Consulting
Frpadvisory
Full Credential Description
FRP was appointed as the replacement officeholder, with the support of the Pension Protection Fund (PPF), to conduct a comprehensive investigation into the insolvency and financial history of a major UK retailer. This retailer was part of a larger group of companies, some of which were undergoing separate insolvency proceedings. The company had a significant property portfolio, consisting of over 200 leasehold and freehold properties, and faced potential claims exceeding £400 million. To address these challenges, the FRP team undertook a meticulous forensic collation and discovery of both electronic and hard copy records. This process included extensive interviews and third-party requests for information from various sources. A thorough review of financial records, management decisions, and historical dealings with advisers allowed the team to construct a detailed picture of the financial history, tracing material transactions and key events. Throughout the investigation, there was ongoing communication and cooperation with the PPF to ensure effective stakeholder management. The outcome of these investigations was significant. FRP successfully concluded landlord claims, which mitigated unsecured liabilities by more than £250 million. Additionally, an agreement was reached with a floating charge creditor, resulting in the release of over £30 million from reserves, making these funds available for unsecured creditors. The investigations are ongoing, with further avenues for recovery being identified and pursued.