Music Retailer About to Collapse High street chain Music Zone has filed notice of intention to go into administration, backer Lloyds Development Capital looking for buyer, fear case may be symptomatic of highly leveraged private equity funds 03.01.07 Telegraph, Private Equity, Retail Law
PwC Fined for TransTec Failure PricewaterhouseCoopers (PwC) and Birmingham audit partner Jonathan Lander have been fined £1.5m for failings related to collapse of TransTec, engineering business founded by Labour MP Geoffrey Robinson 14.12.06 Telegraph, Financial Services
Probe Into Farepak Share Deals MSP Jim Devine is writing to Chancellor calling for investigation into flurry of trades in shares of Farepak parent EHR in days before collapseTelegraph Farepak chair and ex-director of CBI Sir Clive Thompson could be banned from being director 24.11.06 Guardian, Corporate Governance, Farepak
Farepak Took Deposits Until End Savers club went to HBOS as 'desperate measure' to save business in April, had already given £17m to struggling parent, took a further £20m in deposits until October, HBOS took £30m from selling company's assets 23.11.06 Times, Farepak
Farepak Loans Were Unusual Loans within the businesses run by Farepak's parent, European Home Retail (EHR), were 'unusual', according to experts who have seen the accounts, 'loans' from Farepak to EHR were used to fund debt service paymentsTimes Instead of pursuing Sir Clive Thompson, reformers should insist savings clubs are brought within remit of Financial Services Authority 15.11.06 Telegraph, Retail Law, Farepak
Germans Prefer UK Jursidiction Schefenacker AG has moved its entire legal corporate base from Schwabia to Brighton, hopes to avoid liquidation in being allowed to trade out of solvency problems, saving 8k jobs 08.11.06 Telegraph, Capital Markets
New Rules for IVAs Insolvency Service has begun consultation to simplify Individual Voluntary Arrangements (IVAs), include approval of an IVA by a simple majority vote, creditors not being able to change the debtors proposals and creditors having to file their claims within 90 days 09.05.07 Insolvency Service Press Release, Individual Voluntary Arrangements
Relief From Unfair Prejudice Where an investor in a joint venture company has invested not only by subscribing for shares but also by advancing loan capital, the investor may be granted relief from unfairly prejudicial conduct even though such relief will benefit the investor only as a loan creditor and not as a member 07.05.07 Law Now, Company Law
JCT and Construction Act In Melville Dundas v Wimpey, first Construction Act case to reach the House of Lords, considers whether the JCT provisions which suspend a contractor's entitlement to payment in the event of insolvency fall foul of the Act 26.04.07 Law Now, Construction Law
Extension of Pension Assistance Govt has announced details of a funding review with the aim of giving further help to people who lost money when their pension schemes wound up under-funded, to be led by Andrew Young, Directing Actuary of the Government Actuary's Department, review will be advised by panel of leading experts 24.04.07 DWP Press Release, Financial Services, Pension Protection Fund, Pensions
Review of FAS Asset Management DWP secretary John Hutton yesterday announced a review of pension scheme assets held by insolvent employers, review will examine best use of assets in pension schemes winding up under-funded with insolvent sponsor, determine if these funds could be used to assist affected members 29.03.07 DWP Press Release, Pension Protection Fund, Pension Regulator, Pensions
Draft Tribunal, Courts and Enforcement Bill Draft Tribunals, Courts and Enforcement Bill published today, provides statutory framework for tribunals, widens range of people eligible to become judges, unifies law on civil debt recovery, certification for civil enforcement agents, relief for debtors, reform of compulsory purchase orders 26.07.06 Department for Constitutional Affairs, Courts, Debt Collection
CVA in Powerhouse Case A recent challenge by landlords to the terms of Company Voluntary Arrangements (CVA) has been making headlines in the property press, it serves as a useful reminder to consider your position if you are given notice of a CVA 25.06.06 Law Now, Commercial Property, Voluntary Arrangements
Company Liquidation The courts recently ruled that a statutory notice to convert from administration to liquidation was still effective even though the term of office of the administrator had ceased when the notice was registered 26.03.06 Law Now
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Bankruptcy in Divorce Judge Pelling in the High Ct has ordered Strudges Farm to be made available to creditors of David Pearl Haines, already granted to ex-wife Wendy in divorce settlement, opens way for creditors to pursue divorce assets where bankruptcy imminent 11.05.07 Times, Divorce, Family Law
Insolvency Betrays Pensioners Govt had encouraged workers to save through occupational pension schemes, assured that they would be paid in cases of insolvency, application for judicial review of govt decision to reject compensation, affects 125k private sector workers 08.02.07 Daily Mail, Pension Protection Fund, Pensions
Setback for Coys Liquidators Creditors of collapsed classic car auctioneer have been denied application to combine case with that of DTI, seeking to disqualify directors Douglas Jamieson and Christopher Routledge 05.12.06 Telegraph
Mass Insolvency of 844 Companies Grant Thornton is handling largest ever insolvency case, hundreds of companies set up as vehicles for individuals to work in UK, tax misappropriated to 'fund jet-set lifestyle', three key directors to be held liable for £30m 26.10.06 Guardian, Agency Worker, Employment Law
Freezing Orders in Winding Up In HM Customs petition for winding-up of C&E Enterprises for VAT liability, held that the court has jurisdiction to grant freezing orders against third parties pending a winding-up petition, orders should be obtained by provisional liquidators and not petitioning creditors 02.10.06 Law Now, UK Tax, VAT
BCCI Farce Justice Tomlinson excoriates Deloitte and counsel in judgment on BCCI insolvency, case was a 'farce', 'sustained rudeness' of Gordon Pollock QC was 'inappropriate and distracting' 13.04.06 Telegraph, BCCI Case
Pension Bankruptcy Pension trustees at Armstrong Group, an otherwise healthy business, reject management plan for pension deficit to access superior funds available after bankruptcy through Financial Assistance Scheme 15.03.06 Telegraph, Pension Protection Fund, Pensions
