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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
  • Founder of property investment firm Targetfollow, Ardeshir Naghshineh  has tabled a £1.5bn legal claim against Lloyds Banking Group, stating that he would have never taken out certain loans if he had knowledge of the Libor benchmark being manipulated fraudulently. It comes after the companies collapsed after taking out hefty loans worth hundreds of millions alongside interest rate derivative products that were benchmarked to Libor. More from City A.M. 

  • Irish civil engineering and construction firm Roadbridge and its UK subsidiary have been placed into receivership due to “insurmountable financial challenges”. The Limerick headquartered company was founded in 1967 and directly employs 630 people in Ireland, the UK and Sweden. Administrators from Grant Thornton have been appointed. More from Ground Engineering

  • Kent butchery chain JC Rook and Sons has been placed in administration, with administrators from Interpath Advisory saying a fall in trade throughout the Covid lockdowns impacted the business and affected its profitability. More from Meat Management.com

  • Formalwear brand TM Lewin has fallen into administration for the second time due to the pandemic. The company's last pre-pack administration in 2020  resulted in the closure of 66 shops and 600 job losses. Administrators from Interpath Advisory blamed the slump in sales due to the lockdown, and that men's apparel and formalwear in particular have been one of the hardest hit parts of the retail sector. More from Business Matters
  • Footwear firm Steptronic Footwear Limited has called in administrators from Kroll. The company had a strong online and e-commerce presence with more than 3,000 high street and online outlets, but fell into administration after being impacted by shipping and supplier delays that affected the wider retail sector. More from Business Sale Report
  • Remy Automotive UK, the UK-based arm of the international Remy group, has fallen into administration, with Quantuma Advisory saying they are “hopeful” of rescuing “significant parts” of the business. The Remy group has been operating since the 1890s and has grown to be a major global supplier of remanufactured automotive products, including starter motors, alternators, steering and brake assemblies. Remy was previously funded by corporate and private US investment, receiving significant injections of emergency working capital during COVID-19. However, earlier this year, investors withdrew their support for the business. More from Business Sale Report.
     
  • Chelsea FC could be insolvent within weeks if the club isn't sold, says Stephen Taylor Heath, Head of Sports Law at JMW Solicitors. Securing a quick sale, though complicated, is essential for the club to avoid falling into insolvency. More from Insider.
  • Fourteen jobs have been saved with the acquisition of WRB Solutions out of administration. Administrators Begbies Traynor announced that the telecoms company has been sold to Telent Technology Services. More from Insider Media Limited

  • Sipp provider Heritage Pensions Limited has entered into liquidation following four claims upheld by the Financial Ombudsman Service requiring it to pay a total of up to £600,000 in compensation to clients. Kroll Advisory has been appointed as liquidator. More from FT Advisor
  • Loans at Home has called in administrators from Grant Thornton. As a consumer lending business forming part of non-standard finance, the company offered home collected loans to consumers with repayment periods between 14-63 weeks. All existing loan agreements remain in place, but the firm is no longer able to issue new loans. More from Insider Media Limited

  • Amigo Loans says it is “on the right track” to survive and return to lending after winning High Court approval for a crucial vote of creditors. The vote could back Amigo's new business scheme, or the alternative of a wind-down scheme which would close the firm. More from Daily Echo
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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