Insolvency

Insight / Administrators grill Gaucho steak chain

Matthew Smith and Robert Harding, partners from Deloitte, have been appointed joint administrators of Gaucho Grill Ltd, Gioma (UK) Limited and Cau Restaurants Ltd, the operators of a chain of restaurants specialising in Argentinian steaks which has collapsed, putting over 1,200 jobs at risk

Insight / Airline insolvency review publishes interim findings

The government’s airline insolvency review, set up in the wake of the collapse of charter operator Monarch last year, has published its interim report setting out its early conclusions and emerging thinking, which include changes to the insolvency regime

Insight / Fizz goes out of failed gin festival

Julian Pitts and Nick Reed, partners at Begbies Traynor, have been appointed as joint administrators to Gin Festival Ltd, which was trading as GinFestival.com, and which organised and managed a series of craft gin festivals around the UK

Insight / Game over for Scottish video retailer

Kenny Craig, partner, and Ken Pattullo, regional managing partner, of Begbies Traynor have been appointed provisional liquidators to Scottish video games retailer Game Centre Ltd, which has ceased trading with the loss of 39 jobs

Insight / Liverpool luxury housing development enters administration

Andrew Watling, partner, and Simon Campbell, director, from Quantuma have been appointed joint administrators over Herculaneumco Ltd, a company which is developing Herculaneum Quay in Liverpool, a tower block intended to house 118 luxury apartments

Insight / House of Fraser landlords may launch bid to scupper CVA

UK retail giant House of Fraser has gained approval from its creditors to enter into a Company Voluntary Arrangement (CVA) which will see the closure of 31 of its 59 department stores and the potential loss of 6,000 jobs

Insight / Drugs innovator runs out of cash

Steve Absolom and Rob Croxen, partners in KPMG’s restructuring practice, have been appointed joint administrators to Purogenix Ltd, a start-up which was seeking new ways to manufacture the antibiotic Amoxicillin using a bio-generic method

Insight / Deloitte called in to Poundworld administration

Deloitte has been confirmed as administrators to discount retailer Poundworld, which is the latest high street casualty facing collapse, with the potential loss of 5,100 jobs

Insight / Retailing CVAs could face landlord challenge

House of Fraser may face stiff challenges from landlords on plans to halve the number of its stores and reduce rents as part of its proposals for a company voluntary arrangement (CVA), which is set to be put to vote in ten days’ time

Insight / House of Fraser CVA to cut 6,000 jobs

House of Fraser has filed for a company voluntary arrangement (CVA), with Will Wright and Rob Croxen of KPMG appointed as nominees, which will mean the closure of half of its stores, affecting 6,000 jobs

Accounting / Company voluntary arrangements need to be reformed to protect creditors

The rules on company voluntary arrangements, a common High Street insolvency procedure, need to be reformed to prevent abuse of the procedure which allows companies to restructure debt instead of going into administration

Insight / Number of restaurant insolvencies increases by 20%

There has been an 11% drop in the number of job vacancies in the UK’s restaurant sector over the last six months, according to research by Moore Stephens which suggests companies are cutting staff to save on costs

Insight / Mothercare puts CVA on shopping list

Mothercare has joined the list of high street retailers looking to set up a company voluntary arrangement (CVA) proposal, which will be supervised by KPMG if the company’s proposals are successful

Insight / CVA on menu for Carluccio’s restaurant chain

Restaurant chain Carluccio’s is the latest high street casualty to seek a company voluntary arrangement (CVA) proposal in a bid to reduce rents and cut costs which, if successful, will be supervised by KPMG

Insight / Collective redundancy and insolvency guidance updated

The Insolvency Service is to publish guidance for employers and insolvency practitioners to clarify how to manage staff redundancies during insolvency to address incompatibilities between insolvency and employment law identified in a call for evidence
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