Insolvency

Insight / Number of restaurant insolvencies increases by 20%

There has been an 11% drop in the number of job vacancies in the UK’s restaurant sector over the last six months, according to research by Moore Stephens which suggests companies are cutting staff to save on costs

Insight / Mothercare puts CVA on shopping list

Mothercare has joined the list of high street retailers looking to set up a company voluntary arrangement (CVA) proposal, which will be supervised by KPMG if the company’s proposals are successful

Insight / CVA on menu for Carluccio’s restaurant chain

Restaurant chain Carluccio’s is the latest high street casualty to seek a company voluntary arrangement (CVA) proposal in a bid to reduce rents and cut costs which, if successful, will be supervised by KPMG

Insight / Collective redundancy and insolvency guidance updated

The Insolvency Service is to publish guidance for employers and insolvency practitioners to clarify how to manage staff redundancies during insolvency to address incompatibilities between insolvency and employment law identified in a call for evidence

Insight / Care home insolvencies up 83% as funding shortfall hits £1bn

There has been an 83% rise in the number of care home businesses entering insolvency according to analysis by Moore Stephens, which says the sector has been struggling since the government cut local authority funding during its austerity drive and warns further funding is urgently needed

Insight / Tough market drives car dealership into administration

Greg Palfrey and Steve Adshead of Smith & Williamson have been appointed joint administrators of Now Motor Retailing, a car dealership in southern England, which has recently run into financial difficulties

Insight / Jacques Vert womenswear heading towards administration

There are further signs of turmoil on the high street with reports that administrators from Duff & Phelps have been called in by Calvetron, the owner of Jacques Vert and a number of other well-known fashion brands, putting some 1,000 jobs at risk

Insight / 21% hike in retailers in ‘significant’ financial distress

Nearly 43,000 retailers ended the first quarter of 2018 in a state of ‘significant’ financial distress, up 21% on the same period last year, as high profile administrations, unseasonably poor weather, declining footfall and weak consumer spending all took their toll on the sector, according to analysis by Begbies Traynor

Insight / Controversial data harvester Cambridge Analytica goes into administration

Crowe Clark Whitehill has been appointed as administrators to Cambridge Analytica, the company which has become mired in controversy over claims it used the personal data of millions of Facebook users to sway the outcome of the US 2016 presidential election and the UK Brexit referendum and which has now ceased all operations, citing adverse media coverage

Insight / Corporate insolvencies up 13%

The number of companies becoming insolvent hit a four-year high in the first three months of 2018, according to figures for England and Wales published by the Insolvency Service, which also show individual insolvencies are on the rise

Insight / Betterware joins Kleeneze in administration

Gareth Rusling and Claire Dowson of Begbies Traynor have been appointed as joint administrators of Betterware Ltd, the home shopping company which has collapsed with the loss of all 94 jobs at its headquarters in Birmingham

Insight / 15 major retailers in CVA or administration in 12 months

Fifteen major retailers or restaurant groups have gone into company voluntary arrangements (CVA) or administration in the twelve months since the April 2017 business rates revaluation according to Colliers International, which is calling for further reforms to the system

Insight / DfT plans overhaul of airline insolvency rules

The Department for Transport (DfT) has launched a call for evidence as part of its airline insolvency review to ensure airlines can wind down with the minimum impact on passengers and the taxpayer, and says there may need to be changes to insolvency regulations

Insight / FRP Advisory mopping up Kleeneze administration

FRP Advisory has been appointed as administrators to Kleeneze, the 95-year old home shopping company which has ceased trading, putting 140 jobs at risk

Insight / Carpetright closes 92 stores through CVA

Carpetright is to close 92 stores, cut up to 300 jobs and reduce the size of its UK property estate and rental cost base through a company voluntary arrangement (CVA)
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