IPA exclusive industry update from Insolvency Insider
IPA Insolvency Practitioner newsletter, April 2025
A specially curated selection of the top stories for IPA members from Insolvency Insider Editor, Dina Kovacevic. More information on all the stories and the link to subscribe to the newsletter is here.
Recent Insolvencies
In The Style Fashion, a Manchester-based online fashion brand specialising in providing celebrity-inspired fashion at high street prices, has been rescued from administration by Alps Sourcing, saving 87 jobs in the UK. The brand grew from a small home-based business to being a listed company with a value of £105 million at its peak in March 2021. The company was ultimately delisted and subsequently acquired by Baaj Capital in 2023, when it narrowly avoided administration. Baaj has rolled its facility into the purchasing entity as a part of the transaction, which was negotiated by Marco Piacquadio and Alan Coleman of FTS Recovery, who were appointed joint administrators on 10 March. They said that the company’s balance sheet has been laden with significant debt for some time, which led to cash flow issues and had an impact on suppliers prior to the pre-pack sale. The marketing process was led by Gary Haper and his team from John Pye Auctioneers & Valuers, with legal advice provided by Anna Shaw and Steve Thomas and their team at Excello Law.
United Authors Publishing trading as Unbound, a crowdfunding publisher established in 2011, had its business and certain key assets acquired by Boundless Publishing Group in a pre-pack sale, ensuring continuity for authors and employees. The company has a unique business model, allowing writers to pitch ideas directly to readers, who are then able to help fund the project in exchange for certain perks such as early access. Allister Manson and Charles Turner of Opus Restructuring were appointed joint administrators on 10 March after the company reportedly struggled to pay authors for months. Shortly after the appointment, the administrators completed the sale to Boundless Publishing Group, which retained all existing employees and acquired Unbound’s intellectual property, ongoing customer and supplier relationships and publishing contracts, digital assets, and goodwill associated with brands such as Unbound, Neem Tree Press and Boundless Magazine.
Enzo’s Homes, a leading residential property developer based in Cross Hands, Wales, entered liquidation on 19 February. The company was established 13 years ago by businessman Fiorenzo Sauro. It developed several residential schemes across Wales and England, but reportedly abandoned plans for a residential scheme north of Swansea at Pontlliw for 100 three-to-four-bedroom homes last year, citing viability issues for withdrawing plans for the proposed development. Stephen Goderski and Oliver Collinge of PKF Littlejohn were appointed joint liquidators and are now marketing a four-acre industrial development near Swansea. Lloyds Bank and Fred Done Property Trading Group have registered charges against the company.
Insights
Lauren Hartigan-Pritchard of Higgs looks at the recent surge in winding-up petitions issued by HMRC and considers the tax authority’s willingness to negotiate and agree to adjournments.
Jon Chesman of Squire Patton Boggs summarises a recent case which demonstrates how hybrid claims — those that include claims under the insolvency legislation (e.g. “transaction avoidance” claims), as well as company claims (e.g. unlawful dividends or sums owing under a director’s loan account) — continue to cause procedural issues for practitioners.
Rachael Markham and Annabelle McKeeve of Squire Patton Boggs share that another restructuring plan was sanctioned last week with HMRC voting in favour of it after negotiating a higher return following the convening hearing — the second time HMRC has adopted this strategy.