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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
  • The funeral arrangements of more than 45,000 customers have been left in doubt after pre-pay plan provider Safe Hands collapsed into administration. Administrators from FRP said the business is "unsustainable in its current form" after a "period of severe financial challenge". More from The Mirror.
  • Morrisons has drafted in city advisers as it considers options to support the financial struggles of its convenience store partner McColl’s. The Big 4 grocer has appointed Houlihan Lokey to explore options for its exposure to the embattled London-listed retailer. While the appointment of city advisers does not mean that Morrisons plans a takeover bid for McColl’s, it could indicate that the grocer is looking to acquire sites as part of any break-up or insolvency process. More from Grocery Gazette.
  • Business secretary Kwasi Kwarteng has warned P&O Ferries that it could face an unlimited fine if its summary sacking of 800 British staff is found to have breached the law, as protests against the company’s actions took place at ports across the country. Scrutiny has also now intensified over a £146m deficit in the seafarers’ industry pension scheme, owed by P&O Ferries and DP World. More from the Guardian.
  • Bosses at the UK arm of Russian energy giant Gazprom have made a bid to buy it out, as sanctions against its parent company threaten to make it insolvent. Manchester-based Gazprom Energy, which supplies more than a fifth of gas used by UK companies, has been left just days from needing a government bailout through special administration regime (SAR), according to Sky News’ Mark Kleinman. More from City A.M.

  • Tennis legend Boris Becker has offered up his wedding ring in a bid to overturn bankruptcy, a court has heard. The former world number one, who was declared bankrupt in 2017, is on trial in London. He is accused of hiding or failing to hand over assets including two of his three Wimbledon men's singles trophies and his 1992 Olympic gold medal. More from Sky News.
  • A Leicester pensions firm has bought a Dorset counterpart out of administration. Westerby Trustee Services, part of the Westerby Group, has swooped for Corporate & Professional Pensions (CPPL), which called in administrators from Smith & Williamson earlier this year. More from The Business Desk

  • Frozen sweet treats firm Joe Delucci’s Gelato has entered into liquidation, just over four years after it was saved from administration. Liquidators from Butcher Woods were appointed. The Warwick-based ice cream firm fell into administration in 2018 after the company's original efforts to agree to a CVA failed. At the time, the company's downturn was attributed to the weakening of the pound against the Euro in the aftermath of the UK's vote to leave the EU in June 2016. More from Food Manufacture
  • Administrators Armstrong Watson are currently seeking offers for the business and assets of tourism body Welcome to Yorkshire. The business’s assets include the White Rose tourism awards, ‘Y’ Magazine and over 150 domain names, trademarks and patents. More from The Business Desk
  • Administrators at Kroll Advisory have put the Ainscow Hotel in Salford up for sale, with offers in excess of £8.5 million being sought. Partners from Knight Frank has been engaged to market the property for sale, who have noted that the attractiveness of the hotel is highlighted by its £300m transactions in 2021. More from Business Sale Report

  • Administrators FRP confirmed that more than 50 jobs have been saved after Autonomies, a manufacturer of refrigerated drinks dispensers, bottle coolers and vending machines was acquired out of administration by Peak Analysis & Automation, a company part of a manufacturing group operating in a range off sectors including robotics and machine building. More from Punchline.
UPCOMING EVENTS
  1. The Reading TMA is hosting an event on budget, tax and economics on March 30. Further details can be found HERE

  2. The Leeds TMA NextGen is hosting its first in-person event of 2022 on April 7 at Veeno, a wine tasting bar in Leeds. Further details can be found HERE

  3. R3 is hosting a two day face to face annual conference with industry-leading speakers representing UK regions on May 18-20. Further details can be found HERE.
  4. Global Restructuring Review is hosting a Women in Restructuring conference on 9 June 2022 in London, UK. Further details can be found HERE

FROM THE EDITOR
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