Insolvency

Insight / KPMG administrators to failed Scottish IT company

Blair Nimmo, partner, and Alistair McAlinden, director, of KPMG have been appointed joint administrators of Scottish IT company Hutchinson Networks Ltd, which has collapsed following cashflow difficulties, with the loss of 100 jobs

Insight / EY to handle British Steel administration

EY has been called in to handle the administration of British Steel after last-minute attempts to arrange a rescue deal failed and the government announced the company has gone into compulsory liquidation

Insight / Administration on menu at Jamie Oliver restaurants

Celebrity chef Jamie Oliver’s restaurant group has gone into administration after failing to secure additional financial backing with administrators KPMG closing all but threee restaurants immediately

Accounting / Recovering cryptoassets after business insolvency

Thomas Hulme, cryptoasset specialist at law firm Mackrell Turner Garrett, examines the rules of insolvency and cryptoassets, and how creditors can recover money from an insolvent person or business’s digital wallet

Insight / Horse racing investors face multimillion insolvency losses

Members of a horse racing syndicate, Layezy Racing Owners Club, whose owner has been declared bankrupt face losing millions of pounds, because the insolvency means the horses are not able to run under the regulations of the racing industry’s ruling body

Insight / Airline insolvency proposals may fail to take off

The government’s independent airline insolvency review, set up in the wake of the collapse of Monarch Airlines in 2017, has recommended developing a special administration regime (SAR) to keeping aircraft flying in order to repatriate travellers, but has run into industry opposition

Insight / Bolton Wanderers Football Club enter administration

Troubled Bolton Wanderers Football Club has gone into administration and faces a 12-point deduction next season as the club is relegated to League One

Accounting / Debenhams CVA terms threaten local authority revenues

Debenhams, which has seen its lenders take control of the troubled high street chain, has had its company voluntary arrangement (CVA) approved by creditors and will be closing 22 stores by early next year, raising the prospect of local authorities losing an estimated £8.5m in business rates

Insight / Select fashion chain picks Quantuma as administrators

Business advisory firm Quantuma has been named as administrators of Genus UK Ltd, trading as Select, the high street chain which has collapsed putting up to 2,000 jobs at risk

Insight / KPMG warns of rise in zombie businesses

The number of so-called zombie companies, defined as those operating under sustained financial strain, is rising and causing a significant drag-effect on the UK economy, according to analysis from KPMG 

Accounting / Care home group Four Seasons goes into administration

Four Seasons, the UK's second largest care home group, has called in administrators as the company faces financial crisis, from over-leveraged debt and escalating running costs exacerbated by the squeeze on local authority funding

Insight / Rise in corporate insolvency rates in Q1

Corporate insolvencies rose in the first quarter of 2019, with administrations reaching their highest level for five years, official figures from the Insolvency Service show

Insight / Brexit uncertainty sees business distress levels rise

The number of businesses judged to be in ‘significant’ distress now stands at 484,000, or 16% of all UK businesses, according to research by Begbies Traynor, which is warning of concerns that the UK could suffer a broader economic slowdown as Brexit uncertainty grows

Insight / Personal and corporate Scottish insolvency rates climb

Provisional estimates show that in 2018-19 personal insolvencies in Scotland increased by 20.5%, while in corporate insolvencies rose by 9.3% according to statistics from the Accountant in Bankruptcy (AiB)

Insight / Distribution company drives into administration

Howard Smith and David Costley-Wood from KPMG’s restructuring practice have been appointed as joint administrators to warehousing and distribution company RPL Transport Ltd, which has collapsed after experiencing cashflow difficulties
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