Articles about Insolvency

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Tax-swerving IT director disqualified for 8 years

Anthony Hodges, a Basingstoke-based IT consultant, has been barred from acting as a company director for eight years due to mischief undertaken as his company went into liquidation. Investigating the demise of management consultancy Hodges & Coley, of which Hodges was the sole director, the Insolvency Service said it had …
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UK distributor Steljes goes titsup

Specialist audio visual distributor Steljes Ltd has called in the administrators after liquidity dried up in what was its 29th year of commercial life. The company had “suffered from severe cash flow difficulties over the past year”, a rep at insolvency practitioner AlixPartners, which is managing the end of life process, told …
Paul Kunert, 24 May 2016

Nuisance caller fined a quarter of a million pounds by the ICO

A claims spam company from Blackburn has been fined £250,000 by the Information Commissioner's Office (ICO) after making over 17.5 million nuisance calls. Check Point Claims had harassed people illegally with automated calls encouraging them to claim compensation for job-related hearing loss. The ICO launched its …
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I'm in, says insolvency expert, grabs chair on board of Dragons’ Den star's firm

An insolvency and restructuring veteran has taken a seat at the board of moribund cloud services firm Outsourcery as one of the requisite Ts&Cs to secure a funding lifeline from Vodafone. The AIM-listed firm run by former Dragons’ Den badass Piers Linney and joint-CEO Simon Newton revealed David Duggins, senior advisor at …
Paul Kunert, 12 May 2016
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Microsoft licensing giant yanked off market after sales bid fails

The sales process for Microsoft enterprise licensing house Comparex is "ongoing", the parent company has told us, denying claims from multiple industry sources it is dead in the water. The Raiffeisen Banking Group-owned reseller hired investment banker Jefferies to manage a sales process in May and by September just two …
Paul Kunert, 15 Apr 2016
Snow White waves goodbye. Photo copyright Disney

Ad slinger Phorm ceases trading

Controversial ad targeting firm Phorm has ceased trading. Phorm’s decision follows a failure to secure enough funding to run its business, as explained in a statement to the London Stock Exchange here. Phorm an advertising-technology company and first party data platform provider, announces that, further to its announcement …
John Leyden, 14 Apr 2016
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Oh TechNation. Britain's got tech talent. Just not like this

Opinion It was ironic that this month’s crowing Tech Nation report, which wrongly claimed the UK digital sector “was growing 32 per cent faster than the rest of the economy,” almost coincided with the total collapse of one of the sector’s biggest – and loudest – stars, Powa Technologies. Compiled by Tech City and NESTA, an innovation …
Marcus Gibson, 25 Feb 2016

When customers try to be programmers: 'I want this CHANGED TO A ZERO ASAP'

Line Break Welcome to the first proper installment of Line Break, the weekly column in which Reg readers share truly horrifying code they've seen in the wild. We started you off last week with a pilot episode involving some close encounters of the absurd kind – and we've had fantastic responses from Vulture fans, which we'll roll out …
Chris Williams, 03 Feb 2016

Former prez of Misco parent Systemax declared bankrupt

To say 2015 wasn’t exactly a vintage year for former Systemax EMEA president Perminder Singh Dale – AKA Pim Dale – is an understatement. He lost his job in the summer and by Christmas the man was bankrupt. According to the London Gazette, a bankruptcy petition was filed against Dale on 7 October by London Law Funding (LLF) Ltd …
Paul Kunert, 12 Jan 2016

£2.3m ZANO nano-drone crowdfunded project crashes and burns

The company behind the troubled ZANO nano-drone project has pulled the plug, leaving thousands of Kickstarter backers in the lurch. The UK's Torquing Group Ltd tin-rattled its way to a record £2,335,119 from 12,075 people for the "world's most sophisticated nano drone - aerial photo and HD video capture platform". Although …
Lester Haines, 18 Nov 2015
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CORRECTION: Stone Computers

In our article dated 28 September 2015 entitled "High Court judge deciding future of Stone Computers - Will someone please think of the customers", we incorrectly reported that “The future of Stone Computers will be decided by a High Court judge who could rule to place the entire group of companies into administration”. This was …
Team Register, 08 Oct 2015

IT supplier? Got a customer who won't pay? Dob them in to the Insolvency Service

From today IT suppliers are encouraged to begin shopping their failing customers into the Insolvency Service, under a new order coming into force that will guarantee payment to providers of companies entering administration. Under Insolvency (Protection of Essential Supplies) Order 2015, the rules have been expanded - …
Kat Hall, 01 Oct 2015
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It's MY ball! Stone Computers' pre-pack sale placed on ice

Exclusive The pre-pack sale of Stone Computers has been adjourned due to an alleged discrepancy over shareholder voting rights to appoint an administrator, The Channel can exclusively reveal. Directors at the Staffordshire-based PC builder called in administrator Duff & Phelps last month, after defaulting on loan note repayments to the …
Paul Kunert, 23 Sep 2015

Comparex: Just two buyers left in sales negotiations

Microsoft reseller titan Comparex has whittled down its list of prospective buyers to just two, The Channel can reveal. A sales process for the pan-regional reseller began some months ago with investment bank Jefferies sending out a commercial prospectus or Information Memorandum. Sources in the investment community told us …
Paul Kunert, 18 Sep 2015
A Luger LC9 pistol. Pic: Sturm Ruger & Co

'Walter Mitty' IT manager admits to buying gun on dark web

A “Walter Mitty” IT manager from Milton Keynes who bought a gun on the dark web has pleaded guilty to firearms offences. Darren Hillyer, 38, posed as a woman supposedly wanting revenge on a paedophile ex-lover. He bought a Ruger LC9 9mm pistol and 50 rounds of ammunition from a dark web “gun trader”. In reality, the seller …
John Leyden, 11 Sep 2015
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Dodgy mobe dealer jumps on VAT carousel, gets 13-year ban

The director of now-dissolved mobile phone dealer Fima Consulting has been disqualified from managing a limited company for 13 years over his part in a £1m VAT scam, according to a UK government press release. Fiaz Razzak Malik was disqualified following an investigation by the Official Receiver at the Public Interest Unit, a …
Kat Hall, 13 Jul 2015

Cloud provider goes TITSUP? Will someone think of the data!

You’ve entrusted your data to a cloud. This has allowed you to sell off (or scrap) your legacy hardware. You’ve got some new, up-to-date software applications. Maybe you have also outsourced all or part of your IT team. You no longer have to manage and maintain the bulk of your hardware, software and data. You are now enjoying …
Frank Jennings, 06 Jul 2015
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20 years ago this week, Microsoft just about killed Australian PC manufacturing

In late June of 1995, Australia's top PC manufacturer Osborne went into voluntary administration, caused in part by tactics that made Microsoft the titan it is today – and shaped our industry in nasty ways. Osborne Australia started life as the local distributor of the famed Osborne One CP/M luggable made by US company Osborne …
Simon Sharwood, 21 Jun 2015

Wanna buy a software reseller? Comparex big enough for you?

The Austrian parent of enterprise licensing specialist reseller and tech provider Comparex has hired an investment banker to sell the business, The Channel can reveal. According to multiple sources, Raiffeisen Bank has called on Jefferies to find a buyer, the formal process has started, and an Information Memorandum is being …
Paul Kunert, 22 May 2015

Liquidator: 2e2 preferential creditors to get £745k payout

2e2's preferential creditors, including former staffers made redundant after the business crashed and burned, have been told what they can expect collctively from the financial embers and it's not a lot. The Berkshire-based integrator’s UK ops went into administration at the start of 2013, the result of too many poorly …
Paul Kunert, 15 May 2015
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Gamma Global goes titsup after running out of cash

Manchester-based broker Gamma Global has shut up shop after running out of cash, The Channel can reveal. Creditors first spoke of their concerns about the short-term financial health of the business last week, and just yesterday more channel folk came forward to to say Gamma was unable to process orders. A post on the company’s …
Paul Kunert, 26 Feb 2015
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You MUST supply dying customers even if they're in administration, thunders

Just two tech firms responded to a government consultation on a potentially “catastrophic” change in the law that will force suppliers to keep kit and services flowing to biz customers that are in administration. Under proposals laid out by Business Minister Jo Swinson, providers of “essential IT” will be “prevented” from …
Paul Kunert, 11 Feb 2015

Hey biz – cut fraud with digital ID verification. Yes, like Verify – Maude

Building identity (ID) assurance systems into "customer registration processes" could help businesses cut the cost of fraud, a UK government minister has said. Francis Maude said the Cabinet Office is working with "like-minded organisations" to look into the potential for ID assurance services to be used more extensively in …
OUT-LAW.COM, 06 Feb 2015

Spavined RadioShack to file for bankruptcy next month – report

Ailing electronics retailer RadioShack is teetering ever closer to insolvency, reports claim, with a potential bankruptcy filing to come as soon as next month. Although RadioShack has not said that it plans to file for bankruptcy, the Wall Street Journal reports that Salus Capital Partners has already offered it $500m in …
Neil McAllister, 16 Jan 2015
francis_maude_flames_evil prompt payment promise is POPPYCOCK - NAO

Government is falling short in its commitment to settle debts with SME suppliers inside 30 days, putting some cash-strapped firms at risk of making redundancies. A report by the National Audit Office revealed central government spends £40bn a year on goods and services, of which about £4.5bn is spent directly with SMEs. An …
Kat Hall, 08 Jan 2015
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Failed would-be COMET saviour now FAILS to save his own biz

A creditors' meeting has been called for Lewisons Wholesale, an electrical retailer run by Clive Coombes, the man that tried and failed to resurrect the brand name of fallen UK High Street giant Comet. As revealed by the Register last month, Lewisons Wholesale was struggling to remain afloat and had notched up eight County Court …
Paul Kunert, 15 Dec 2014
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Comet’s might-have-been saviour 'not paying biz debts'

Clive Coombes, the man who tried and failed to save the Comet brand, appears to be struggling to keep his existing business Lewisons Wholesale (LS) afloat, with supplier debts now mounting. The electronics retailing entrepreneur had planned to buy the name of the once mighty High Street giant that went under in late 2012, but …
Paul Kunert, 20 Nov 2014
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Restatements HURT. Just ask global mega distie Tech Data how it's going for them

The world's second-largest wholesale distributor of technology products, services and solutions, Tech Data, was not the first firm to restate its financial results – and it may not be the last. But in a post-Enron world, with the associated heavy controls and accounting rules introduced after that massive accounts fraud …
Felipe Costa, 14 Aug 2014

Brit IT industry comes up for air after recession

There are fewer corporate pile-ups on the channel highway than at any point in more than a decade and a half, official stats from credit reference agency Graydon UK reveal. Some 33 firms bit the dust during the second quarter of calendar '14 - the joint lowest rate since 1998 - way down on the 89 recorded a year ago or the 61 …
Paul Kunert, 09 Jul 2014

Pension quango's £18.5m project FINALLY goes live... 2 months late

Exclusive An £18.5m project carried out on behalf of the UK's Pension Protection Fund (PPF) has finally gone live - two months late. A comprehensive IT infrastructure overhaul and modernisation of hardware and software was due to be installed and running by 28 February. However, The Register has learned that CGI missed both the February …
Gavin Clarke, 01 Jul 2014
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Hack-smacked Alphadex bought by iRack Ltd ... or is that Networks Ltd?

Exclusive Brit data hosting biz Alphadex has been rescued from administration and bought up by a new firm, though there seems to be some confusion over just which firm is its white knight. Alphadex, which went into administration after British Gas issued a winding up petition for unpaid bills last month, said in an announcement on its …

KPMG: UK tech supplier takes on 'majority' of customers from titsup Glasshouse

More than half the workers at defunct storage consultancy Glasshouse Technologies have been chopped after administrator KPMG failed to find an investor to secure the business as a going concern. Glasshouse simply ran out of cash and called in the receivers late last month just days before it was due to defend itself against a …
Paul Kunert, 23 Apr 2014

UK tech channel in RUDE health as bankruptcies dip in Q1

It's time to crack open the bubbly: corporate fatalities in the UK channel have fallen for the fourth consecutive quarter, official stats from credit rating firm Graydon UK reveal. Some 61 companies bit the dust in the first three months of the year versus 64 for the same period of 2013, indicating that the UK IT industry has …
Paul Kunert, 04 Apr 2014
Bitcoin bloodbath

MtGox, that bastion of unregulated e-currency Bitcoin, turns to Texas judge for protection

The embattled MtGox Bitcoin exchange has been thrown a lifeline by a US bankruptcy court in the northern district of Texas – which has shielded the company from litigation. Judge Harlan Hale granted a motion [PDF] to place the company under Chapter 15 bankruptcy, a classification that will help it fend off, for the time being …
Shaun Nichols, 11 Mar 2014

Crack Euro banker team to probe whether virtual currencies should be regulated

The European Banking Authority (EBA) will create a taskforce to advise it on whether virtual currencies should be regulated. The watchdog said that the taskforce will be created before July and have the objective of answering the question of whether virtual currencies "can and ought to be regulated". The taskforce will …
OUT-LAW.COM, 04 Mar 2014

US Senator lobbies feds to BAN BITCOIN

A United States Senator is demanding that US regulators ban the Bitcoin cryptocurrency. West Virginia Democrat Joe Manchin said that the currency helps facilitate criminal activity and could harm the US economy if it is allowed to continue to circulate without regulation. Inthe letter addressed to, among others, the heads of …
Shaun Nichols, 27 Feb 2014
Ford Sync

Ford to dump Microsoft's 'aggravating' in-car tech for ... BlackBerry?

Ford Motor Company will part ways with Microsoft for the next generation of its Sync in-car infotainment system in favor of technology from Canadian rival BlackBerry, sources claim. According to a report by Bloomberg, switching from Windows Embedded Automotive to BlackBerry's QNX real-time OS will both save Ford money and …
Neil McAllister, 25 Feb 2014

Tech Data: We need ethics, and we've found the right man

It comes to something when a corporation is forced to appoint a chief ethics and compliance officer but that is exactly what distributor Tech Data has done, weeks after completing its costly accounting investigation. Fourteen-year company veteran Jean-Paul Durand – who most recently served as TD's vice president, assistant …
Paul Kunert, 18 Feb 2014
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2014: The year of the cloudy biz bankruptcy... or maybe it isn't?

Once again the channel has proved to be a hardy bunch as insolvencies remained pretty much stable in 2013, despite a meltdown in some areas of tech infrastructure spending. Some 293 resellers bit the dust in the previous calendar 12 months, versus 285 in the previous year: a 2.8 per cent rise. 66 hit the wall in Q4, up from 57 …
Paul Kunert, 23 Jan 2014

Burnt-out Comet's VC backers are looking for more cash

The private equity firm involved in Comet's costly crash is back in the market and trying to convince financiers to part with hundreds of millions for a new investment fund. Henry Jackson, boss of OpCapita, the venture capitalist which paid £2 for the British retailer in November 2011 before sending it down in flames a year …
Paul Kunert, 11 Nov 2013

Dip in Blighty's titsup tech firms... but what about the ZOMBIES?

An eerie calm has descended in the UK technology channel* as company failures stabilise and the recession lifts, but with legions of undead corporate corpses stalking the land, an insolvency storm could now be brewing. That was the prognosis of experts in the credit and insolvency sectors, a week after UK GDP figures from the …
Paul Kunert, 01 Nov 2013

Online bookies must keep punters' cash in separate account

Licensing conditions proposed by the Gambling Commission may not adequately protect customers against the risk of losing their money or credits if gambling operators become insolvent, an expert has warned. The Commission is consulting on draft plans that, if introduced, would oblige remote gambling licensees, except ancillary …
OUT-LAW.COM, 27 Sep 2013
Square Group new premises

Comet brand yanked from its grave: Tycoon vows to open EIGHTY new stores

Electronics retail entrepreneur Clive Coombes is trying to revive the Comet brand name by launching 80 stores over the next two years - and is looking for foolhardy brave investors to support him. In his blog, written in the third person, Coombes, who tried but failed to buy Comet from administrator Deloitte, revealed he has …
Paul Kunert, 19 Aug 2013

Why I'm sick of the new 'digital divide' between SMEs and the big boys

Sysadmin blog Recently I have been spending most of my time with enterprise CIOs and vendors' "product owners"; their dismissiveness of the needs of small and medium-sized businesses has finally got to me. As a rule, talking about the needs of corner cases is boring to the masses, but today I just need to get up on my soapbox and talk a …
Trevor Pott, 12 Jul 2013
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Quadrant Visual Solutions goes into liquidation

Quadrant Visual Solutions (QVS) has shut up shop after 25 years in business, having succumbed to the oldest business-killer of all: it ran out of cash. The Derbyshire-based AV integrator and IT reseller ceased trading on 7 June and a credit meeting has been called for the 28 June. Former XMA IT Solutions director and QVS …
Paul Kunert, 18 Jun 2013
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Don't wait to check your parachute until you're out of the plane

Business failure and insolvency are so rarely a cheery subject. But it's kinda funny how frequently companies hit by high-value losses almost immediately say "we had insurance", as if to say the loss will not be felt too hard. It’s tempting to boast that your debt is insured when it isn’t: it makes the loss seem less troublesome …
Eddie Pacey, 17 Jun 2013
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Tears, laughter and bankruptcy: How not to go bust

Feature Bankruptcy? You don't know whether to laugh or cry. It was a lunchtime tech awards ceremony in the West End many years ago. The trophies were polished, the golden envelopes were ready to be opened to gasps of joy and waiters were circulating with the canapes and fizz. Suddenly some rather large men in suits appeared among the …
Steve Bell, 30 May 2013

'Zombie hunter' task force unleashed on the UK tech biz

A special force of crack zombie hunters swings into action today to rid old Blighty of the shuffling scourge of undead firms surviving only to pay the interest on debts. The mission of the task force, whose formation was revealed by The Channel last month, is to build a profile of private equity backed businesses in the IT …
Paul Kunert, 13 May 2013

UK's dead monster iPad gumble-maker COMES BACK TO LIFE

It's been quite a post-Easter week for the Brit firm behind iPhone and iPad accessories maker GEAR4: it went into administration, axed most of its UK workforce, and has risen again in Hong Kong. Disruptive Ltd, which makes wireless speakers, docks and a range of Angry Birds accessories stocked at all major UK consumer …
Paul Kunert, 23 Apr 2013
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Now draft biz guillotine law triggers info privacy watchdog

There are insufficient data protection safeguards built in to proposed reforms to the EU's insolvency law framework, a privacy watchdog has said. In a recently issued opinion into the European Commission's draft Insolvency Regulation, the European Data Protection Supervisor (EDPS) raised concerns about the mandatory …
OUT-LAW.COM, 15 Apr 2013