Latest News

Quantock Brewery appoints KSA Group

Somerset-based Quantock Brewery has entered administration. Joint administrators from KSA Group, Eric Walls and Wayne Harrison, were appointed to the company on Wednesday 18th January. The company will continue to trade as normal while a buyer is sought for the business. The company said in a statement: “It is with deep regret that following a…

Insolvency practitioner fined £14,000 after failing to comply with the IPA

Liverpudlian insolvency practitioner, Gerard Keith Rooney, has been fined due to unprofessional behaviour and failing to assist the Insolvency Practitioners Association (IPA) when asked for a response between June 2014 and February 2015. He also failed, as an appointed liquidator of a company, to provide progress reports to Companies House. This was a clear breach…

Creditor fees to rise in corporate insolvencies

The Insolvency Service is planning to change fees for creditors who want to wind companies up, increasing the overall fee by £2,480. This Official Receiver’s fee will increase by £2,500 when a company is closed down in the public interest. In addition, the current fee system will be replaced by a general fee across all…

More sponsors to become insolvent over UK pension schemes

Cass Business School Pensions Institute has reported that a significant number of sponsor businesses could become insolvent by ‘stressed’ pension schemes. 1,000 schemes could end up being move to the Pension Protection Fund, an organisation that helps people get their pension back if sponsors become insolvent. Low interest rates and low gilt yields have contributed…

Survey shows majority of IPs have lost confidence in HMRC

The latest research from insolvency trade body R3, has found over half of insolvency practitioners believe HMRC makes it harder to turnaround struggling businesses than wind them up.  54% of those surveyed think HMRC finds it easier to close down insolvent businesses. 71% of IPs believe the overall process is made more challenging by HMRC,…

800 insolvency practitioner licenses issued last year

The Institute of Chartered Accountants In England and Wales (ICAEW) issued its 800th insolvency practitioner license last year to Peter Hughes- Holland from Quantuma. It is the highest number of licenses issued in a 12-year-period since 2001. ICAEW is one of the largest regulators of insolvency practitioners in the UK and supports individuals looking to…

Insolvency Practitioner Kiran Kumar Mistry jailed

An investigation by the Department of Business, Innovation and Skills (BIS) found Mr Mistry guilty of conspiracy to defraud and has been sentenced for three years, six months. Mr Mistry was the IP for eight out of nine Midlands-based companies involved with fraudulent activity, between 1998 and 2007. The companies were Real Estates (Midlands) ltd,…

Peer to peer industry fight back at criticism by Adair Turner

Adair Turner, the ex-chief of the now defunct Financial Services Authority (FSA), has said P2P lending is a disaster waiting to happen and makes bankers involved in the credit crunch look like geniuses. This, coming from an ex regulator, has caused many people to defend the burgeoning P2P lending sector which has lent £2.2bn last…

Crowdfunding successes and failures

Crumpet Cashmere Ltd went into liquidation in December, just a year and a half after it raised £160,000 from a fundraising campaign on Crowdcube. 112 investors contributed to the overall sum. The fashion company sold at wholesale to a number of boutiques and had several celebrity customers including Elle McPherson, Alexa Chung and Pippa Middleton.…