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.
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 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.
Nearly 50% of jobs at Peacocks HQ in Cardiff have been axed since Tuesday 18th January when Administrators, KMPG, were called in to deal with the struggling clothes retailer. They have announced that 249 redundancies have taken place leaving only 266 staff at the Head office. All stores remain open and will continue to ‘operate as normal’ while the search for a buyer continues in earnest.
Despite the sunshine, the high street still has some dark clouds hanging over it – in a recent survey by the insolvency trade body, R3, 10% of retailers believe they will enter Administration within a year. This begs the question, should they be calling it a day now rather than facing allegations of trading whilst insolvent in 12 months time? The September quarter day has just passed, so watch this space!