South London Healthcare Trust enters Administration

After weeks of speculation, South London NHS Healthcare Trust has entered administration after running up substantial debts.

South London NHS Healthcare Trust was the result of a merger of The Princess Royal hospital in Orpington, the Queen Mary hospital in Sidcup, and the Queen Elizabeth hospital in Woolwich. At this time, deficit was about £21 million. In 2011, this rose to £40 million.

Despite having one of the lowest mortality and infection rates in the country, and massive improvements in the quality of care, the financial challenge facing the trust is significant. A trust spokesperson said the hospitals will continue to provide first class care and there will be no impact on scheduled appointments.

Insolvency Expert to help Pompey fans Take over bid

Antony Fanshawe, insolvency expert at Begbies Traynor, is hoped to be able to seal the deal for fans of Pompey to take over the club. He will use his 30yrs of experience in the insolvency industry to pull together the strands to form a successful bid for the Pompey Supporters Trust, along with the administrator Trevor Birch.

According to the trust, talks are continuing with 5 ‘high net worth individuals’, all lifelong Pompey supporters. Mr Fanshawe has appealed to fans and businesses in Portsmouth to get behind the bid.

Mr Fanshawe is said to be delighted to be involved with the bid and is keen to help the trust see what they can do.

Antony Fanshawe qualified as a chartered accountant with PriceWaterhouseCoopers in 1980. He set up ‘Fanshawe Lofts’ in 1990 – a corporate finance and recovery business in the South of the country, which later merged with Begbies Traynor in 2008.

Meanwhile, Pomey’s former owner, Balram Chainrai, is looking to reveal CVA proposals in the next few days.

Pompey exiting administration through this method would mean avoiding points penalties next season.

Law Giant enters administration following demise in US

Law giant Dewey & LeBoeuf has put its UK operations into administration following their bankruptcy in the US.

Most of the UK branches staff have been left without jobs, save for a small team assisting with the administration. Shay Bannon and Mark Shaw of BDO have been appointed joint administrators.

The law firm operated its UK LLP from its offices in Paris and London, and is to closed down in a controlled way, safe guarding client interests and files, whilst maximising the return to creditors of both Dewey LeBoeuf’s UK LLP and sister company Dewey & LeBoeuf Services Ltd.

Troubles experienced in the US are blamed on the continued economic downturn leading to insufficient cash to cover expenses. Around 300 of the partners also left to pursue opportunities in rival firms, due to uncertainty surrounding compensation and substantial debts of between $100 million and $500 million.

Quarter 3 Company Administrations Up:

The amount of administrations carried out for limited companies is on the rise according to the London Gazette this week with an increase of 7.8 per cent. Cases in London remained the same as last quarter and the North East has seen the largest change in percentage with a 46.2 per cent increase. The Midlands saw a rise of 24.7 per cent.

Statistics from the London Gazette suggest the construction industry were the hit the hardest out of all the sectors. The retail industry and the services industry followed not far behind.

Other sectors included during the last quarter are 50 property companies, 67 from manufacturing, 60 from leisure and hospitality, 26 from healthcare and 55 from the Telecoms, media and technology industry. 

Company Administration can be a viable solution depending on the insolvency situation involved. If you would like to know more about administration or other insolvency solutions available contact us on 08000 747 757.