Rescues, recoveries & near misses!

4 March 2010

The CBW Corporate Recovery and Insolvency team continues to prove its expertise in delivering solutions under difficult circumstances.

Arc Capital & Income

Arc Capital & Income plc (“ACI”)was a product manager with £100m under investment on behalf of 10,000 investors. CBW achieved a sale of the business in November, much to the surprise of the FSA who believed that such businesses could only be liquidated.
The sale, rather than liquidation, ensures a substantially greater preservation of value for the stakeholders of ACI.
CBW worked closely with the FSA and the FSCS to ensure investors’ interests were protected. Client funds held at the date of CBW’s appointment have now passed to the purchaser (an action which required an FSA waiver given that the action was breaking new ground for the FSA).
Client funds received subsequently are in the process of being repaid following a court order sanctioning these payments.

CBW achieved this value preserving outcome in a very challenging economic environment.

International cases

Developments on the Dawnay, Day Group administration continue with numerous successes and many challenges.
CBW’s attempts to dispose of their notorious East Harlem property investments in New York caught the headlines of the national press in both the USA and the UK. This work is ongoing and an example of CBW’s capacity to collaborate with other accountants across the globe through its membership of MGI, a worldwide association of accountants.

Near misses & more

Borders’ book shops - A near miss! CBW was actively involved in assisting a potential purchaser in the acquisition of the Borders retail book group. The acquisition was not pursued but the exercise demonstrated CBW’s ability to work as part of an integrated team in a complex commercial environment for the benefit of the client.
Tribune Publications - As administrators of Tribune Publications CBW successfully sold, and thereby saved, Tribune as the newspaper supporting the labour movement.

An additional IP

From 2010 the CBW team has been further strengthened with the appointment of Carl Bowles as a Director of Corporate Recovery. He is a licence holder with broad experience in rescues, recoveries and insolvencies. He joins from a top 25 accountancy practice.

Need help?

For advice on a recovery or insolvency issue, please call John Alexander.
John Alexander
Partner, Carter Backer Winter LLP
t: 44 (0)20 7309 3827
john.alexander@cbw.co.uk

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