Insolvency

Insight / Betterware joins Kleeneze in administration

Gareth Rusling and Claire Dowson of Begbies Traynor have been appointed as joint administrators of Betterware Ltd, the home shopping company which has collapsed with the loss of all 94 jobs at its headquarters in Birmingham

Insight / 15 major retailers in CVA or administration in 12 months

Fifteen major retailers or restaurant groups have gone into company voluntary arrangements (CVA) or administration in the twelve months since the April 2017 business rates revaluation according to Colliers International, which is calling for further reforms to the system

Insight / DfT plans overhaul of airline insolvency rules

The Department for Transport (DfT) has launched a call for evidence as part of its airline insolvency review to ensure airlines can wind down with the minimum impact on passengers and the taxpayer, and says there may need to be changes to insolvency regulations

Insight / FRP Advisory mopping up Kleeneze administration

FRP Advisory has been appointed as administrators to Kleeneze, the 95-year old home shopping company which has ceased trading, putting 140 jobs at risk

Insight / Carpetright closes 92 stores through CVA

Carpetright is to close 92 stores, cut up to 300 jobs and reduce the size of its UK property estate and rental cost base through a company voluntary arrangement (CVA)

Insight / Begbies Traynor administrators to collapsed building company

Julian Pitts and Bob Maxwell of Begbies Traynor have been appointed joint administrators to Wetherby-based construction business Haresign Ltd, which experienced severe cashflow problems following a dispute over work on a wedding venue

Audit / Are auditors to blame for high street woes?

As the UK high street once again faces the never ending fallout from the move to online and major retailers go into administration or contemplate restructuring, Mark Gardner, insolvency specialist at Excello Law, asks where sound accounting could have saved some of the casualties  

Insight / PwC officially appointed as administrators at Conviviality

Matthew Callaghan, Ian Green and David Baxendale of PwC have been appointed as joint administrators to alcohol wholesaler and retailer Conviviality, which has been in difficulties ever since the company identified a ‘material error’ in its financial forecasts and an unexpected £30m tax bill earlier this year

Insight / Hull-based plastics specialist in administration

Andrew Mackenzie, Julian Pitts and Gary Lee of Begbies Traynor have been appointed as joint administrators to Plasticon UK Ltd, a Hull-based manufacturer of storage tanks and industrial piping which has been suffering financial difficulties

Insight / Businessman banned for moving £1m to avoid paying debts

A boss of an Aintree-based construction firm has banned from running companies for eight years after he moved more than £1m out of his failing business to avoid paying debts

Insight / Official receiver appointed to six pension companies

Six pension and finance companies involved in the operation of occupational pension schemes have been placed in provisional liquidation following an investigation by the Insolvency Service

Insight / KPMG called in to collapsed engineering company

Blair Nimmo, Tony Friar and Stuart Irwin of KPMG have been appointed as joint administrators of Vaughan Engineering Ltd (VEL), which was a supplier to collapsed outsourcing company Carillion and has now ceased trading with the loss of over 150 jobs

Insight / Booze supplier Conviviality on brink of administration

Conviviality, the wholesaler and distributor of alcohol and impulse products, has announced it intends to appoint administrators, putting some 2,500 jobs at risk at the company which has recently reported identifying a ‘material error’ in its financial forecasts and an unexpected £30m tax bill

Insight / EY driving administration at failed vehicle hire business

Colin Dempster, partner, and Fiona Taylor, associate partner, of EY’s restructuring team have been appointed joint administrators of commercial vehicle hire, sales and services business T.O.M. Group Ltd, which has ceased trading with the loss of over 400 jobs

Insight / Ex-BHS owner Chappell facing potential director disqualification

Dominic Chappell, the former racing driver who acquired BHS in 2015, is facing a potential 15 year disqualification over the high street retailer’s subsequent collapse, but previous owner Sir Philip Green will not face disqualification proceedings, the Insolvency Service has said
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