Atlantic Law – all at sea

February 28, 2012 by · Comments Off on Atlantic Law – all at sea
Filed under: Liquidation 

The London law firm Atlantic Law LLP, branded “reckless”, is facing liquidation following a winding-up petition. This is the latest saga to hit the firm following their £400K fine by the Financial Services and Markets Tribunal, for aiding a Spanish boiler room scam.

The firm got in to trouble after it approved investment advertisements issued by unregulated Spanish stockbroking firms, which subsequently ripped off at least 130 people.

The firm, currently trading as Stanwyck and Bond, has offices in Cumberland Place London.

Not a Lotta Love for Glasgow Rangers on Valentines

February 17, 2012 by · Comments Off on Not a Lotta Love for Glasgow Rangers on Valentines
Filed under: Administration 

February 14th 2012 saw Glasgow Rangers enter administration. The duo brought in to help with the Club’s restructuring are now dealing with the administration, following what has been dubbed an ‘unprecedented duel’ with HMRC. Hopes of holding off creditors for 10 days following the filing of their intention to appoint administrators were dashed when HMRC stepped in to try and appoint their own administrators with claims that the Club owes £9million in unpaid PAYE and VAT. There is also a question of some unpaid tax that could cost the Club around £80million.

A Game of 2 Administrations for Portsmouth FC

February 17, 2012 by · Comments Off on A Game of 2 Administrations for Portsmouth FC
Filed under: Administration 

Confirmed today, Portsmouth Football Club have gone into administration for the second time in as many years. UHY Hacker Young were administrators first time round, during which there was a falling out with HMRC. As a result, despite being the likely candidates to take the reigns again, HMRC have successfully blocked UHY Hacker Young from winning the bid, with PKF announced as the administrators. The Club’s parent organisation Convers Sports Initiatives (CSI) entered administration back in November 2011.

Oakwood Joinery goes into administration

February 8, 2012 by · Comments Off on Oakwood Joinery goes into administration
Filed under: Administration 

Oakwood Joinery is the UK’s largest independent manufacturers of windows and doors. The Administrators have commented that despite efforts to secure the future of the business, the economy and “difficulties in accessing finance for new machinery”, plus the recent collapse of a deal with a buyer, has led to the company going into administration.

“Madhouse” retail fashion chain goes into administration

February 3, 2012 by · Comments Off on “Madhouse” retail fashion chain goes into administration
Filed under: Uncategorized 

Poor sales performance over Christmas and the New Year has ended with the Deluxe Retail trading arm “Madhouse” entering administration. 700 jobs at the fashion retail store are in danger as corporate accounts show net losses nearing £200,000. Administrators have been appointed. This is yet another hit for the high street retail sector.

Leaving on a jet plane…

February 3, 2012 by · Comments Off on Leaving on a jet plane…
Filed under: Restructuring 

13,000 jobs globally are under threat as the parent company of American Airlines reveals restructuring plans that aim to reduce staff costs in an attempt to save a over £1billion a year. Competitor research has shown that the airline needs to make some massive improvements financially as well as looking at their existing fleet – could they be greener and more fuel efficient? The airline plans to invest an average of $2billion a year over the next few years so that by 2017, American Airlines will have the youngest fleet in North America.