FW: Insolvency News Weekly round-up: Ritz conman used cash to pay off his bankruptcy

 

Welcome to the insolvencynews weekly round-up What a difference a week makes. The last seven days saw former Aim- listed accountancy firm Vantis finally brought to its knees, after months of rumours regarding its fate. Following the blow of its own auditors issuing a going concern note on the group and delays in receiving fees for the high-profile Stanford liquidation the group has buckled. Rival RSM Tenon were swift to cherry-pick assets from Vantis, while former partners swooped on the business recovery division in a management buy-out to create a new player in the profession. In other news, regulators have been baring their teeth to try and make con-men, football clubs and millionaires cough up and prove that insolvency is not a quick-fire route to dumping liabilities.   Latest News: Ritz conman used cash to pay off bankruptcy Conman Anthony Lee, who swindled £1m out of investors by trying to sell the Ritz hotel, was using the funds from the fraud to pay off and annul his previous bankruptcy it has been revealed. Read More Cardiff City battles winding-up order  It has emerged the club faces another winding-up petition for a £1.3m tax bill in the High Court on 11 August – just three days after the start of the new season. Read More Pensions regulator orders collapsed firm to pay The pensions regulator has issued its first ever contribution notice ordering a Belgian textile group to pay £5m after it tried to avoid its liabilities by placing the company in a pre-pack insolvency. Read More Partners buy-out Vantis BRS The former partners of fallen accountancy firm Vantis have snapped up the group's profitable Business Recovery Services division in a successful management buy- out. Read More Mens magazine publisher liquidated RSM Tenon has announced a £6.8m deal to snap up assets from its struggling rival Vantis. Read More Former Halliwells solicitor struck off for embezzlement A former Halliwells solicitor has been struck off after embezzling over £90,000 from the firm's clients. Read More RSM swoops on Vantis RSM Tenon has announced a £6.8m deal to snap up assets from its struggling rival Vantis. Read More Primrose investigated by police Primrose Associates is being investigated by the City of London Police over fears £4m of clients money has been lost, the collapsed firm's liquidator told Insolvency News. Read More Russian fixer investigated by Grant Thornton A secretive tycoon at the centre of a £400m divorce battle is having his bankruptcy investigated by David Ingram, partner at Grant Thornton, Insolvency News can reveal. Read More Appointments Regency Park Hotel The Regency Park Hotel in Kent has collapsed into administration. The four-star hotel in Tull Way is now in the hands of its administrator Grant Thornton. Administrator David Dunkeley, said: "While each hotel continues to be cash positive, the aggregate operational revenues have been insufficient to cover the group overhead and borrowing costs." The business will continue to trade as a going concern until a buyer is found. CB Richard Ellis Hotels will be assisting the administrators in the disposal of the Grade II listed building. click here Events Insolvency and Rescue Awards The deadline for entries for the Insolvency & Rescue Awards is 30 July so if you are considering entering then visit the website to see interviews with last year's winners which should help you make up your mind. 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 click here   Round Up Ernst & Young drafts in non-executives Non-executive directors are to be brought into Big Four firm Ernst & Young for the first time as practices face mounting regulatory pressure over governance. The move by E&Y, which is at the centre of regulatory scrutiny over its audit over collapsed US giant Lehman Brothers, is a reaction to an audit code issued this year. The code demands that accounting firms appoint non-executive directors in the UK to help reduce the risk of collapse. Ernst & Young is the first of the Big Four to announce governance changes. The firm said today that it will roll out the UK's Audit Firm Governance Code framework to its business globally. Lapland rescued in UK Father Christmas will be allowed to return to his UK home this yuletide, after Christmas theme park Lapland UK came out of administration. Lapland UK, which is on a 10-acre site at Bewl Water near Lamberhurst in Kent, opened in 2007 and attracted 84,000 visitors in its first two years. But only 30,000 visited last winter, and ticket prices of £77.50 and £87.50 attracted strong criticism at the time. Administrators Kallis & Company were appointed as administrators on January 15 this year after cash flow problems created by diminished attendance numbers meant it was unable to maintain its running costs. Mike and Alison Battle, who founded Lapland UK have secured new investment and will reopen Lapland UK between December 4 and Christmas eve this year at a much reduced capacity. Irish insolvencies rocket The number of corporate insolvencies recorded in Ireland during the first half of 2010 jumped by 27 per cent, already surpassing the yearly total for 2009.  A total of 792 companies went bust between January and June of this year. This is an increase of 27 per cent on the 622 failures recorded in the same period in 2009.  Teenage tycoon sends firm into liquidation TPT Construction is in liquidation just 15 months after teenage "tycoon" Gareth Darbyshire bought the firm for £7m.Creditors and staff have been left unpaid for months and the company has now been placed in compulsory liquidation. All enquiries are being dealt with by the Official Receiver according to records at Companies House. Darbyshire  bought the firm in a blaze of publicity in March 2009 when he was hailed as construction's youngest tycoon. 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 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 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 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 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 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 begin_of_the_skype_highlighting              020 7940 4844      end_of_the_skype_highlighting Want to hear what's going on in the credit industry? Visit our sister site credittoday.co.uk Insolvency Today (Athene Publishing), Axe & Bottle Court, 70 Newcomen Street, London SE1 1YT VAT number 859 067 289

 

If you do not wish to receive further information from us please click here

------------------------------------------------------------------------------------------------ WATSON BURTON LLP  1 St James' Gate, Newcastle upon Tyne, NE99 1YQ | Tel: +44 (0) 191 244 4444 | Fax: +44 (0) 191 244 4500 1 City Square, Leeds, LS1 2ES | Tel: +44 (0) 113 235 5455 | Fax: +44 (0) 113 235 5450 Floor 29, 30 St Mary Axe, London EC3A 8BF | Tel: +44 (0) 20 7337 8300 | Fax: +44 (0) 20 7337 8350 enquiries@watsonburton.com | www.watsonburton.com  ------------------------------------------------------------------------------------------------ Confidentiality:    This email and its attachments are intended for the above named only and may be confidential. If they have come to you in error you must take no action based on them, nor must you copy or show them to anyone;  please reply to this email and highlight the error. Quality Control:    It is the policy of this firm to review and approve outgoing communications using a process  of tiered authority. Please note that the originator of the above message may differ from the ultimate sender as a  result of this process. Security Warning:    Please note that this e-mail has been created in the knowledge that Internet e-mail is not a  100% secure communications medium. We advise that you understand and observe this lack of security when e-mailing us. Viruses:    Although we have taken steps to ensure that this email and attachments are free from any virus, we  advise that in keeping with good computing practice the recipient should ensure they are actually virus free. Watson Burton LLP is a limited liability partnership, registered in England with registered number OC306105. A list of members' names is available for inspection at the registered office,  1 St James' Gate, Newcastle upon Tyne, NE99 1YQ. ------------------------------------------------------------------------------------------------ Consider the environment.  Please do not print this email unless essential.