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Upmarket jewellery chain collapses into administration

Struggling jewellers Links of London has fallen into administration, putting 350 jobs at risk. The move followed a failed sale process initiated by its troubled Greek owner, Folli Follie, which was plunged into crisis over a fraud relating to overstated sales. Links, which operates from 28 stores and seven concessions, is continuing to trade pending …

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Bankrupt who hid property from Official Receiver receives prison term

A bankrupt from Essex has been sent to jail after he tried to conceal property transferred to his ex-partner in an attempt to avoid paying his creditors. Sarper Djevdet Ahmet, 57, from Clacton-on-Sea, appeared at Colchester Magistrates’ Court on 18 September 2019 where he was sentenced to four months in prison, having been charged with …

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Debt bosses’ failings lead to £7.6 million shortfall in funds

Two directors from north-west England have been banned for 16 years after lack of oversight led to a £7.6 million shortfall in monies being held for insolvent estates. Darren Dean Varden (54), of Bury, Lancashire, and Philip Andrew Nuttall (58), of Congleton, Cheshire, were directors of Varden Nuttall Limited, a debt solutions provider based in …

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Arcadia Group going into administration

Sports Direct Withdraws Debenhams CVA Legal Threat

Sports Direct has withdrawn its lawsuit against Debenhams over its Company Voluntary Arrangement (CVA), although the department store chain will still continue to fund an ongoing legal challenge from a property firm. Debenhams confirmed that the Mike Ashley-owned retail company withdrew as parties to an outstanding challenge to the Debenhams’ CVAs. This challenge was brought …

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Arcadia Group going into administration

Select Creditors owed over £53m following Administration

Select creditors could be owed £53.1 million as part of the struggling fashion retailer’s administration process. The value fashion retailer fell into administration in June, putting 1,800 jobs at risk. Unsecured creditors, including landlords and HMRC, have said they are owed money after the retailer became insolvent in May. The fashion chain negotiated major rent …

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Company boss ‘repeat offender’ disqualified for 11 years

A court has banned a Telford-based double glazing director for a further 11 years after he was caught running a company while already disqualified Gary Kelvin Link, 41, received an 11-year disqualification order from District Judge Keyser Telford County Court after he was found to be acting as a company director despite already being disqualified. …

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Marketing Company enters Company Administration saving jobs

The Problem Presented A marketing company’s accountant approached us as their client was receiving pressure from HMRC concerning their outstanding PAYE and corporation tax. The company was experiencing financial difficulty after investing large sums of money into their marketing pitches which turned out to be unsuccessful in winning them new business. The directors wanted to …

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Arcadia Group going into administration

How unpaid invoices are affecting outstanding VAT bills

According to the Asset Based Finance Association (ABFA), UK SMEs are currently owed a combined total of £67billion in unpaid invoices. ABFA’s research suggests that British SMES now have to wait longer for their invoices to be paid than they did back in 2009, at the height of the recession. This represents an increase of …

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Understanding Liquidation; Solvent and Insolvent

Many people hear the word liquidation and automatically think it is a negative process for businesses that are in trouble and suffering from insolvency through the fault of the directors. This article is going to explain the different reasons as to why insolvency occurs and highlight just how helpful a liquidation process can be for …

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