IPA exclusive industry update from Insolvency Insider
IPA Insolvency Practitioner newsletter, June 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
Jans Composites, Jans Offsite Solutions and Etrux, companies within the Antrim, Nothern Ireland-based Jans Group, entered administration on 19 May, with Ian Davison and Scott Murray of Keenan Corporate Finance appointed joint administrators. The Jans Group employs about 200 people and manufactures campervans, electric commercial vehicles and modular builds, among other things. Director Peter Drayne originally established the group around six years ago after buying the Wright Group’s mouldings and metal fabrication division out of administration. The group has since gone on to complete several other acquisitions, including most recently two substantial development sites in Scotland. Other companies in the Jans Group do not yet appear to be affected by the administration. Ortus Secured Finance has registered charges against all three companies, while Peter Drayne has a registered charge against just Jans Composites.
Algal Omega 3 Ltd, an omega-3 oil supplier based in the Liverpool City Region which employs more than 40 workers, entered administration on 27 May. The company has reportedly struggled to remain competitive internationally due to increasing production costs and was forced to enter into administration after it lost its last remaining contract. Joint administrators Stuart Irwin and Richard Harrison of Interpath will commence an accelerated M&A process to market the business for sale, while the manufacturing plant remains operational. National Bank of Canada and Mara Renewables Corporation as Security Trustee have registered charges against the company.
Bboxx Limited, a data-driven platform which connects consumers and deploys innovative products across Africa, including clean energy, clean cooking, smartphones, e-mobility and financial products, entered administration on 19 May. The business, originally headquartered in the UK, moved its global base to Kigali, Rwanda in 2024 to strengthen its operational ties to the African market. However, following a period of challenging market conditions affecting the wider energy and technology sector, Paul Williams and Stephen Goderski of PKF Littlejohn Advisory were appointed joint administrators. Shortly following the appointment, the business and certain assets of BBoxx Limited were acquired by a newly-established company, Bboxx 2.0, which is now the new parent company of the Bboxx group, safeguarding hundreds of jobs and providing a stable platform from which the business can pursue future growth and investment opportunities and further its cause of bringing sustainable, off grid clean energy to communities across Africa.
Insights
The IFT has released its Q1 2025 update, reporting a mixed picture for turnaround and restructuring activity, with the majority of respondents reporting being busier than this time last year, but a significant minority reporting the same level or less activity.
Nick Hughes of Kingsley Napley examines a recent case where the court ordered company directors to personally pay the petitioners’ costs of a winding-up petition, emphasising the risks directors face when opposing petitions without merit or failing to engage constructively in insolvency proceedings.
Emily Davis and Abigail Harcombe of Squire Patton Boggs discuss a recent decision highlighting the importance of directors documenting their decisions and maintaining contemporaneous evidence, as the absence of such records can severely undermine their defence in insolvency-related proceedings.