Home > Uncategorized > Insolvency firm goes bust

Insolvency firm goes bust

BrYfxUyCYAA0qokThis is quite a story. P&A were a particularly high profile practitioner given their involvement with various football clubs but also for the fact that their premises were raiding earlier this year following allegations of overcharged fees

Not a pretty picture but there may be two points to consider here. Firstly is the insolvency industry really struggling badly and is this the first of many? Quite possible given that actual business failures are declining

Secondly is this an increasing trend as government bodies are flexing their muscles and associated aggrieved parties are displaying the confidence to take action? To quote

But it hit trouble last year when the Department for Business, Innovation and Skills raided its premises on Queen Street, twice, and launched a criminal investigation.

In December Grant Thornton launched a £1.2m legal action over alleged unjustified fees after a Nottingham timber merchant went bust. The case has not yet gone to court.

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