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Insolvency Insider
The goal of the Insolvency Insider is to keep you current on all that is happening in the UK insolvency industry in one easy-to-read e-mail per week. If you like what you read, consider forwarding it to spread the word. Not getting our emails regularly? Click here to subscribe! 
 

INSOLVENCY STORIES IN THE NEWS
 
  • Baring Private Equity Asia has asked PwC to find a buyer for Cath Kidston, the modern vintage brand it took through a pre-pack insolvency process in 2020. The company, which was established by its eponymous founder in 1993, became a high street fixture with scores of standalone shops. Its fortunes were hit by the pandemic, however, forcing it into administration in April 2020. More from Sky News.
  • The directors of a legal awards company have agreed to pay £75,000 to settle claims of wrongdoing. Siblings Mark and Andrew Palmer owned a stable of web award magazines through their company Parity Media, which collapsed in 2017 owing £499,000 to unsecured creditors. None of the money was deemed recoverable, but the Palmers walked away from Parity's debts and purchased its assets for £50,000 in a pre-pack administration deal. They relaunched as Universal Media and it continues to hand out awards to lawyers through publications including Lawyer Monthly and Finance MonthlyBegbies Traynor, the administrators of Parity, reported to creditors that there were potentially multiple grounds on which to pursue the Palmers, The latest liquidator's report reveals that the Palmers were sent draft proceedings, but agreed in a mediation conducted by Clarke Wilmott to settle the potential claims against them for £75,000. More from RollOnFriday.

  • Garment manufacturers and consumers alike are up in arms over the new Missguided, which they say is the old Missguided with a thin wash of fresh paint. The fast-fashion e-tailer, now operating under the auspices of Sports Direct and House of Fraser owner Frasers Group, reopened its doors last week with a 70 percent-off MG Warehouse Sale, trumpeting the fact that “everything must go.” Suppliers are outraged that many of the items at the sale were never paid for. One factory owner is convinced that the collapse was 100% pre-planned, stating that the company “bought massively” in the first four months of the year even after cracks in its business had appeared. More from Sourcing Journal.
  • Dundee-based MacMerry 300 has been placed in liquidation. Established in 2010, the company owns bars across Dundee and Glasgow, most notably Abandon Ship, which hit the news last year due to accusations of ‘systemic mistreatment’ from staff. Interpath was appointed liquidator. More from the Scotsman.
  • Derby’s future appears to have been secured with the sale of Pride Park to a local property developer, which hopes to complete a takeover of the club. Administrators from Quantuma announced that they have accepted an interim loan from Derbyshire-based Clowes Development Ltd, who, having confirmed that they have purchased Pride Park, will submit a formal offer to buy the club. More from Express
  • Listed drug company 4D Pharma is in administration after its lender Oxford Finance suddenly pulled the plug on its support and demanded its money back. Interpath was appointed administrator. More from The Press and Journal.
  • Autorestore, a major vehicle repair service based in Northamptonshire, has called in Turpin Baker Armstrong after falling into administration. As one of the UK's leading providers of mobile repair services, the company operated a fleet of over 130 mobile repair rigs and provided over 30,000 body repairs a year. In recent years the company's turnover dropped as Covid lockdowns affected consumer demand. More from The Business Desk
  • RSM's fees for the Lendy administration are nearing £5m as it continues to recover funds for investors of the failed P2P lender. More from Peer2Peer Finance.
  • Building Supplies Online has been placed in administration. Administrators from FRP announced that all employees have been made redundant. The online retailer was founded in 2010 and slowly expanded, with Cairngorm Capital purchasing the business in 2017. However, without the prospect of investment, difficult economic conditions and rising inflation, the company has ceased trading. More from BMN.
  • Minerva Industries UK, one of the leading suppliers of cosmetic parts for the UK automotive sector, has fallen into administration. The company's clients included major names such as Jaguar Land Rover, Aston Martin and Bentley. Despite this prominent position within the UK industry, however, the company had been hit over recent months by issues impacting the wider automotive sector, including supply chain problems, rising costs and the ongoing semiconductor shortage. Interpath was appointed administrator. More from Business Sale Report
  • Fears are growing that tens of thousands of elderly customers could lose vast sums of money after buying unregulated funeral plans. From July 29, all firms must be regulated by the FCA or cease trading. Around 16 providers chose not to apply for authorisation, while around ten have withdrawn their application. Many intend to transfer their customers to other providers, but there is no guarantee that this will happen. More from This is Money

  • The High Court has criticised a personal insolvency practitioner for providing misleading information to creditors in a proposal which would have written off most of a €13m debt. The court said that the PIP had fallen well below the appropriate ethical standards expected of him. More from Irish Legal News
UPCOMING EVENTS
  1. The IPA's 2022 roadshow is currently underway. Remaining dates include Manchester on 15 September, Birmingham on 22 September, Leeds on 29 September, and London on 19 October. Further details can be found HERE

  2. R3 has launched the first Contentious Insolvency and Creditors Forum, taking place on the 6th July in London. Further details can be found HERE.

  3. IWIRC London is 4 years old and will be hosting an anniversary party on 6 July 2022. Three awards (Excellence, Future Leader & Champion) will be presented on the night. Further details can be found HERE.

  4. TMA UK is hosting a party to celebrate its 21 year anniversary on 15 September in London. Further details can be found HERE.
  5. TMA UK's Annual Conference will be held on 17 November, 2022. Further details can be found HERE.

FROM THE EDITOR
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