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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
  • British Gas owner Centrica and EDF have slammed administrators for 'aggravating' problems caused by the collapse of energy suppliers. Centrica has written to Ofgem, demanding that the regulator intervenes to speed up the process of 'onboarding' customers stranded when their supplier has gone bust. It claims administrators had not only slowed the process of handing over customers' details, but also taken unnecessary direct debit payments, leaving consumers furious. More from This is Money.
  • Former Wimbledon champion Boris Becker has been jailed for two and a half years for hiding £2.5m worth of assets and loans to avoid paying debts. The 54-year-old six-time Grand Slam champion was found guilty of four charges under the Insolvency Act, with Judge Deborah Taylor saying he has shown no remorse or acceptance of guilt. More from the BBC.
  • Alvarez and Marsal, the administrators of NMC Health, have filed a lawsuit against EY for alleged negligence on the audit work it did for the troubled hospital operator between 2012 to 2018. The claim filed is expected to be £2bn, with the figure potentially rising close to £3bn. If successful, the claim would rank among the largest damage payouts involving the auditor of a major listed company.  More from Yahoo Finance

  • Bemaco Steel has been saved in a £4.6M deal that will secure all 20 jobs. Administrators from FRP announced that they have secured a pre-pack sale of the company to FXSteel, a connected party. Simon Bamford at Gordon Brothers and Nigel Boobier at Osborne Clarke LLP provided valuation and legal advice, respectively. More from Insider Media Limited.  

  • Offsite specialist Caledonian Modular was hit by a catastrophic cyber attack less than two weeks before it sank into administration. The administrator’s report said the attack “infected its servers and encrypted its data. This reduced the company’s operating capability and would have required significant cost to remedy. It also restricted the information that could be provided to third parties as part of funding negotiations.” The company, which was set up in 1964, fell into administration last month owing unsecured creditors close to £21m. More from Housing Today.
  • High street stationery chain Paperchase is being put up for sale. Permira Credit, which has controlled Paperchase since its pre-pack administration in January 2021, has appointed advisers to oversee a sale following a number of unsolicited enquiries from potential buyers. The approaches for the retailer come after an improvement in its financial and operating performance, aided by the closure of a number of stores as part of last year's insolvency process. PricewaterhouseCoopers, which handled the pre-pack process, is understood to have been hired to oversee the auction. More from Sky News

  • Quinto Crane & Plant Hire has gone into administration, resulting in 50 job losses. Founded in 1966, the company was one of the oldest crane and plant rental businesses in the UK. Administrators from Price Bailey commented: "like many businesses in the construction industry Quinto has suffered from adverse economic headwinds. Brexit, the lockdowns, and the recent spike in diesel prices have all come together to erode what were already tight margins." More from Eastern Daily Press
  • A group of more than 70 advisors have raised questions about the FCA's figures on British Steel Pension Scheme transfer advice, warning that the new redress scheme could see 343 firms face insolvency. Earlier this month, the FCA confirmed plans to move ahead with the proposed redress scheme which will cover steelworkers who were given unsuitable advice and transferred out. Around 1,400 steelworkers will receive £71.2M in redress under the scheme. More from FT Advisor

  • Company insolvencies in the UK rose by 39 per cent last month as businesses with heavy debt burdens saw their financial issues exacerbated by issues such as rising interest rates, growing energy costs and the withdrawal of government financial support. A bulk of these figures were made up of CVLs, with 1,844 CVLs in March 2022, more than twice the number of CVLs recorded in March 2021 and up by 62 per cent from March 2019.  More from Business Sale Report

  • The City of Plymouth Credit Union has entered administration. Administrators from PKF GM assured savers that their money is safe, and that those who have taken out loans will still need to repay them. The Financial Services Compensation Scheme has also declared the credit union in default, which means savers are entitled to receive their deposits back, up to the limit of £85K per individual. More from Plymouth Live
  • Administrators to football club Derby shelled out £339,000 on a failed points penalty appeal. The challenge to the Rams’ 12-point penalty for going into administration was based on an argument put forward by former owner Mel Morris that Covid had affected their finances. More from the Scottish Sun.
  • Former Oldham Athletic owner Simon Blitz is understood to be considering calling in his debts - a move that could plunge the football club into administration. More from the Oldham Times.
  • Administrators from Kroll have been appointed to  Philips Trust Corporation, a Manchester company that provided corporate trustee and estate planning services to consumers. The business was incorporated in 2017 and administers approximately 2,400 trusts, each of which holds either residential property, cash investments or both. More from Insider Media Limited
UPCOMING EVENTS
  1. 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.

  2. The IPA is hosting an in-person roadshow in Glasgow on 25 May. Further details can be found HERE

  3. Global Restructuring Review is hosting a Women in Restructuring conference on 9 June 2022 in London, UK. Further details can be found HERE.
  4. 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.
  5. 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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