Insolvency

Insight / Government issues 'no deal' competition and insolvency papers

The government has published documents setting out its position in the event of a ‘no deal’ Brexit, including information relating to mergers and acquisitions, the future role of the Competition and Markets Authority (CMA), and insolvency

Insight / Retail CVA growth prompts call for business rates overhaul

If beleaguered Debenhams elects to go into a company voluntary agreement (CVA), it will bring to 30 the total of high profile high street chains which have looked to cut their real estate costs since last year’s business rates revaluation, according to analysis by Colliers

Insight / KPMG seeks buyers for Blackpool burlesque

Paul Dumbell, advisory director, and Howard Smith, associate partner, from KPMG’s restructuring practice have been appointed joint administrators to Funny Girls Ltd, the Blackpool-based burlesque cabaret showbar operator, which has collapsed putting around 100 jobs at risk

Insight / Gaucho rescued after bank lenders acquire restaurant chain

Gaucho, the upmarket restaurant chain, is to be bought out of administration by the company’s lenders and banking groups, Investec Bank and SC Lowy, saving 750 employees and 16 UK sites

Insight / Grant Thornton to be administrators to Wonga

Pay day lender Wonga has announced it is in the process of appointing Chris Laverty, Daniel Smith and Andrew Charters of Grant Thornton UK as joint administrators, which has collapsed after a raft of compensation claims hit its business

Insight / Insolvency overhaul to tackle ‘phoenixing’

The government has unveiled proposals to shake-up the insolvency regime, including hefty fines or disqualifications for directors who dissolve companies to avoid paying workers or pensions, in response to a consultation on corporate governance within companies which are in or are approaching insolvency

Insight / KPMG saves SW fashion retailer via 'pre pack' sale

David Pike and Mark Orton, partners from KPMG, have been appointed joint administrators to Saltrock Surfwear, a leisurewear and accessories retail brand based in Devon, which has been sold in a ‘pre pack’ deal to Crew Clothing Co. Group, saving over 150 jobs 

Insight / Towcester Racecourse gallops into KPMG administration

Mark Orton and Will Wright, partners from KPMG’s restructuring practice have been appointed as joint administrators for Towcester racecourse, where 134 staff have lost their jobs

Insight / RSM administrators to failed transport company

Alexander Kinninmonth, partner, and Richard Brewer, director, of RSM restructuring have been appointed joint administrators of Eastleigh-based transport, distribution and warehouse company Harris Transport Ltd which has collapsed with the loss of upwards of 70 jobs as a result of recent trading difficulties

Insight / Number of administrations drops, reports KPMG

Despite high profile insolvencies continuing to hit the headlines, the total number of companies in England and Wales entering into administration during the second quarter of 2018 fell sharply, according to a study by KPMG

Insight / Nine-year director ban for £1m false claims

A director from Birmingham has been banned from running companies for nine years after falsely claiming £1m worth of work to secure advance payments from lenders

Insight / Steel fabricator breaks down into administration

Blair Nimmo, partner, and Alistair McAlinden, director, of KPMG have been appointed as joint administrators of Rippin Ltd, a leading structural steel fabricator, with the loss of 25 jobs

Audit / EY appointed to House of Fraser administration

Embattled department store House of Fraser, which called in EY as administrators earlier today, has been sold for £90m to Sports Direct International in a deal which sees Mike Ashley's company acquire all its UK stores, the brand and all of the stock in the business

Audit / FRC under pressure to publish BHS audit probe

The chair of the House of Commons' work and pensions committee, MP Frank Field, has written to the Financial Reporting Council (FRC) asking why it has yet to publish the report into PwC's audit of BHS

Audit / Insolvency Service ramping up Carillion investigation

The Insolvency Service has announced that the liquidation trading period for Carillion has now ended, and that it is moving forward in its investigation into the reasons for the collapsed outsourcer’s insolvency
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