Consulting
Frpadvisory
Full Credential Description
FRP was appointed as the replacement officeholder, with the support of the Pension Protection Fund (PPF), to conduct a large-scale 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 comprehensive forensic investigation that included the collation and discovery of both electronic and hard copy records, extensive interviews, and third-party requests for information. This thorough review of financial records, management decisions, and historical dealings with advisers allowed the team to construct a detailed picture of the retailers financial history, tracing material transactions and key events. Throughout the investigation, FRP maintained regular communication and cooperation with the PPF to effectively manage key stakeholders. The outcome of these investigations was significant. FRP successfully concluded landlord claims, which mitigated unsecured liabilities by more than £250 million. Additionally, the team reached an agreement with a floating charge creditor, resulting in the release of over £30 million from reserves, making these funds available for unsecured creditors. Ongoing investigations continue to identify and pursue further avenues of recovery in this complex case.