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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 Queen's favourite chocolate brand Rococo has changed hands in a snap deal with the group behind Illy coffee. The company has been sold for just £100,000 in a so-called 'pre-pack' deal the same day it was put into administration. It marks the second time Rococo has gone bust in three years. It collapsed after struggling to meet rents and repay a £1million Coronavirus Business Interruption Loan. Last month, the company's founder launched a legal action against Rococo's banker NatWest and insolvency firm BDO over a longstanding loan agreement. More from This is Money.
  • Westfield Sports Cars, a Kingswinford-based company that produces kit cars and self-driving vehicles, has fallen into administration. The company entered administration last week along with subsidiaries Chesil, a producer of replica Porsche 356 Speedsters, and self-driving vehicle maker Westfield Autonomous Vehicles. Administrators from MB Insolvency are seeking buyers for the company's assets, and has confirmed that there had already been encouraging level of interest from potential buyers. More from Business Sale Report

  • Crypto lender Celsius has reportedly hired restructuring attorneys from Akin Gump Strauss Hauer and Feld to explore financing options amid the ongoing insolvency risk. The news comes as the digital assets lending and interest-yielding-yielding platform recently halted its withdrawals due to a rumoured liquidity crisis. Founded in 2018, Celsius had more than $8b lent out to clients and $12b in assets under management by May of this year, according to the company. The company used a myriad of failed decentralised finance strategies and now threatens to become the crypto industry's Lehman Brothers as its failure could exacerbate a market crisis. More from The Coin Republic and Yahoo Finance

  • Administrators who oversaw the collapse of the former British tech unicorn Ve Interactive have been hit with a £126m lawsuit over claims they sold the company at a knock-down price to its directors. A US group of investors known as Ve Vegas LLC have launched a High Court legal claim against Smith & Williamson and individual administrators at the firm, saying it sold the company to a consortium led by billionaire investor Doug Barrowman despite clear conflicts of interest. More from The Telegraph (paywall).
  • All 50 jobs at Adam Jones and Sons have been made redundant after administrators from FRP were appointed. The Halesowen haulage firm operated a fleet of more than 70 trucks across the country, but suffered significant trading losses during Covid as a result of key customers ceasing production. Well publicised driver shortages and increasing fuel prices exacerbated the problems and as cash pressure mounted, the only option was to cease to trade. More from Halesowen News

  • 21 jobs have been lost as Minerva Industries called in administrators from Interpath Advisory. Based in Wolverhampton, the company was a leading supplier of cosmetic parts to the automotive industry. In recent months, and in the wake of ongoing issues facing the global automotive industry, including semiconductor shortages, supply chain issues and rising costs, the company had experienced trading difficulties. More from The Business Desk
  • A UK High Court has shut down a church run by a flamboyant Nigerian pastor after it failed to properly account for more than £1.87 million in outgoings and operating with a lack of openness. The court, presided over by Judge Burton, issued the order on 9 June, with the Official Receiver appointed as liquidator. More from Igbere Television.
  • Administrators from Teneo have sealed the next step in the sale of Sungard Availability Services, with Redecentric Solutions buying up to three data centers. Despite being one of the UK’s largest business continuity providers, the company had been struggling with rising power costs, and the impact of Covid-19 on its colocation and managed cloud service business. After securing an agreement with Daisy Group to facilitate the transfer of customers last month, the administrators have now struck a deal for the acquisition of the wider business for a cost between £11m and £22m. More from Consultancy UK.
  • Liberty Steel Group has signed a standstill agreement with Greensill Bank, its largest creditor, on the debt facilities relating to its European steel businesses. Under the agreement, all enforcement actions are paused. It is intended to enable Liberty to develop a longer term sustainable financing structure. It is valid until 31 October 2022 and may be extended until the end of 2022. More from The Business Desk

  • Missguided has been accused of "robbing" customers as administrators Teneo confirmed that the retailer is not in a position to honour any refunds. Two weeks ago, Mike Ashley's Frasers Group sealed a deal worth around £20m to buy the business and assets of Missguided, as well as sister brand MennaceMore from Daily Record

  • Mike Ashley has launched a legal claim against Carl Jackson of Derby County's administrators Quantuma as the former Newcastle owner prepares to submit a renewed offer for the club. Ashley's lawyers alleged that Jackson, one of the joint administrators, made representations that he knew were false during potential takeover talks. Quantuma has stated that it regards the claim as frivolous. More from MSN
  • Former footballer Danny Guthrie has been declared bankrupt after he racked up £120,000 in gambling debts, and has accepted a six-year bankruptcy order. The 35-year-old started at Liverpool before playing for Bolton, Newcastle, Reading, Blackburn and Walsall. In May 2019 he borrowed £75,000 from a friend to pay his expenses, promising to repay the loan after selling a home. But before that he ran up the gambling debts, and when he sold the property in 2020 for £160,000, he chose to repay those debts ahead of other creditors. More from BBC

  • A new report by Teneo revealed that the modular housing firm Urban Splash House Holdings only has cash to pay 50% of what it owes. The company owes £8.3m to creditors, with £7.6m of that due to Japanese joint venture partner Sekisui House UK. More than £30m by interconnected companies that are also in administration. Only £4m of that is expected to be realised from debtors, according to Teneo. More from Place North West
UPCOMING EVENTS
  1. The IPA's 2022 roadshow is currently underway. Remaining dates include Cardiff on 16 June, Manchester on 15 September, Birmingham on 22 September, Leeds on 29 September, and London on 19 October. Further details can be found HERE

  2. 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.

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

  4. 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.

  5. TMA UK is hosting a party to celebrate its 21 year anniversary on 15 September in London. Further details can be found HERE.
  6. 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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