Insolvency

Insight / Berketex Bride chain in administration

Sheffield-based insolvency firm Wilson Field is acting for Bridal Fashions Ltd, t/a Berketex Bride, after the fifty-year old wedding dress chain collapsed into administration, becoming the latest retail casualty on the high street

Insight / 11-year ban for financial investor over client funds abuse

A financial investor has been disqualified for 11 years after an Insolvency Service investigation found he had abused thousands of pounds worth of client’s funds which were invested in volatile foreign exchange markets

Tax / Insolvency will not afford tax evasion excuse from 2019

The government is to press ahead with legislation in 2019/20 to allow HMRC to make directors and other persons involved in company tax avoidance, evasion or phoenixism jointly and severally liable for tax liabilities that arise from those activities where the company becomes insolvent, following a consultation on the issues

Insight / Yorkshire butchers face chop with administration

The latest victim of the difficulties currently facing businesses on the UK’s high streets is Yorkshire butcher Crawshaw Group, which has gone into administration putting nearly 700 jobs at risk

Insight / PwC sells Evans Cycles in pre-pack deal

Matt Callaghan, Ian Green and David Baxendale from PwC have been appointed joint administrators of FW Evans Cycles (UK) Ltd and have immediately sold the business and assets of the company to three companies, all of which are ultimately owned by Sports Direct International

Insight / Treasury consults on debt ‘breathing space’ and repayment plans

The Treasury is consulting on a detailed policy proposal for a ‘breathing space’ and a statutory debt repayment plan, concepts which are intended to give people in problem debt the opportunity to take control of their finances and put them on a sustainable footing

Insight / Company insolvencies rise by 9%

There has been a spike in the number of companies entering insolvency in Q3 2018, up by 8.9% compared to the previous quarter and 19.3% higher than in the same quarter of last year, according to official statistics from the Insolvency Service which show a sharp increase in creditors’ voluntary liquidations (CVLs)

Insight / Millennials twice as likely to go bust as baby boomers

The last three years have seen the number of insolvencies among millennials soar, while insolvencies have dropped among baby boomers, according to analysis by Moore Stephens, which suggests the statistics highlight a growing ‘wealth gap’

Insight / Grant Thornton takes on Gourmet Burger Kitchen CVA

Casual dining chain Gourmet Burger Kitchen (GBK) has brought in Grant Thornton to handle a company voluntary arrangement (CVA) to restructure its UK restaurant estate as part of its ongoing turnaround strategy, which will place some 250 jobs at risk

Insight / Scottish furniture supplier calls in administrators

Blair Nimmo, partner, and Alistair McAlinden, director at KPMG, have been appointed as joint administrators of First Furnishings Ltd (FFL) which has ceased trading with the loss of more than 50 jobs following financial difficulties

Insight / Begbies Traynor administrators to failed 150-year old building company

Lee Lockwood, director, and Bob Maxwell, partner, of Begbies Traynor have been appointed as joint administrators of H. Waterhouse & Sons (Wakefield) Ltd, which has been trading for over 150 years but has collapsed with a loss of all jobs

Insight / Administrators called in as 1,000mph car project hits skids

Andrew Sheridan and Geoff Rowley, partners at FRP Advisory, have been appointed as administrators to Bloodhound Programme Ltd, the company behind a project to break the land speed world record by creating a supersonic racing car capable of doing 1,000mph, which has run out of funds

Insight / PwC fashions partial rescue for Coast retail chain

Women’s fashion chain Coast has become the latest high street casualty, with Mike Denny, Ian Green and Zelf Hussain of PwC appointed as joint administrators, in a move which will see the retailer’s shops close but with a deal to retain an online presence

Insight / Pre-pack deal saves 130 jobs at firedoor specialist

More than 130 jobs have been saved at a North Wales firm after the business and assets were sold as a going concern in a pre-pack deal by administrators from Begbies Traynor

Insight / Budget airline Primera Air ceases trading

Thousands of holidaymakers have been stranded abroad after Danish airline Primera Air collapsed early this morning, a year after British airline Monarch entered administration
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