BDO appointed as Halliwells liquidators
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BDO has been appointed as official liquidators of Halliwells, a precursor to dealing with outstanding creditors’ claims against the failed firm.
Dermot Power, a partner at BDO, and Shay Bannon, the accountancy firm’s head of business restructuring, were appointed as Halliwells’ administrators in the wake of its demise in June 2010 (26 July 2010).
The pair oversaw the division of Halliwells’ assets and partners among Hill Dickinson, Gately and Clyde & Co legacy firm Barlow Lyde & Gilbert.
BDO applied in November (15 November) to be appointed as the firm’s liquidator by its secured creditor, the Royal Bank of Scotland. The firm’s term overseeing the administration was due to close on Thursday (19 January) after a six-month extension.
This latest move will give it stronger powers under the Insolvency Act to recover monies owed to the outstanding creditors.
It emerged following Halliwells’ collapse that when the firm went into meltdown it did so owing £190m to suppliers (15 February 2011). Of that total it is understood that around £17.7m was owed to the bank.
Readers' comments (3)
Affable Al | 17-Jan-2012 10:13 pm
Greed and stupidity = liquidation
How about another interview with Ian Austin? We need balanced reporting and only Ian can do justice to telling a different side to the story - it was the economic downturn, partner departures, third party agents and their predictions for growth - nothing at all to do with extracting £20m and replacing it with debt whilst increasing the leasehold property interests.
If he keeps saying it, somebody other than himself may believe it - that's how it works isn't it?
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gew | 18-Jan-2012 10:08 pm
Greed + Stupidity = Gateley
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Anonymous | 20-Jan-2012 10:52 am
Greed and more greed = they deserve all they get strange how so many of them are now off loading assets to other family members. wonder why they would do that?
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