Insolvency

Insight / Interserve faces administration as rescue talks fail

Outsourcing giant Interserve is expected to go into administration after the company’s shareholders voted against a rescue plan

Insight / GT administrators find 40,000 Wonga compensation claims

Grant Thornton has identified four times as many Wonga compensation claimants as the official headcount of the numbers who had complaints open about the payday lender when it went into administration in August 2018

Insight / EY fashions administration for L.K. Bennett

Dan Hurd, Hunter Kelly and Craig Lewis of EY’s restructuring team have been appointed joint administrators of upmarket fashion retailer L.K. Bennett Ltd, which has collapsed putting some 500 jobs at risk at the company, whose shoes and dresses have been favourites of the Duchess of Cambridge

Insight / KPMG opens window out of administration for Synseal Group

Chris Pole and Mark Orton, partners from KPMG restructuring, have been appointed joint administrators of Synseal Group, which has been sold to Aperture Trading, in pre-pack deal which preserves over 1,000 jobs

Insight / Paperchase opts for CVA to avoid folding up

Stationery specialist Paperchase is the latest high street retailer to announce financial difficulties, bringing in KPMG to assist with a proposed company voluntary arrangement (CVA) which would include rent reductions at many of its stores and the possible closure of some outlets

Insight / Liquidations up 10% as Brexit uncertainty hits

The number of insolvent businesses being liquidated rather than restructured has increased by 10% in the last year, with rising interest rates and Brexit disruption fuelling the surge, according to analysis by Moore Stephens

Insight / Giraffe restaurants at risk of closure as CVA planned

The owners of high street restaurant chain Giraffe and Ed’s Easy Diner, Boparan Restaurant Group (BRG), is to close a third of its restaurants around the country as part of a company voluntary agreement

Insight / Call for Grant Thornton to support Wonga consumer claims

MPs have challenged Grant Thornton, the administrators to failed pay-day loan company Wonga, about how they plan to support vulnerable customers who had complaints open with the Financial Ombudsman Service (FOS) at the time of the lender's collapse, and who they say have no other route to redress and have been ‘cast aside’

Tax / HMRC consults on plans to be preferential creditor in insolvencies

The government has announced the first public consultation on plans to make HMRC a secondary preferential creditor for certain tax debts paid by employees and customers on the insolvency of a business, which have been branded a ‘cash grab’ by R3, the insolvency and restructuring trade body

Insight / Yorkshire furniture maker breaks down in administration

Lee Lockwood, director at Begbies Traynor, and Ray Claughton, director at Rushtons, have been appointed joint administrators of bespoke furniture maker YTM Group, based in Castleford, which has ceased trading with the loss of over 100 jobs

Insight / BDO pilots Flybmi administration

BDO business restructuring partners Graham Newton, Tony Nygate and James Stephen have been appointed as joint administrators over British Midland Regional Ltd, the East Midlands-based airline which operated as Flybmi, and ceased operations at the weekend with all flights cancelled and the loss of around 400 jobs

Insight / Rise in administrations illustrates business nervousness

Last year ended on a challenging note for many businesses, with the total number of companies in England and Wales entering into administration during the fourth quarter on the increase, according to analysis by KPMG

Accounting / Patisserie Valerie saved by Irish investors

Irish private equity firm Causeway Capital Partners has bought troubled bakery chain Patisserie Valerie, which collapsed into administration earlier this year following on from the earlier discovery of a £40m accounting fraud

Insight / Financial difficulties spark administration for energy broker

Andrew Johnson and Chad Griffin, senior managing directors of FTI Consulting, have been appointed as joint administrators of energy consultancy Utilitywise (UTW), which has failed to find a buyer after reporting difficulties in refinancing earlier this year and has now ceased trading, putting around 1,000 jobs at risk

Insight / Insolvency: investors left hanging in event of business failure

Investors in the company that owns Patisserie Valerie are looking at launching legal action over the collapse of the cafe chain, highlighting the dilemma facing investors in cases of insolvency and business failure. Mark Fletcher, senior associate and Thomas Bond, associate at Russell-Cooke consider the legal options 
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