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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 U.K. arm of VTB Bank is seeking administration after sanctions “paralysed” its operations, becoming the latest Russian financial entity to fall victim to the repercussions of the war in Ukraine. Teneo, which is handling the administrations of Sberbank and another Russian-owned company called Sova Capital Ltd., are the proposed administrators for VTB . More from Yahoo! Finance.
  • The main lender to TM Lewin has struck a deal to buy the century-old shirtmaker after it collapsed into insolvency for the second time in less than two years. An investment vehicle owned by PETRA Group has reached agreement with TM Lewin's administrators, Interpath Advisory, to acquire the prominent fashion brand. PETRA's swoop to acquire the business comes less than a month since it fell into administration, ending a disastrous spell under the ownership of Torque Brands, a company set up by Simba Sleep founder James Cox. More from Sky News.
  • MechFS, a Doncaster-based mechanical and electrical contractor with a turnover in excess of £50m, has gone into administration. Administrator Interpath Advisory said the company came under increasing cashflow pressure in the weeks prior to its appointment as a result of a dispute on a large contract. As no resolution could be reached imminently, the directors made the difficult decision to cease to trade and place the company into administration. More from Construction Enquirer
  • Three-time Wimbledon champion Boris Becker has been found guilty at Southwark Crown Court of four charges under the Insolvency Act and acquitted of a further 20 counts relating to his 2017 bankruptcy. The six-time grand slam champion, 54, was accused of hiding millions of pounds worth of assets, including two Wimbledon trophies, to avoid paying his debts. Becker was declared bankrupt on June 21 2017 over an unpaid loan of more than £3 million on his estate in Mallorca, Spain. More from City A.M.
  • With the migration to e-commerce and the impact of the pandemic, the UK retailer sector has faced a tough last few years. And with added pressures of supply chain issues, inflation at a 30-year-high and a cost of living squeeze impacting consumer spending, retailers face yet another turbulent year. Wales Online provides a summary of the retail casualties so far this year, which include Studio Retail Group, TM Lewin and Sofa Workshop. More from Wales Online.
  • Caledonian Modular - the UK's largest modular construction business - has been sold out of administration, saving more than 200 jobs. Administrators from Alvarez & Marsal confirmed the sale, noting that "the twin challenges of the pandemic and rising inflation have placed strain on balance sheets for businesses across the UK, including those in the construction sector." More from the Nottingham Post.
  • A firm regenerating a former aluminium works on Anglesey that was hailed by Boris Johnson just two months ago has gone into administration. Orthios took on the Anglesey Aluminium site in Holyhead in 2016 after smelting came to an end in 2009. The firm had already built a materials recycling facility and was in the process of developing a Plastics-to-Oil unit at the site. It had secured a £1.2m government bounce-back loan last year, and Prime Minister Boris Johnson also praised the company when he toured the site - which employs around 100 staff - on a visit to North Wales promoting jobs and economic growth. Begbies Traynor has been appointed as administrator. More from the Daily Post.
  • Specialist UK tomato grower Sterling Suffolk has been rescued after soaring energy prices forced it into administration. The company brought in administrators from Larkin Gowen on 29 March following a downturn in trading, and the business has been sold in a pre-pack to Amberside ALP – the company’s prime investor. More from The Grocer.
  • AIM-listed pipe manufacturer Tricorn has fallen into administration, with Alvarez & Marsal appointed as administrator. Immediately following the administrators’ appointment, Tricorn USA, a subsidiary of the company, was sold to Lander Holdings via a pre-pack deal. Tricorn USA has been supplying piping and tubing solutions globally for more than three decades. More from The Business Desk.
  • The liquidation of the former Anglo Irish Bank has cost the State more than €277m in professional fees in the seven years since the process began, with €179.6m of that going to the liquidators themselves, KPMG. A further €78.9m has been paid to assorted legal advisers to date, with law firm Arthur Cox topping the list in terms of outlay, with €5.7m as at end 2019, with the remainder €18.9m payable to professional advisers. More from the Irish Examiner.
  • A Glasgow city centre hotel has entered administration, putting a 100-year lease for the building at 139-141 West George Street in Glasgow up for sale. The prominent city centre building was operating as a hotel business with 91 rooms, two conference suites, a restaurant and lobby bar but suffered from unsustainable cash flow problems stemming from poor trading and low occupancy levels caused by the pandemic. Administrators from Azets will now market the lease for sale and are urging interested parties to contact the selling agents, Savills. More from Insider.co.uk.
  • As households brace for another rise in their energy bills, news that the UK arm of Sungard AS has fallen into administration highlights the toll the surge in gas and electricity prices is taking on the datacentre industry. During the second half of 2021, the company sought to mitigate the impact of its growing cost base by negotiating with its landlords and invoicing customers to cover the additional costs it had incurred, but to little avail. It had also sought support from its investors, landlords, customers and its parent company to secure a “consensual restructuring” of the business but, as confirmed by the firm overseeing its administration, Teneo Restructuring, these discussions proved unproductive. More from ComputerWeekly.com
UPCOMING EVENTS
  1. 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.

  2. 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.

  3. 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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