IPA exclusive industry update from Insolvency Insider

IPA Insolvency Practitioner newsletter, June 2023

Contents

• Paul Smith, CEO
• Paul Davis, President
• Updated guidance on submitting better quality Suspicious Activity Reports
• SARs in Action
• HMRC update
• 2023 Roadshow Series: Cardiff and Manchester highlights
• …Next stop, Leeds! (CPD: 3.5h)
• IPA Learning | Misuse and fraud in COVID support schemes (CPD: 2h)
• Bookings are open for the 15th Personal Insolvency Conference (CPD: 6h)
• Discounted meeting facilities from Office Space in Town (member login required to view)
• Save money on your airport parking with APH! (Member login required to view)
• Need new IT products? Claim exclusive IPA membership offers from Dell
• CPI training with BPP – special offer for IPA members (member login required to view)
• Exclusive discounts on training from the IPA and our partners – make savings on essential CPD
• An opportunity for Registered Property Receivers!
• Case law update
• Corporate shield and personal liability

A specially curated selection of the top stories for IPA members from Insolvency Insider Editor, Henry Louis. More information on all the stories and the link to subscribe to the newsletter is here.

Recent Insolvencies

• London Irish Holdings Limited and London Irish Scottish Richmond Limited, a West London-based professional rugby union football club established in 1898 which competes in the Premiership, has entered administration. London Irish Holdings Limited owns the club’s state of the art training ground and London Irish Scottish Richmond Limited operates the club. As with other professional rugby clubs across the UK, the Covid-19 pandemic posed serious problems for London Irish, with the shuttering of stadiums and cessation of gate receipts leading to a dramatic reduction in club revenues. Following a protracted sale process which did not result in a sale, Lee Manning and Simon Jagger of ReSolve were appointed Joint Administrators. The English Sports Council and Powerday PLC have registered charges against the companies, while Close Leasing Limited has a registered charge against just London Irish Scottish Richmond Limited.

• Hogganfield Care Ltd, which operates Hogganfield Care Centre, a 44-bed nursing home in Millerston, Glasgow, and Skye Care Limited, which manages Skye View Care Centre, a 24-bed facility specialising in dementia care in Airdrie, entered provisional liquidation on 5 June. Mark Harper and Steven Parker of Opus were appointed Joint Provisional Liquidators, and said that the cashflow for both homes has been stretched due to significant increases in energy, food, staffing costs, and other inflationary pressures. Cambridge & Counties Bank Limited has registered charges against both companies.

• Broadway Partners Limited, an alternative network provider in Scotland and Wales, which is supported by sibling UK internet service provider Broadway Broadband, has entered administration. Joint Administrators from Teneo said that the company has encountered significant challenges as a result of soaring costs, rising interest rates and a broader trend of financial pressure on fibre infrastructure players in the UK. National Westminster Bank PLC and Downing LLP each has a registered charge against the company.

Insights

• The team at Squire Patton Boggs shares that the court has recently confirmed that it does have jurisdiction to grant administrators a conditional discharge of liability but declined to do so in a recent case.
• Karl Clowry, Seán McGuinness and Rory White-Andrews of Addleshaw Goddard provide a comprehensive overview of the High Court’s recent decisions in Nasmyth and GAS, including an analysis of who is actually a “critical creditor” under a restructuring plan. 

• David Ampaw and Roya Panahi of DLA Piper describe the nuanced approach to the legal characterisation of a charge as fixed or floating endorsed by the court in Re Avanti Communications Ltd, providing helpful infographics to depict the court’s reasoning.

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Please note that guest content does not necessarily represent the views of the IPA.