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From: insolvencynews <insolvency@dynamail.co.uk>
To: James Atkinson
Sent: Mon Jun 21 15:18:48 2010
Subject: Insolvency News 21/6/10
Welcome to the insolvencynews weekly roundup Welcome to this week’s new-look Insolvency News. With the economy’s hopes of recovery hanging in the balance ahead of George Osborne's sweeping cuts this week, HM Revenue and Customs has reportedly ramped up its efforts to claw back capital gains tax. Meanwhile, the UK’s largest asylum charity has collapsed into administration and blamed the government for its failure to pay legal aid on time. Ailing football club Portsmouth FC gained the support of its creditors, while the Insolvency Service has been taking unscrupulous green energy firms to task. Watch out on Thursday for the Office of Fair Trading’s report into corporate insolvency and its recommendations for change. Latest News
OFT to publish insolvency report The Office of Fair Trading is set to publish its full and final report into corporate insolvency on Thursday.
Read More | HMRC nets £74m in CGT probes
HM Revenue & Customs raked in £73.6m during 2009/2010 through capital gains tax (CGT) enquiries, marking a 23 per cent increase in the past two years. Read More Insolvency Service winds-up green firm
A solar panel energy company has been wound up by the Insolvency Service after it was revealed it ripped off customers by a total £62,000. Read More
Asylum charity collapses into administration
The UK’s leading asylum charity has collapsed into administration and has blamed the government for being too slow in paying legal aid bills for its demise. Read More | Business insolvencies fall in May
The number of company collapses is expected to fall short of predictions for 2010 after the rate of business insolvencies fell again in May, according to Experian. Read More Crunch time for financial adviser firm Financial adviser firm Primrose Associates is due to hold a company meeting today, following reports that the business was expected to enter liquidation this morning. Read More Creditors support Portsmouth CVA Portsmouth Football Club is expected to exit administration after creditors voted in favour of a company voluntary arrangement. HMRC opposed Andronikou's' proposals. Read More | Appointments Barcud Derwen Wales' best-known TV company has collapsed into administration. Attempts to sell the business have failed. click here Oracle Group Four companies controlled by a well-known residential property developer have gone into adminstration following a restructuring of the business. click here | Events Insolvency and Rescue Awards The Insolvency & Rescue Awards entries are open until 30 July. Held at the Lancaster in London on 21 October 600 guests from across the industry are already expected to attend. There are also five new categories to enter. For more details on how to enter click here | Round Up Former Pompey boss rejected CVA The former Portsmouth FC boss Paul Hart rejected the CVA proposals which were given the green light last week it has emerged. The Pompey boss is owed £450,000 following his time at the club which ended with his dismissal in November. As a result, he was one of a handful of creditors who turned down the CVA initially put forward by administrators almost four weeks ago. Failure to gain the CVA could have seen the club cease to exist. Football agent Steve Kutner, who represents striker Tommy Smith, also turned down the offer of a minimum 20p in the pound. Proventec faces administration Trading in shares of steam-cleaning technologies group Proventec has been suspended following the termination of funding talks. The company faces the possibility of entering administration if it is unable to make a 0.6m interest payment on its loan notes at the end of this month. Proventec had been looking at ways of repaying or converting the loan notes as well as additional financing for the business. Without additional funding it will be unable to make the June interest payment. The board is now exploring options which include placing the company into administration. US: district judges can block creditors In a case involving a $225m (£173m) Ponzi scheme targeting Orthodox Jews, a federal appeals court has said district judges do have the power to block creditors from beginning involuntary bankruptcies against entities put under US Securities and Exchange Commission (SEC) receivership. The ruling is a setback for creditors of WexTrust Capital, and could make it harder for other creditors to challenge SEC receiverships. Estate agency liquidated Failed estate agency, AMFS Properties, has been put into liquidation after Her Majesty's Revenue and Customs lodged a petition over unpaid taxes.The liquidator, Glasgow firm Carrington Dean, has now launched an investigation into the collapse of the company, which most recently had offices in both Brechin and Montrose and managed hundreds of rental properties throughout Angus and Aberdeenshire Birmingham regeneration in jeopardy The £150m transformation of a 4.5 acre site of derelict properties and land in Birmingham's Irish Quarter, which was due to be redeveloped by Connaught Square Ltd before the firm collapsed, is now said to be in jeopardy. Administrators Begbies Traynor were called in for Connaught Square Ltd when government-backed Allied Irish Bank refused to fund the scheme. However, Begbies Traynor have said that they believe the site offers considerable potential for the right developer. | Contacts Editorial Ashley Armstrong - ashley@insolvencynews.com - 020 7940 4846 begin_of_the_skype_highlighting 020 7940 4846 end_of_the_skype_highlighting begin_of_the_skype_highlighting 020 7940 4846 end_of_the_skype_highlighting begin_of_the_skype_highlighting 020 7940 4846 end_of_the_skype_highlighting Marcel Le Gouais - marcel@insolvencynews.com - 020 7940 4813 begin_of_the_skype_highlighting 020 7940 4813 end_of_the_skype_highlighting begin_of_the_skype_highlighting 020 7940 4813 end_of_the_skype_highlighting begin_of_the_skype_highlighting 020 7940 4813 end_of_the_skype_highlighting Advertising Graham Martin - graham@insolvencynews.com - 020 7940 4844 begin_of_the_skype_highlighting 020 7940 4844 end_of_the_skype_highlighting begin_of_the_skype_highlighting 020 7940 4844 end_of_the_skype_highlighting begin_of_the_skype_highlighting 020 7940 4844 end_of_the_skype_highlighting | | | Insolvency Today (Athene Publishing), Axe & Bottle Court, 70 Newcomen Street, London SE1 1YT
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