News Area
Jobs losses as Triumph Furniture stops trading
Furniture supplier Triumph has gone into administration and has ceased trading.The family-run business was created in 1946 and employs a total of 252 people across two sites in Merthyr Tydfil. The company announced that 239 jobs have been lost...
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...
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...
Bury FC face possible expulsion from the Football league
Crisis club Bury’s fixtures could be suspended ahead of the new season, the English Football League has warned.The League One club –formed in 1885 – were deducted 12 points ahead of the new Sky Bet League One season after entering a Company Voluntary...
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...
Late Rooms and Super Break collapse hits holidaymakers
The holiday firms Late Rooms and York-based Super Break have collapsed, affecting more than 50,000 travellers. Malvern Group, which owns the booking website LateRooms.com and Super Break, said about 400 Super Break customers were on holiday in the UK or...
Investors lose Millions in Lendy collapse
Thousands of investors are facing losses of close to half the £152 million they put into a failed peer-to-peer lender that is being investigated for moving assets to related parties before its collapse.In the latest scandal to hit the ‘shadow savings’...
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Sports Direct has withdrawn its lawsuit against Debenhams over its Company Voluntary Arrangement (CVA), although the department store chain will still continue to fund an ongoing legal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...
Insolvency Service consults on single regulator for Practitioners
The government has launched a consultation on the current regulatory framework for insolvency practitioners, which includes considering whether to establish a single regulator for the sector.It is suggested that an independent regulator could replace the...
US Property firm challenges Arcadia restructuring plans
Sir Philip Green’s Arcadia retail empire has been hit with a legal challenge from a US landlord over the company’s restructuring plans.US property company Vornado, which owns two Topshop stores in New York, has launched an offensive against the two of the...
Monsoon Creditors Approve CVA
Monsoon Accessorize creditors have approved the retailer’s CVA proposals, which will see the retailer seek rent cuts across two-thirds of its store estate.First announced on June 20, the retailer’s CVA proposals do not include plans for store closures – of which it...
Almost half of British adults are currently in debt
Some 46% of UK adults are currently in debt and believe the rising cost of independent living is to blame.A survey of 1,000 UK adults, published in The UK Spending Report, has revealed that almost one in two Brits (46%) are currently in debt. Those who admitted to...
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...
New Task Force to help revitalise UK High Street
A new High Streets Task Force supporting local leaders to revitalise high streets and town centres was launched on 2 July by High Streets Minister Jake Berry MP.The High Streets Task Force will comprise of experts who will provide tailored guidance and advice to...
PPF appoints Mike Ridley as Head of Restructuring and launches new guidance
The Pension Protection Fund’s (PPF) restructuring and insolvency team has appointed Mike Ridley as Head of Restructuring.Malcolm Weir, the PPF’s Director of Restructuring & Insolvency, said: “We are extremely pleased to welcome Mike to our restructuring and...
12,000 Jobs at risk as 25% of UK Betting shops face possible closure
A quarter of betting shops on UK high streets have been slated for closure, putting 12,000 jobs at risk, with William Hill the latest bookmaker to blame job cuts on stricter regulation of fixed-odds betting terminals (FOBTs).Restrictions cutting the maximum stake...
Jet Airways lenders plan Insolvency proceedings
Jet Airways’ creditors have said they plan to bring insolvency proceedings against the struggling airline.The move follows a failed attempt to find a suitable buyer for what was once India's biggest private airline.Jet Airways has been hampered by more than $1bn...
Monsoon asks Landlords to backdate rent cuts
Monsoon Accessorize is planning to slash its rent bill for more than half of its stores, as it becomes the latest troubled retailer to turn to a controversial rescue plan in a bid to avoid collapse.The high street fashion chain is hoping landlords will back its...
Arcadia Group closing 48 UK stores as it secures CVA
Sir Philip Green’s retail empire Arcadia group has announced proposals to close 48 of its stores under new restructuring plans.Arcadia announced on Wednesday (12 June) that it had put forward a rescue plan that will see the closure of some Dorothy Perkins, Burton,...
High street suffers worst May on record
Britain’s high streets suffered their worst May on record as sales plunged by 3.3% on last year, figures show.The significant drop, off the back of negative 2.2% base for May last year, follows four months of poor results, according to BDO’s High Street Sales...
Ford to close its engine plant in Bridgend in 2020
Car giant Ford’s decision to close its South Wales factory will lead to the loss of 1,700 jobs – and many more in companies supplying goods and services to the plant.The news was being confirmed at a recent meeting between company officials and union leaders. The...
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 disqualifiedGary Kelvin Link, 41, received an 11-year disqualification order from District Judge Keyser Telford County Court after...
Fresh Attempt To Rescue Women’s Fashion Chain ‘Select’
Administrators have begun another attempt to save High Street clothing chain Select and its 1,800 employees’ jobs.Select went into administration on 10 May after a period of poor sales, putting 169 UK stores at risk. Administrators have proposed a second company...
Three In Ten Adults ‘Spend More Than They Earn’
Almost three in 10 (28%) British adults ran a ‘deficit budget’ in the past month, spending more during the month than they received in income, according to new research from R3, the insolvency trade body, and ComRes.One in six British adults (17%) spent up to £100...
Return of Crown Preference ‘could have significant impact on availability of funds’
Chancellor Philip Hammond decision to give HMRC secondary preferential creditor status for taxes collected on its behalf in all insolvency situations is likely to have a significant negative impact on lending in the UK, according to global advisory advisor Duff...
Jamie Oliver’s Restaurant Business Collapses
Around 1,000 workers have been made redundant after celebrity chef Jamie Oliver’s restaurant chain collapsed into administration following failed attempts to secure additional investment.Jamie’s Italian has appointed KPMG as administrators, the company has...
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...
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...
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...