobs

Insight / KPMG sells Jack Wills to Sports Direct in £12m deal

KPMG has sold Jack Wills, the upmarket British fashion retailer, out of administration to companies controlled by Sports Direct, the high street empire owned by Mike Ashley, in a deal valued at £12.7m

Insight / KPMG books administration for LateRooms

Tracey Pye, director, and David Costley-Wood, partner, from KPMG restructuring have been appointed joint administrators to LateRooms Ltd, Superbreak Mini-Holidays Ltd and Malvern Travel Technology Ltd, which have collapsed hitting holiday plans for around 42,000 customers

Insight / Company insolvencies hit five-year high

The total number of insolvencies in England and Wales has risen 12% on the same period last year and are at their highest level for five years, according to the Insolvency Service

Audit / KPMG ditched as administrators of Patisserie Valerie

Creditors of café chain Patisserie Valerie have dropped KPMG as administrators after conflicts of interest arose relating to Grant Thornton, the auditor for both businesses

Insight / Quarterly company insolvencies fall in Q2

Despite a number of high profile insolvencies hitting the headlines, the number of companies entering administration in England and Wales fell during the second quarter of this year

Insight / Insolvency Service consults on single regulator for practitioners

The government has launched a consultation on the current regulatory framework for insolvency practitioners, which includes considering whether to establish a single regulator for the sector

Insight / Welsh cheese company enters administration

Paul Dumbell, director, and David Costley-Wood, partner, at KPMG have been appointed as joint administrators to GRH Food Company Ltd, a Snowdonia-based cheese processing business, which has collapsed after 30 years of operation with the loss of over 80 jobs

Insight / Retail chain Select fashions CVA deal

High street fashion chain Genus UK Ltd, trading as Select, has agreed a company voluntary arrangement (CVA) after it went into administration in early May putting hundreds of jobs at risk

Insight / Top Shop owner Arcadia agrees CVA

The Arcadia retail group has survived a series of votes over seven company voluntary agreements (CVAs) which saw landlords agreeing to rent reductions on stores

Insight / Leonard Curtis opens offshore office in Guernsey

Restructuring specialist Leonard Curtis Business Solutions Group has opened its first offshore office in the Channel Island of Guernsey to provide specialist insolvency services and asset protection
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