IPA exclusive industry update from Insolvency Insider
IPA Insolvency Practitioner newsletter, August 2023
Contents
- Paul Smith, CEO
- Paul Davis, President
- Director Loan Accounts written-off as part of corporate insolvencies
- Financial sanctions guidance
- Supreme Court ruling means many Litigation Funding Agreements are unenforceable
- The importance of consumer protection in insolvency: Understanding Section 75 of the Consumer Credit Act
- Safeguarding your insolvency practice against cyberattack and ransomware threats: Lessons from the Wannacry attack
- HMRC updates
- Just a week to go to the Scotland Roadshow! (CPD: 4h)
- Spotlight on Anti-Money Laundering and Fraud (CPD: 5h)
- IPA Learning | Pension Claims in Insolvency – Are You Getting it Right? (CPD: 2h)
- New speakers announced for the 15th Personal Insolvency Conference (CPD: 6h)
- Do you know someone in the profession who deserves recognition this year?
- 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)
- Make savings on essential CPD with exclusive discounts on training from the IPA and our partners
- An opportunity for Registered Property Receivers!
- Committee Chair vacancy
- Case law update
- Clearway: Protecting people, property and assets
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.
Filings
Wilko Ltd, a discount retailer which currently employs about 12,000 people at 400 stores across the UK, filed a notice of intention to appoint administrators on 27 July 2023, after failing to find an offer that provides the required liquidity, given the company’s cash position. Wilko, which is one of the biggest privately-owned retailers in Britain, has reportedly struggled with a lack of cash, supply chain disruptions and a significant drop in footfall, due in part to competition from rivals including B&M, Poundland, Home Bargains and The Range. The company is reportedly continuing discussions with potential buyers.
Chadderton Total-Care Unit Limited, a care home in Chadderton, Oldham, entered administration on 26 July 2023. Immediately following the appointment of Kerry Bailey and Danny Dartnaill of BDO as Joint Administrators, certain of the company’s business and assets were acquired by Oldham for Oldham Total Care Limited (OTCL), a wholly owned subsidiary of Oldham Metropolitan Borough Council, safeguarding approximately 200 jobs and securing the continued provision of services to over 100 vulnerable residents. Weightmans, led by Partners Charles Boyne and Mike Clifford, acted for OTCL, and Addleshaw Goddard acted for the Joint Administrators.
Julien Macdonald Limited, a celebrity fashion house, was placed in liquidation on 12 July. The Welsh fashion house is fronted by Julien Macdonald, OBE, who has worked with brands such as Chanel, Givenchy and redesigned the flight attendant uniforms for British Airways. His clothing has been worn by celebrities such as Beyoncé, Kylie Minogue and Jennifer Lopez and the designer has appeared as a judge on TV show Britain & Ireland’s Next Top Model. The business fell into trouble during the Covid pandemic which affected all aspects of the retail sector. Julien Macdonald lost a significant proportion of revenue following the collapse of Debenhams at the end of 2020. Alan Coleman and Marco Piacquadio of FTS Recovery were appointed as joint liquidators.
Recent articles
The team at Isadore Goldman consider the implications of the Supreme Court’s recent decision in PACCAR on funded claims brought by IPs.
Dominic Sedghi, Jat Bains and Paul Keddie of Macfarlanes provide key takeaways from a High Court decision considering the point at which the directors’ duty to consider the interests of creditors arose in the context of a tax mitigation scheme that ultimately failed.
Claudine Morgan of Charles Russell Speechlys explores recent key issues and the case law arising in misfeasance and wrongful trading claims, including whether expert advice offers protection in s214 claims, whether non-executive directors are held to a different standard, and more.
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Please note that guest content does not necessarily represent the views of the IPA.