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.