FRP took on £11m of debt from Vantis

by Rachael Singh

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15 Sep 2010

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FRP Advisory took on £11m in assumed liabilities for the insolvency arm of collapsed firm Vantis, administrators revealed.

Vantis' administrators report shows FRP took on £11m of debt in exchange for the insolvency arm of Vantis, and RSM Tenon bought parts of the collapsed firm for £4.46m.

FRP paid nothing in cash for the insolvency arm of Vantis, as it took on £11m in assumed liabilities.

The report also shows RSM Tenon bought the business advisory and tax services along with business recovery, in Marlow, and Vantis financial management, for £4.46m.

Disposals of various parts of the business totaled £18.9m including £12.9m in assumed liabilities. Cash received by the administrators amounted to £5.4m.

The administrators are investigating the incorrect payment of £100,000 of client money into Vantis' main corporate bank account, rather than the client account. Administrators are seeking legal advice to clarify this position.

Chad Griffin and Simon Granger, both from FTI Consulting, were appointed joint administrators to the firm on 29 June.

Further reading:

Vantis sale process months in the making

Vantis enters administration

FTI Consulting called in to advise Vantis

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