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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
  • EY is working to spin off its audit business in the biggest shakeup to the Big Four in two decades. As part of its ambitious efforts to escape the conflicts of interest that have dogged the accountancy sector for years, the firm is planning to split its business in two, separating its audit and advisory operations. The efforts come after the government set out plans for a major shakeup of the audit sector in the Queen’s Speech. The Big Four have come under growing scrutiny over the past decade following a series of major accounting scandals, involving major listed companies including collapsed construction contractor Carillion and café chain Patisserie Valerie. More from City A.M.

  • Missguided is lining up administrators as its business remains on the brink of collapse after creditors issued it with a winding-up petition. The fashion retailer has been accused of leaving suppliers millions of pounds out of pocket, which led to police being called to the company’s head office in Manchester. Alteri Investors, which saved Missguided from collapse last year, has been searching for ways to sell the business in the past few weeks, with JD Sports and Shein among the firms expected to make a bid. Administrators from Teneo are understood to be preparing to step in as administrators if the business cannot be sold solvently. More from Retail Gazette

  • Accountancy firms have asked the UK government to offer exemptions to professional services firms from rules blocking them from working with Russian clients. The calls come after the government this month set out plans to block British accountants, business consultants, and PR managers from providing their services to Russians, in response to the country’s invasion of Ukraine. Industry bodies have however raised concerns the embargo will block them from meeting certain professional obligations, whilst working with Russian linked clients, amid fears they could be made criminally liable if they breach the rules. The ICAEW commented that insolvency practitioners will likely avoid any Russia linked clients in the absence of further guidance. More from City A.M
  • Children's toy subscription service Whirli has gone into administration. Formed in 2018, the firm sold monthly, bi-annual and annual subscription packages that gave customers tokens to borrow toys and swap them for others on return, with the option to keep a toy forever after eight months. Geoff Rowley and Ian Corfield of business advisory firm FRP Advisory were appointed administrators on 11 May. They say the company went under due to a lack of funding. More from Money Saving Expert
  • Chris Kirchner has confirmed that he will be "officially closing" the deal on his Derby County takeover on 31 May. The businessman stated that signatures have already started to be signed ahead of the anticipated closing date. The last stumbling block was a deal with Mel Morris over the sale of Pride Park. A deal seems to have been struck with respect to the stadium, although the details remain unknown. More from Derbyshire Live

  • Business insolvency figures are more than double their 2021 levels for the second month running. Figures for April published by the Insolvency Service show a 115 per cent rise on April 2021. The figure for March was 111 per cent up on March 2021. The significant year-on-year rise in corporate insolvencies has been attributed to the increase in CVL processes. More from Daily Echo
  • Fish and chip shop owners could be "driven to commit fraud" in the absence of further tax relief, warns Andrew Crook, the president of the National Federation of Fish Friers. Crook said that the industry feels abandoned by the government, with dramatically increasing food prices combined with a failing tax system exacerbating the firms' struggles. Despite pleas across the hospitality sector, the Chancellor went ahead with plans to return VAT to 20 per cent on food and soft drink sales last month. Crook suspects that with increasing overhead, some bosses may desperately attempt to suppress their turnover so they do not have to pay their VAT liability. More from City A.M.

  • Sixteen jobs have been saved at Mustang Joinery following a pre-pack deal. Based in Rotherham and founded in 1981, the company specialised in the manufacture of a range of bespoke window frames, staircases and door sets for local and national developers. Administrators from Begbies Traynor were appointed to undertake the accelerated marketing process, and Gateley Legal provided advice through the process. More from Yorkshire Post

  • The volunteering charity Raleigh International Trust has gone into voluntary liquidation with immediate effect. Almost 50 jobs have been lost and young people who have spent months fundraising for expeditions have had them cancelled at short notice. Carter Backer Winter has been appointed to handle the liquidation. In its statement, the charity said that government cuts to foreign aid budget and the impact of Covid-19 had irreversible impact on its finances. The charity's income fell by more than half from £8.6m to £3.9m over the past three years, and its income from government contract also nearly halved from £4.4m to £2.4m. More from Third Sector
  • Banks have written off nearly £400 million in business loans as small firms emerge from the pandemic and feel the impact of rising prices. Banks are also starting to undertake more stress testing on new borrowers. More from This is Money.
  • An additional administrator has been working on the MoneyThing administration, looking at the costs of operating the platform while it is formally wound down. Administrators from Moorfields Advisory were appointed to MoneyThing when it entered into administration in 2020 after the platform was unable to defend itself against future litigation from a borrower. Administrators from Rollings Butt were additionally appointed in February to look into the charges set by the company to cover the costs of operating the platform while the company is in administration, including administration fees. More from Peer2Peer Finance News

  • TM Lewis has introduced a brand new website just six weeks after being acquired in a rescue deal. The shirtmaker was put up for sale by Bain Capital in spring 2020 and was bought by Torque Brands. The company announced that the new site will be followed by physical flagship stores in key locations. More from Retail Gazette
UPCOMING EVENTS
  1. The IPA's 2022 roadshow is currently underway. Remaining dates include Northern Ireland on 9 June, 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. Global Restructuring Review is hosting a Women in Restructuring conference on 9 June 2022 in London, UK. Further details can be found HERE.
  3. R3 and the South West and Wales Regional Committee, are hosting a timely and valuable discussion about the National Security and Investment Act 2021 on the 14 June 2022 at the Grant Thornton offices in Bristol. 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. R3 has launched the first Contentious Insolvency and Creditors Forum, taking place on the 6th July in London. Further details can be found HERE.
  6. 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.
  7. 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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