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"We have involved the CAPA team on both the Jessops and Phones4U administrations where they have brought to bear their skills and experience to generate significant additional recoveries for the stakeholders, a great result in both cases."
"I was interested in CAPA's point of difference, in that it works for tenants only. In completing 390 landlord negotiations I would say that CAPA's performance has been excellent, with very good results achieved."
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CAPA has been appointed to conduct audits on a 178-year-old Scottish hotel, famed for pioneering hydrotherapy treatments in the late 1800s, that has now fallen into administration.
FRP Advisory, which is managing the administration of the Glenburn Hotel, has instructed CAPA to undertake a rates audit of the hotel as the corporate restructuring firm looks for a new owner of the historic site.
FRP is looking for a purchaser to acquire a hotel that was built in 1843 on a hilltop site on the Isle of Bute, perched over the Firth of Clyde.
It was believed to be the first ever hotel in Scotland to offer hydropathic treatments when it opened in 1892.
The administrators of a construction firm that once had a major presence in the north west of England have appointed CAPA to audit sites the business traded from.
KPMG has instructed CAPA to conduct a rates audit on various sites previously occupied by Cruden Group, headquartered in greater Manchester, after the pandemic left the business unable to recover from a series of financial problems.
After their appointment as administrators KPMG announced that the coronavirus crisis had been the "last straw" for the Warrington company after it lost contracts and costs piled up.
Howard Smith and David Costley-Wood, formerly partners at KPMG who are now at Interpath Advisory, the corporate restructuring firm, were appointed joint administrators of Cruden Group Ltd, Cruden Construction Ltd and Cruden Property Services last year.
CAPA has seen a rise in recoveries from audits on companies that opted for a members voluntary liquidation (MVL), as well as firms in a creditors voluntary liquidation (CVL), during the past year.
When corporate restructuring firms are appointed as liquidators or administrators of insolvent businesses, CAPA’s Audit team assists them in recovering funds for creditors.
CAPA believes there are further opportunities to recover funds for creditors in cases where businesses have entered an MVL or a CVL, at a time where CVL numbers in particular remain comparatively high.
While administrations trend historically low due to prolonged government support, Insolvency Service figures show that of the corporate failures that are crystallising, the majority are CVLs.
The government agency’s Q1 figures show there were 2,384 company insolvencies between January and March. Of this total, 2,047 were CVLs.
Despite a tough environment for businesses trading through and out of a pandemic, recoveries for CAPA’s clients have continued to grow from the audits the team have undertaken on companies in either a CVL or MVL process.
The Audit team has had particular success during the past year across rates audits on firms in these liquidation processes, with the team recovering £160,000 for creditors – recoveries that might otherwise assumed to have been difficult or impossible.
CAPA will be the main sponsor of this year’s R3 Annual Conference.
R3 Annual Conference 2021 will be a virtual conference held from 17-20 May. This Annual Conference will really be one to remember as for the first time in R3’s history this will be a dual President Annual Conference with Colin Haig (2020-21 R3 Presidency) and Christina Fitzgerald (2021-22 R3 Presidency) both chairing the conference.
More information on the conference can be found on R3’s website.
CAPA is delighted to be sponsoring the Turnaround, Restructuring & Insolvency (TRI) Awards for the 13th consecutive year, organised by Shard Financial Media.
The TRI Awards has championed the firms, teams and individuals who are beacons of best practice in the field of business turnaround, corporate restructuring, corporate insolvency and the funding of business recovery. The independent awards panel comprises restructuring professionals from the UK’s largest banks, turnaround practitioners, insolvency practitioners, funders, regulators and the country’s foremost legal experts.