Background

FRP was appointed as the replacement liquidator of a major UK manufacturing business several years after the original date of insolvency, to investigate the circumstances of the company’s insolvency and the sale of its business and assets.

The appointment followed pressure from the company’s largest creditor, the Pension Protection Fund (PPF). The company’s insolvency was subject to much regulatory scrutiny and required significant investigative effort. The estate was found to include a material competition claim against a former supplier.

Action

Our team conducted an extensive collation and discovery exercise of vast amounts of electronic and hard copy records and third-party requests for information from many sources, despite facing challenges as a result of the historic nature of the appointment.

This enabled us to carry out a detailed review of relevant documentation in co-operation with appointed legal advisers.

Outcome

Robust investigation and progression of a competition claim was key to securing a successful settlement. We continued to communicate with the PPF and other stakeholders in order to ensure successful collaboration.

The investigations concluded successfully, satisfying all the concerns raised, and a substantial settlement was reached regarding the competition claim, resulting in an improved final dividend to creditors.