Stirling Cooke Brown, a medium-sized Lloyd’s broker, went into administration after losing a major litigation case brought against it in relation to reinsurance of workers’ compensation business in the US. The broker was one of several defendants in the action.
A recent balance sheet for the broker revealed assets and liabilities in excess of $900 million. The company is conducting an orderly run-off of its business, which will continue under the administrators’ control.
Joint administrator and PwC partner Paul Evans said the administrators would consider whether to appeal the judgement.
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