New DTI rules rescue fashion house

New DTI rules rescue fashion house

Fashion company Jeffrey Rogers has found a buyer in record time thanks to the new Department of Trade and Industry rules on insolvency.

‘The Insolvency Act 2000 has been an excellent boost for us in dealing with the administration,’ said company administrator Maurice Moses, business recovery partner at Levy Gee.

The new provisions of the act are coming into force in stages during the year, as Patricia Hewitt takes over at the DTI. In March, rules that came into force stated landlords had to go through the courts before removing tenants and the contents of the store from the premises.

Moses explained these provisions landlords on a level playing field with other creditors, who had to go through the courts before getting money they owed. ‘It protects the business from landlords wanting to close down a shop because of unpaid rights.

‘This administration is proof that the act is working,’ he said.

Jeffrey Rogers went into administration on May 18 after suffering irrevocable financial losses and has 60 stores employing 600 people.

Hewitt’s appointment as trade and industry secretary has raised hopes that her previous work with the government’s Small Business Council will mean a greater focus on SMEs from the DTI.

Links

Election 2001

Share

Subscribe to get your daily business insights

Resources & Whitepapers

Why Professional Services Firms Should Ditch Folders and Embrace Metadata
Professional Services

Why Professional Services Firms Should Ditch Folders and Embrace Metadata

3y

Why Professional Services Firms Should Ditch Folde...

In the past decade, the professional services industry has transformed significantly. Digital disruptions, increased competition, and changing market ...

View resource
2 Vital keys to Remaining Competitive for Professional Services Firms

2 Vital keys to Remaining Competitive for Professional Services Firms

3y

2 Vital keys to Remaining Competitive for Professi...

In recent months, professional services firms are facing more pressure than ever to deliver value to clients. Often, clients look at the firms own inf...

View resource
Turn Accounts Payable into a value-engine
Accounting Firms

Turn Accounts Payable into a value-engine

3y

Turn Accounts Payable into a value-engine

In a world of instant results and automated workloads, the potential for AP to drive insights and transform results is enormous. But, if you’re still ...

View resource
Digital Links: A guide to MTD in 2021
Making Tax Digital

Digital Links: A guide to MTD in 2021

3y

Digital Links: A guide to MTD in 2021

The first phase of Making Tax Digital (MTD) saw the requirement for the digital submission of the VAT Return using compliant software. That’s now behi...

View resource