PracticeConsultingNew 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

Related Articles

5 tips for SMEs to protect cash flow

Accounting Software 5 tips for SMEs to protect cash flow

5m Alia Shoaib, Reporter
Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

Consulting Tyrie on Finance Bill 2017: ‘Making Tax Policy Better’

11m Stephanie Wix, Writer
Managing partner Q&A - the year ahead: Richard Toone, CVR Global

Accounting Firms Managing partner Q&A - the year ahead: Richard Toone, CVR Global

12m Kevin Reed, Writer
Deloitte 'self-imposes exile' on government contracts to defuse PM row

Accounting Firms Deloitte 'self-imposes exile' on government contracts to defuse PM row

12m Kevin Reed, Writer
Managing partner Q&A - the year ahead: Julie Adams, Menzies

Accounting Firms Managing partner Q&A - the year ahead: Julie Adams, Menzies

12m Kevin Reed, Writer
Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

Business Regulation Friday Afternoon Live: Deloitte's tech thing; PAC wants HMRC 'contingencies'; and Sports Direct

1y Kevin Reed, Writer
Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

Audit Friday Afternoon Live: HMRC complaints rise; Deloitte scoops big audits; and corporate reporting woes

1y Kevin Reed, Writer
New head of equity capital markets for KPMG

Accounting Firms New head of equity capital markets for KPMG

1y Stephanie Wix, Writer