Insolvency

Insight / Draft pre-pack rules set out role of evaluator

The government has issued draft pre-pack legislation in a bid to improve stakeholder confidence in pre-pack administrations with the creation of new requirement for an evaluator

Insight / Insolvency figures drop by a half despite pandemic

The number of registered company insolvencies was markedly down in January 2021 at 752, approximately half the number registered in the same month in the previous year (1,515 in January 2020)

Insight / Deloitte sells restructuring unit before audit reform

Teneo, the global CEO advisory firm, has announced a major expansion of its international consulting capabilities with an agreement to acquire the restructuring services business of Deloitte UK

Accounting / Insolvency protection extended to April 2022 due to pandemic

The government has given businesses much-needed breathing space with extension of insolvency measures under the Corporate Insolvency and Governance Act to relieve pressure on businesses dealing with coronavirus

Insight / Cash reserves unsustainably low at 600,000 companies

More than half a million UK employers are at risk of collapse in the spring as cash reserves fall perilously low, finds IPPR

Insight / Boohoo snaps up Dorothy Perkins, Wallis and Burton for £25m

Boohoo, the online fashion retailer, has agreed to acquire all of the e-commerce and digital assets of the Burton, Dorothy Perkins and Wallis brands from Arcadia Group administrators

Insight / KPMG liquidators to Norwegian Air staffing company

David Pike, Mike Pink and Stuart Irwin from KPMG’s restructuring practice have been appointed as joint liquidators to Norwegian Air Resources UK Ltd, which has shed over 1,000 jobs after the low-cost carrier exited its North American routes

Insight / Deloitte sells Arcadia brands for £330m

Deloitte, joint administrators to the Arcadia Group, has sold the Topshop, Topman, Miss Selfridge and HIIT brands to online specialist ASOS, in a deal which will generate £330m but leaves thousands of jobs at risk

Insight / Doubling in UK listed companies facing insolvency risk

The number of UK listed companies at risk of insolvency has doubled in the last 12 months, with a surge in those issuing three or more profit warnings

Insight / FRP Advisory sells Debenhams in £55m deal

Joint administrators from FRP Advisory, appointed to Debenhams Retail Ltd in a ‘light touch’ administration, have agreed a £55m cash deal for the brand and certain assets with online fast fashion specialist Boohoo group

Insight / KPMG administrators to casual dining operator

Will Wright and Steve Absolom from KPMG’s restructuring practice have been appointed joint administrators to casual dining operator Dining Street Ltd and its two subsidiaries, Richoux Ltd and Newultra Ltd, which have seen trade dry up during the pandemic

Insight / Financial distress deepens but administrations decline

The number of UK businesses now in significant financial distress has jumped by 13%, but administrations last year fell to historic lows as government support measures offered a pandemic lifeline for many companies

Insight / Legal win for SMEs on Covid-19 insurance pay-outs

Tens of thousands of small businesses forced to close during the first lockdown are in line for insurance pay-outs, after the Financial Conduct Authority (FCA) won a test case set to cost insurers over £1bn in claims

Insight / Begbies Traynor books biggest acquisition with CVR

Begbies Traynor is to pay some £20m for independent firm CVR in its largest insolvency acquisition to date, which will see the group add its first overseas offices

Insight / Consultation on insolvency changes for electronic payment institutions extended

The Treasury has extended by a week the consultation period on proposed insolvency changes for payment institutions (PIs) and electronic money institutions (EMIs), which include establishing a new special administration regime (SAR)
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