Lawrence Graham has secured the first ever extension on company administration following the introduction of changes to the Enterprises Act 2002 last September.
The six-month extension was granted by the High Court earlier this month. Begbies Traynor is the appointed administrator to Trident Fashions plc, owners of high street men’s wear retailer Ciro Citterio.
Under the streamlined company administration procedure introduced under the Enterprises Act (2002), company administrations are now limited to a maximum of 12 months.
However, this can be extended once only for a maximum of a further six months with the consent of the creditors or the permission of the High Court.