FRP took on £11m of debt from Vantis
FRP Advisory might not have paid any cash for Vantis' insolvency business, but it took on £11m in assumed liabilities
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
FTI
Consulting called in to advise Vantis