Fashion retailer Peacocks, another high street victim of the pandemic, went into administration late last year. It was hoped that a buyer would be found pre administration but the deadline passed and no buyer was found.
However, in a deal done with the administrators, one the senior executives of the former owner has bought the chain out of administration with backing from an anonymous consortium.
Peacocks was part of Philip Day’s empire.
Landlords, HMRC and all unsecured creditors will not get paid.
The new pre-pack administration rules, sales to connected parties, due to come into effect at the end of this month, and will see any deal agreed in a pre-pack sale to a connected party be scrutinised by an independent evaluator or require creditor approval.
For more information on bankruptcy, liquidation, administration and all the other insolvency procedures, or to take advantage of our free consultation and business health check, please telephone Stella Flemmings on 01377 257788 and she will make you an appointment with one of our insolvency professionals at our Driffield, Hull, Grimsby, Scunthorpe or York offices. Meetings can be held virtually or in any of our offices whilst observing the socially distancing guidelines.
Because we are an independent insolvency practice, we keep our overheads low and have put systems in place to deal with simple liquidations at an affordable price of from £1,995 + VAT + Disbursements. Our MVLs are from £995 + VAT + Disbursements.