While looking after the interests of creditors and the shareholder, we had to ensure that the railway continued to operate and we had to arrange for it to be transferred to a new owner. The discharge of the administration order will enable this to happen.’ Shareholders of Railtrack Group will now be asked to place the company into liquidation – Deloitte & Touche is being lined up to carry out the work, which is likely to commence following a creditors’ meeting later on this month.
John Milsom, who joined KPMG from PricewaterhouseCoopers as a director in March 2001, has been promoted to partner. Milsom is a multi-jurisdictional insolvency and restructuring expert who specialises in telecommunications and Chapter 11 work. His most recent case work has included the provisional liquidation of Global Crossing.
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
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