Insolvency

Insight / CVA on the menu at natural fast food chain Leon

Business advisory firm Quantuma has been appointed by Leon Restaurants Ltd to launch a company voluntary arrangement (CVA) as the high street fast-food chain reported a 70% drop in sales

Insight / Debenhams to close with 12,000 jobs lost

Debenhams is to cease trading, with the loss of some 12,000 jobs, after administrators from FRP Advisory said all other options to save the 242-year-old retailer had been exhausted

Insight / Deloitte appointed to Arcadia administration

Matt Smith and Dan Butters, together with other restructuring partners at Deloitte, have been appointed as joint administrators to the Arcadia Group Ltd, and various subsidiary companies, as part of a trading administration

Insight / CBILS applications to surge by 84% for winter survival

Government-backed Coronavirus Business Interruption Loan Scheme (CBILS) applications set to soar as business loans dwindle and cash flow dries up, according to MarketFinance

Insight / Retailer Arcadia teetering towards administration

Fears are growing that Arcadia group, which includes high street retailers Topshop, Burton and Dorothy Perkins, will go into administration this week, putting 13,000 jobs at risk

Accounting / FCA warns Carillion over misleading reporting

The Financial Conduct Authority (FCA) has warned Carillion and certain of its previous executive directors that it intends to take action over their conduct at the outsourcing company, which collapsed in January 2018

Insight / German regulators slammed over Wirecard failures

Germany’s supervisory system for financial reporting has been heavily criticised for its failures in handling problems at Wirecard, the German fintech which became embroiled in an accounting scandal and went into administration owing €3.5bn (£3.16bn)

Insight / Free CVA form for SMEs launched

Insolvency trade body R3 has launched a free standard form for company voluntary arrangements (CVAs), which aims to make it easier for small businesses affected by the Covid-19 pandemic to enter a CVA, by providing a foundation for directors’ proposals to be developed

Insight / Job support scheme expanded, three tier lockdowns to come

With the government set to introduce localised Covid-19 lockdowns of varying severity, the job support scheme (JSS) is to be expanded to support businesses required to close their doors as a result of coronavirus restrictions

Insight / Pre-pack administration scrutiny tightened up

The government is to legislate for the mandatory independent scrutiny of pre-pack administration sales where connected parties are involved in the purchase

Insight / Government acts on ‘thuggish’ debt letters

The government is to introduce new rules about the wording on debt letters sent to those in arrears on repayments, in order to reduce distress and help people better understand and manage their debts

Insight / Covid-19: insolvency measures extended

The government is to extend a raft of changes to insolvency measures which were introduced earlier in the pandemic and due to end today, in order to give businesses more breathing space

Insight / Covid travel ban forces training college collapse

Tim Ball, partner, and Mike Field, director, of Mazars have been appointed as joint liquidators of one of Bournemouth’s longest-established colleges for overseas students, which has ceased operations as a result of the impact of Covid-19 on the business

Insight / Insolvency law risk for suppliers tied into failed business

With the 30 September deadline for SMEs to terminate contracts if they supply an insolvent client fast approaching, Ian Timlin at Conexus warns suppliers to check contracts closely to avoid costly commitments under the Corporate Insolvency and Governance Act 2020

Insight / Pandemic support suppresses insolvency rates

Overall numbers of company and individual insolvencies remained low in August 2020, largely as a result of the government measures put in place in response to the coronavirus pandemic, but look set to rise sharply as support schemes end
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