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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

06 JUL 2011

The Bridge Business Recovery insolvency story and poodles

The Bridge Business Recovery insolvency story has been picked up by a number of news commentators. Perhaps the most interesting slant is that taken by the Daily Telegraph. The paper has focused on the fact that a labradoodle had been purchased on the firm's credit card. Perhaps the most surprising point about this story, aside from the cost of the pooch, is the fact that this is the latest in a relatively long line of high profile insolvency cases relating to insolvency specialists. The story notes:

"Police were alerted after the company discovered a series of alleged payments made on company credit cards and accounts.

These included £2,000 for a labradoodle puppy and £2,500 spent at luxury jewellers Tiffany's....The revelations come after Bridge Business Recovery was forced into administration on Friday.

The court declined a petition by the remaining partners to put the company into a pre-pack administration, forcing the company into call in administrators KPMG.

Colin Haig, KPMG joint administrator, said: "Unfortunately the administration was triggered by unforeseen and very difficult circumstances. The focus of the administration will now be on seeking a sale of the business."

...The events leading up to the administration have also been referred to the Institute of Chartered Accountants."

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