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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
  • Administrators from Kroll have been appointed to Catterick-based Pipeline Engineering & Supply Co. Limited after its parent company Circor International Ltd failed to find a buyer for the business, which it says had seen "accounting irregularities". The company said the irregularities appeared to account for balance sheet and income statement entries in the range of £26.7m to £34.3m  of pre-tax income over a period of at least five years. A review of the irregularities has been carried out by an outside law firm and a forensic accounting firm with oversight from the New York Stock Exchange-listed firm's audit committee. More from Business Live

  • Amigo Loans' customers are one step closer to receiving compensation for mis-sold loans as the FCA revealed it would not oppose the lender's latest rescue plan, reiterating that there has been a "significant improvement in the fairness of the schemes" compared to the first offer. Under the proposed scheme, claimants would get around 41p for each £1 they are owed, and Amigo would likely avoid collapse. More from This is Money

  • A slew of property and construction firms run by Peter and Dick Dabner have collapsed, resulting in as many as 20 firms linked to the pair filing for administration in the past six months. Last month, the parent company, Joint Ventures in Property Group (JVIP), also filed for administration. Peter Dabner was named as the director of 29 companies. Of these, 15 real estate companies have gone into administration, along with five other construction or building firms. Insolvency practitioner Michael Chamberlain of Chamberlain & Co  has been appointed as the administrator over most of the companies, including JVIP. More from Construction News.
  • Mechanical Facilities Services, a mechanical and electrical contractor based in Doncaster, has gone into administration. Administrators from Interpath Advisory have been appointed. Despite the company’s strong turnover, administrators said that the business had suffered increasing cashflow pressure over recent weeks due to a dispute on a large contract. The specific details on the contract have not yet been disclosed. More from Business Sales Report

  • A row has broken out between the former owner of TM Lewin and its lender, which has struck a deal to buy the shirtmaker out of administration. Torque Brands' shareholders have claimed that Petra blocked them from providing more capital to the business. A spokesman from Torque Brands said: “In our view, this was a loan-to-own strategy and we will be pursuing all legal remedies once our investigations are complete.” More from The Times

  • Nottingham-based John Pye Auctions has been appointed by PwC, the joint administrators of Sofa Workshop, to handle the disposal of ex-display showroom stock of the retailer after it went into administration last month. As well as being appointed to sell its ex-display items, John Pye will also be handling the sale of Sofa Workshop’s trading name, website and further intellectual property. In previous years, John Pye has been appointed in a similar manner by PwC, selling off Fabb Sofas’ stock following its administration announcement in 2018. More from The Business Desk
  • A report from administrators Teneo revealed that the debt of Midas Group continues to mount, with its overall deficit now over £70m and its housing arm along owing more than £12m. Despite a chunk of the business, Mi-Space Property Services Ltd, being sold at £230,000 in a pre-pack deal to national property services company Bell Decorating Group Ltd, the company's assets only amount to £2.2m. Once preferential creditors are paid, it leaves no money for unsecured creditors and floating charge holders, resulting in an estimated deficit for creditors of £10m. More from Plymouth Live

  • Administrators sorting through £650m of debts run up by Exeter’s stricken airline Flybe are looking to claim cash from the new company which has taken its name - if it turns out to be a soaraway success. An update on the long-running administration of the airline revealed EY thinks money could still be claimed from the new firm, which bought the business and some assets of the original Flybe Ltd when it went bust. More from Business Live.
    The creditors of Digme Fitness, a failed boutique fitness chain whose directors and shareholders included politician Rishi Sunak's wife, are considering legal action over an insolvency that lefty debts of more than £6 million. Suppliers are angry that the company placed orders just before administrators were engaged to carry out its pre-pack administration that closed four of its studios. The suppliers have unsuccessfully sought to retrieve their money from Digme, which continues to trade but without its debts, including £415,000 owed to HM Revenue & Customs. More from The Times
  • Global Wine Exchange Limited has been wound up in the public interest in the High Court after the company abused its clients' funds of more than £1.9m. The company offered its clients the opportunity to invest in fine wines with the promise of significant returns, but confidential investigations revealed that the company falsified its records, maintained vague ownership certificates and misappropriated client funds. The Official Receiver has been appointed Liquidator of the company. More from the Insolvency Service

  • Yorkshire.com and other associated assets of Welcome to Yorkshire have been sold. The sale comes after Welcome to Yorkshire appointed Armstrong Watson as administrators last month after what was described as an ‘incredibly difficult’ three years. The downfall of the organisation started with the scandal surrounding former chief executive Sir Gary Verity, who left the organisation in 2019. Since then, the body which was responsible for bringing the Grand Depart of the Tour de France to Yorkshire in 2014 has faced a number of funding problems, warning at one point that it could be forced to close its doors if local authorities can’t guarantee an additional £1.4m of funding. The administrators of Welcome to Yorkshire were assisted by Victoria Kay of law firm Clarion. Grahame Love of Napthens assisted the purchaser, Silicon Dales. More from The Business Desk

  • A bankruptcy order has been extended for an "uncooperative" accountant linked to a £17m company collapse. The accountant Nafeesah Abid was made personally bankrupt after she failed to pay the legal fees of liquidators investigating Accountable Accountancy Ltd, a Wolverhampton payroll firm. Abid was photographed driving a McLaren supercar with a personalised license plate valued at over £200,000. She currently denies any wrongdoing. More from Birmingham Live.
UPCOMING EVENTS
  1. R3 is hosting a virtual event on 25 April entitled "In Conversation with: Disclaimer – who picks up the pieces?" Further details can be found HERE.
  2. The IPA's 2022 Annual Conference is taking place on 28 April at the Royal College of Physicians, London. The programme will focus on the current and future landscape of the Insolvency profession in the UK, bringing together law makers, insolvency experts, counter fraud and market research specialists who will deliver unique insights into hot topics affecting insolvency practice in 2022. 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 18-20 May. 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.
  5. The IPA is hosting its inaugural IPA Summer Party on 22nd June at the Buffini Chao Deck, a newly refurbished events venue situated on the roof of the iconic National Theatre, on the South Bank of the Thames. Further details can be found HERE.
  6. TMA UK is hosting a party to celebrate its 21 year anniversary on 15 September in London. Further details can be found HERE.

FROM THE EDITOR
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