Insolvency

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

Insight / High street decline accelerates at record rate

The high street’s decline is accelerating, with a record number of stores disappearing in 2018 and a sharp drop in the number being opened, according to analysis from PwC which says the increasing cost of occupancy, shift to online and subdued consumer spending are all taking their toll

Insight / Debenhams sold in pre-pack administration

High street department chain Debenhams has gone into administration in a pre-pack as lenders take over control of the group following the appointment of FTI Consulting LLP, putting more high street jobs at risk

Insight / Insolvency warning as late payment rates rise

Almost 115,000 businesses waited an average of 57 days for payment in 2018 with more than 1,000 of these subsequently entering insolvency as a result, according to data from Begbies Traynor which highlights how late payments could be a significant factor in insolvency

Insight / FCA faces probe over London Capital & Finance

The Treasury has ordered the Financial Conduct Authority (FCA) to conduct an independent investigation into events at London Capital & Finance (LC&F) and the circumstances surrounding the savings company’s collapse

Insight / Time out for Pretty Green fashion brand

Pretty Green, the fashion brand founded by former Oasis frontman Liam Gallagher, has been placed into administration, putting 180 jobs at risk

Insight / RSM handles administration for medical tech company

Graham Bushby, partner, and Nick Edwards, director, of RSM Restructuring Advisory have been appointed joint administrators of insulin pump manufacturer Cellnovo Ltd, which has ceased trading putting up to 100 jobs at risk

Insight / Giraffe restaurant closures as CVA agreed

The creditors of Giraffe Concepts Ltd, the operator of the Ed’s Easy Diner and Giraffe restaurant brands, have approved its proposed company voluntary arrangement (CVA), which will see around a third of the sites close, putting hundreds of jobs at risk

Insight / Deloitte looks at administration way out for Office Outlet

Restructuring partners at Deloitte have been appointed as joint administrators to SUK Retail Ltd t/a Office Outlet, a major multichannel retailer of office supplies, business technology, and copy and print services to businesses, homes and schools, which has collapsed putting over 1,000 jobs at risk

Insight / Insolvency practitioner owes £744k compensation over breach of fiduciary duty

An insolvency practitioner has lost a High Court case after the judge ruled that there was a breach of fiduciary duty due to the defendant failing to act with single-minded loyalty to the company

Insight / Interserve faces administration as rescue talks fail

Outsourcing giant Interserve is expected to go into administration after the company’s shareholders voted against a rescue plan
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