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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
  • Russian lender Sberbank is winding down operations at its investment arm in London, which Britain's financial watchdog said was “operationally unable to make payments” owing to sanctions over the Russian invasion of Ukraine. Teneo has been appointed by the FCA as special administrator. More from The National.
  • The London arm of Russia’s VTB Bank is also on the brink of insolvency proceedings. British banking regulators have called in advisers to help address Russia’s second-largest lender’s presence in the capital. This news comes as HSBC started winding down relations with VTB and VTB’s wider European operations are being put up for sale. More from City A.M.
  • Thai hotel group Minor International has won a bitter battle for control of Corbin & King, the restaurant group behind the Wolseley and Delaunay in London. The conclusion of the lengthy ownership saga means Jeremy King, who co-founded the renowned group with Chris Corbin, will hand over full control of the business. Minor, which was already a majority shareholder, beat an offer from the founder to take control in an auction held by administrators. It is understood Minor paid more than £60 million to take control as part of the deal sealed late last week. More from the Fife Times.

  • The UK's biggest rent-to-own firm, PerfectHome, has gone into administration, affecting thousands of customers. The company lent customers money to buy household goods, which they paid off weekly with interest. The Birmingham-based business made a profit of £1.4million in 2020 but made a loss of £10.5million in 2021, and five of its directors resigned, according to its latest accounts. It has also not taken on any new customers since June 2021. This is because its biggest funder, Kaluga, pulled its funding, according to the company's accounts. The administration is being handled by Teneo. More from the Mirror.
  • London-based fit-out firm Twenty1 Construction has filed for administration, putting most of its 70 jobs at risk. Administrators Grant Thorton pointed to the "significant disruption" caused by the pandemic for the fall of the £67m turnover company. More from Building.co.uk

  • Sungard, the colossal global data management company, is putting its UK arm into administration on surging energy costs and a stalemate with landlords regarding rents. The company has been heavily knocked by the pandemic. Teneo has been appointed administrator and has reportedly obtained short-term funding to trade the business while a buyer is sought. More from Proactive Investors.

  • Monva, a North Wales start-up price comparison site, has called in administrators from Quantuma. The brainchild of a former senior executive at MoneySuperMarket, MBNA and Virgin Money, the company had raised hundreds of thousands of pounds in crowdfunding as well as securing investment from the Development Bank of Wales. More from the Daily Post.
  • The Insolvency Service has launched a formal criminal and civil inquiry into P&O Ferries. The investigation will look into the company’s widely criticised decision to make 800 workers redundant without notice. More from East Lothian Courier.
  • Quantuma has asked for the court's clarification on distributions in the administration of The House Crowd. While more than £150,000 of uninvested funds have been returned to investors of collapsed peer-to-peer lender, Quantuma has said that it is unclear how to distribute money to investors that were actually lent out and are now being repaid to the company, due to incomplete record keeping. More from P2P Finance News
  • The Sofa Workshop, a mid-market UK upholstery retailer with 16 stores across the UK, has collapsed into administration and appointed PwC as administrators. Despite achieving “significant” revenues, these have been outweighed by trading losses, especially in light of Covid-related supply chain disruption and significant increases in transportation costs on importing goods from Asia into the UK over the last year. PwC has sold the company's existing customer order book to Timothy Oulton United Kingdom Limited. More from Accountancy Today
  • Cambridge-based M&E contractor Kershaw Mechanical Services Limited is heading for administration after more than 75 years in business. Grant Thorton will be overseeing the process. More from Construction Enquirer
  • David Taylor and Paul Ellison of KRE Corporate Recovery have been appointed as Joint Administrators of Xpress Vehicle Solutions Limited and its subsidiaries, Xpress Centres Limited and Portable Centres Limited. Xpress Vehicle Solutions Limited and Xpress Centres Limited operate 42 “pods” based primarily in Tesco and Morrisons Car Parks nationwide providing non-structural vehicle accident repairs. Portable Centres Limited manufactures the pods from leasehold premises in Portsmouth. Xpress Vehicle Solutions Limited and Xpress Centres Limited have currently ceased trading whilst a buyer for the business and assets is sought. The Joint Administrators are currently trading Portable Centres Limited whilst a buyer is sought. Interested Parties should initially contact David Taylor at David.taylor@krecr.co.uk.
  • More than 500 jobs have been lost as YM Group brought in administrators for three of its subsidiaries. FRP announced that the Yorkshire print group YM Chantry, York Mailing and Pindar have been subject to an accelerated marketing process to secure a buyer. The administrators explained the decision has followed a “significant period of challenging trading that had been exacerbated by the impact of the pandemic” along with rising costs. More from The Business Desk
UPCOMING EVENTS
  1. The IPA is hosting an online workshop on 5 April entitled Employees in Insolvency | Getting it right! Eileen Maclean of Insolvency Support Services and David Reade of Littleton Chambers will be leading the workshop. 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. The Leeds TMA NextGen is hosting its first in-person event of 2022 on 7 April at Veeno, a wine tasting bar in Leeds. Further details can be found HERE

  4. 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.
  5. 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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