Insolvency

Insight / 12-year ban for director over fake invoices

The director of an event management and production company has been banned for 12 years for submitting false invoices for VAT claims, including on the costs of his own wedding reception, following an investigation by the Insolvency Service

Insight / Fish shop bosses banned over cash and tax failures

The husband and wife directors of Mr Cod Morden Ltd have each been disqualified from acting as company directors for seven years, after an HMRC investigation found they had under-declared the VAT due on fish shop sales and owed some £500,000 in taxes

Insight / Luxury yacht company hits financial turbulence

Neil Gostelow and Mark Orton, partners from KPMG restructuring have been appointed joint administrators to Oyster Marine Holdings Ltd, the holding company for the Oyster Yacht group of luxury boat builders, which has run out of funds

Insight / PwC appointed administrators to Williams Industrial Services

Stephen Cave and Toby Underwood, partners at PwC, have been appointed joint administrators to Williams Industrial Services, a County Antrim engineering firm, with the loss of 145 jobs 

Insight / KPMG gets teeth into Square Pie administration

Rob Croxen and Will Wright, restructuring partners from KPMG, have been appointed joint administrators of Square Pie Ltd, a food and restaurant business which has collapsed with the loss of 50 jobs

Accounting / MPs told Carillion’s accounting policy ‘aggressive’

MPs have been told that accounting policies at Carillion became ‘more aggressive’, while the company was not paid for over 18 months on a key building contract in Qatar, as part of an evidence session to a joint select committee looking into the outsourcer’s collapse early this year

Insight / Student housing builder in administration

Paul Flint, associate partner, and Paul Dumbell, director from KPMG’s restructuring team have been appointed joint administrators of Pinnacle Student Developments (Liverpool) Ltd, a building developer which has failed following the collapse of one of its main contractors

Audit / MPs to probe Big Four accountancy firms over Carillion links

The Big Four accountancy firms have been told to provide MPs on the joint inquiry into the collapse of Carillion with details of all payments received for work for Carillion over the last 10 years, reports Sara White

Audit / FRC to investigate KPMG over £1.4m Carillion audit

The Financial Reporting Council (FRC) is to investigate KPMG’s auditing of collapsed Carillion, which went into liquidation at the beginning of the year putting thousands of jobs and major government infrastructure projects at risk

Insight / Company voluntary arrangements (CVAs): how do they work?

The use of company voluntary arrangements (CVAs) to avoid bankruptcy is growing as retailers look to restructure to avert entering administration. Jessica Walker, partner and Amy Halsall, trainee solicitor at Mayer Brown explain how restructuring plans like this work

Insight / Corporate insolvencies up 4.2% in 2017

The number of corporate insolvencies in 2017 rose by 4.2% compared to 2016 with a total of 17,243 companies going insolvent, which the Insolvency Service says is due to two ‘bulk insolvency’ events inflating the numbers

Insight / Scottish corporate insolvency numbers falling

The number of Scottish companies going out of business is continuing to fall according to the latest figures from the Accountant in Bankruptcy (AiB), which show total corporate insolvencies down by 3.8% towards the end of last year

Audit / FRC to explain auditors’ role to MPs in Carillion inquiry

The Financial Reporting Council (FRC) will be required to appear before a joint inquiry into the collapse of outsourcer Carillion to discuss the role its auditors, which has been set up by the work and pensions, and business, energy and industrial strategy (BEIS) select committees, reports Pat Sweet

Insight / Insolvency Service cuts off cold-calling director for 12 years

The director of a telephone cold-calling service which collapsed owing some £2m has been given a 12-year disqualification, after an Insolvency Service investigation found he owed HMRC over £400,000 and had claimed over £30,000 in an unmerited grant application

Accounting / Young: scale of Carillion insolvency masks fundamental problems

As is often the case with high profile business failures, Carillion’s insolvency has a number of unusual features, not least its political dimension. In other ways, it is simply a familiar story on a larger scale, says Nathanael Young, senior associate in the commercial litigation and dispute resolution team at SA Law
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