Insolvency

Insight / Phone refurbisher calls up administrators

Chris Pole and Rick Harrison, partners from KPMG’s restructuring practice, have been appointed as joint administrators for Redeem UK Ltd and Redeem Holdings Ltd, two entities of Redeem Group, which have ceased trading with the loss of over 100 jobs

Insight / Administration on the menu at Casual Dining Group

Casual Dining Group (CDG), which operates a range of mid-market restaurant brands including Las Iguanas, Bella Italia and Café Rouge, has collapsed into administration, with the immediate loss of 1,900 jobs

Insight / PwC beds in at Harveys administration

PwC is handling the administration of a group of companies which includes the two high street bedroom furniture retailers Harveys and Bensons for Beds, with some operations sold in a pre-pack deal but over 1,300 jobs still at risk

Insight / Wigan Athletic FC in administration

Paul Stanley, Gerald Krasner and Dean Watson, partners from Begbies Traynor, have been appointed as joint administrators of Wigan Athletic Football Club, the first English professional club to be kicked into touch since the coronavirus pandemic began

Insight / Major corporate insolvency regime changes in force

The Corporate Insolvency and Governance Act has received Royal Assent, and came into force on 26 June, marking the largest change to the UK’s corporate insolvency regime in more than 20 years

Insight / KPMG called in as shopping centre giant faces financial collapse

Jim Tucker, David Pike and Mike Pink, partners with KPMG’s restructuring practice have been appointed joint administrators to Intu Properties, the owner of some of the UK’s largest shopping centres, which has collapsed under the impact of its debt burden and the impact of coronavirus on shopping habits

Insight / Wirecard collapses amid accounting scandal

German fintech Wirecard, which has become mired in an accounting controversy over €1.9bn (£1.7bn) of missing cash, has gone into administration owing around €3.5bn, citing ‘impending insolvency and over-indebtedness’

Insight / Deloitte handles £56m Go Outdoors pre-pack administration

Deloitte has been called in as administrators to Go Outdoors, and has sold the high street camping clothing and supplies company in a £56.5m pre-pack deal to owners JD Sports Fashion

Insight / 78% surge in housebuilder company insolvencies

A record number of 368 housebuilders went bust in 2019 due to stagnant house prices twinned with rising material and labour costs, according to Price Bailey

Insight / IoD wants ‘student loans’ to help SMEs post-Covid

SMEs facing a ‘debt mountain’ as a result of the Covid-19 pandemic should be offered ‘student loans’ so they can recover quickly when the crisis ends, the Institute of Directors (IoD) has suggested

Insight / Hertz files for Chapter 11 bankruptcy

Car rental giant Hertz has filed for bankruptcy protection in the US and announced plans to furlough or layoff of 20,000 employees, or approximately 50% of its global workforce, as a result of the coronavirus pandemic

Insight / 2,400 jobs go as UK travel group collapses

Sam Woodward and Colin Dempster, partners in EY’s restructuring team, have been appointed joint administrators of Specialist Leisure Group, the hotel and travel company which has collapsed with the loss of more than 2,400 jobs

Insight / Coronavirus shutdown gives shoe retailer the boot

Ian Defty, partner, and Richard Toone, managing partner, of restructuring firm CVR Global have been appointed as joint administrators to south-east based Johnsons Shoes Company, which has entered administration after succumbing to the impact of the coronavirus pandemic

Tax / BrightHR invests £1m in Back to Work Navigator

BrightHR, the international HR software and employment law advice service, has made a £1m investment in an online tool called the Back to Work Navigator

Insight / Covid-19: amendments to insolvency and company law

The ground-breaking Corporate Governance and Insolvency Bill is now going through Parliament, ushering in a series of amendments to insolvency and company law in response to the coronavirus outbreak
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