Chantrey Velacott DFK was appointed liquidator to graphic design company Sentry Box, based in Buckinghamshire, on Tuesday. The company slipped into the red after losing customers because of the downturn in the IT and advertising markets.
The case illustrates major changes as a result of the reforms in the Enterprise Act. One benefit is that the majority of the company’s debts are to the Inland Revenue, but because the Act abolishes crown preference, so that government departments no longer get first pick of the insolvency pie, administrators have more pounds to distribute to other creditors.
Mid-tier firm RSM Robson Rhodes was also appointed on Tuesday. Partners Simon Bower and Charles Escott were appointed administrators of MAL Holdings, the shell company for the Mayflower Aerospace group.
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