Insolvency and Administration

Blog

16 Jan 2020 / Blog

Slater Investments Warns on Pay, and Flybe Bail-Out

Slater Investments has issued a warning to companies of their “dissatisfaction with the framework of directors’ remuneration in most public companies”. Slater Investments run a number of funds…

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Accounting and Audit

29 Nov 2019 / Accounting and Audit

De La Rue, Excessive Debt, Victoria and Link’s Debt Monitor

Link Asset Services have issued a note pointing out that De La Rue (DLAR) has net debt that now exceeds its market cap. The high debt in the…

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Accounting and Audit

27 Oct 2019 / Accounting and Audit

GB Group, Patisserie Holdings, FRC Stewardship Code and Halma

The stock market seems to be in limbo as business waits to see the outcome of Brexit politics. In my portfolio, small cap companies are drifting down and…

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Brokers

14 Oct 2019 / Brokers

Another Update on the SVS Special Administration

Since my last update, there have been several significant developments: Leonard Curtis have published a “Statement of Proposals”, setting out their plans for returning client money and assets…

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Blog

14 Sep 2019 / Blog

An Update on SVS Securities

On 5th August the FCA announced that broker SVS Securities had entered Special Administration. Once again, as in the case of Beaufort Securities, this is a situation that…

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Accounting and Audit

12 Apr 2019 / Accounting and Audit

Grant Thornton, Interserve and Arc Fund Management

The Financial Reporting Council (FRC) have announced an investigation into the audits by Grant Thornton of the accounts of Interserve (IRV) in the years 2015-2017. Interserve was a…

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Company News

12 Apr 2019 / Company News

Debenhams PrePack, Dunelm Trading, ASOS and Privacy

Department store operator Debenhams (DEB) has been put through a pre-pack administration. It’s been bought by a new company formed by its secured lenders. Mike Ashley of Sports…

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Accounting and Audit

16 Mar 2019 / Accounting and Audit

Patisserie and Interserve Administrations, plus Brexit latest

Yesterday the administrators (KPMG) of Patisserie (CAKE) issued their initial report. It makes for grim reading. The hole in the accounts was much worse than previously thought with…

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Company News

15 Mar 2019 / Company News

Interserve Administration: I am very angry!

I attended Interserve’s General Meeting today and I am… …angry with major shareholders, who didn’t hold the board to account and couldn’t be bothered to speak or vote…

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Accounting and Audit

5 Mar 2019 / Accounting and Audit

Inconvenient AGM at Phoenix, Changes to “Going Concern” and GoCompare

I have been advised that life insurance and pension consolidator Phoenix Group (PHNX), a FTSE 250 company, is holding this year’s AGM in Edinburgh at 9.00 am. That’s…

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Accounting and Audit

6 Feb 2019 / Accounting and Audit

AssetCo Case and Grant Thornton Defense

I mentioned in a previous blog post yesterday the judgement in the case of the alleged breach of duty by Grant Thornton (GT) when acting as auditors of…

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ShareSoc

6 Feb 2019

Flybe, InterServe, Jackals, Vultures and BEIS progress on Insolvency Laws

Flybe is another example of the problems of the insolvency system not working very well. @LucyGJWhite explains it well in today’s Daily Mail https://www.dailymail.co.uk/money/markets/article-6671393/Investor-anger-cut-price-Flybe-takeover.html which quotes me. It is…

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