Insolvency

Insight / 175-year old estate agency sold out of administration

Begbies Traynor has sold a 175-year old estate agent, Humberts, out of administration in a deal made with a consortium of its existing offices

Insight / Military vehicle manufacturer loses cashflow battle

Blair Nimmo, partner, and James Lumb, director, from KPMG’s restructuring practice have been appointed joint administrators of Penman MW Ltd

Insight / Beales sunk by high rent and low sales

KPMG has been appointed as administrator of department store Beales as the company collapses into administration following high rent and poor Christmas sales

Accounting / Guernsey overhauls corporate insolvency rules

Guernsey is to reform its insolvency laws to create a more effective corporate insolvency regime with more accountability for directors

Tax / Flybe saved by deferral of £106m flight tax bill

The government has caved into pressure from regional UK airline carrier, Flybe, which was flying in the face of potential administration, delaying payment on a £100m plus tax bill for airline passenger duty

Insight / Ex-BHS owner owes pension scheme £9.5m

Following a lengthy legal battle with the regulator, entrepreneur Dominic Chappell has been ordered to pay £9.5m into two pensions schemes connected to the collapsed high street chain BHS, which he bought for £1 in 2015

Insight / Director jailed over fake grant claims

An IT company director who submitted false invoices to government claiming to have supported businesses has received a two-year jail term and been disqualified for eight years

Insight / Bankrupt who ran payroll company disqualified

A bankrupt from Birmingham who ran a payroll company despite being banned has been disqualified for nine years

Insight / Hotels go bust as Airbnb thrives

Hotel insolvencies have hit a five-year high as 144 shut up shop in 2018, this is up from 90 closures the previous year

Insight / 'Amazon effect' shreds The Book People

PwC is handling the administration of The Book People, a long-established book supplier, which has collapsed in the run-up to Christmas, putting some 400 jobs at risk

Insight / PwC administrators to failed Gibraltar insurance firm

Edgar Lavarello and Dan Schwarzmann, partners from PwC, have been appointed as joint administrators of the Gibraltar-based Elite Insurance Company Ltd (EIC), which specialised in the legal expenses sector and has ceased operations

Insight / Begbies Traynor revenue hits £33.8m

Revenue at listed Begbies Traynor Group has grown substantially in the last 12 months to £33.8m in its half year results, as acquisitions and demand for insolvency services are up

Insight / Building firm collapses with loss of 150 jobs

KPMG has been appointed as administrator to Midlands construction firm Clugston, which has collapsed following a series of losses on waste-to-energy projects, putting some 400 jobs at risk

Insight / Clintons cards saved in pre-pack deal

Clintons, the greeting cards retailer, has been sold out of administration in a pre-pack deal to original owner Esquire Retail, safeguarding 2,500 jobs 

Insight / Administrators seek missing £76m at care home provider

A development company which claimed to be opening a network of luxury care homes has gone into administration and is under investigation over the disappearance of £76m of investors’ money
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