Company receiverships have shot up by 152% compared to the same quarter in
2008, indicating banks are becoming tougher on their clients.
Carl Jackson, head of business recovery at Tenon, told the
Telegraph: ‘If it’s a hostile appointment it is more appropriate to use
receivership than administration. Banks are now taking a much more proactive
role in managing their underperforming loan book.’
Receiverships are entered into with the sole purpose of getting creditors’
money back by the sale of assets. This is as opposed to an administration, which
allows the company some protection from creditors while determining whether the
business can be sold as a going concern.
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies
Smith & Williamson has been appointed administrators of charity 4Children