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Joint evidence session between the work and pensions and business innovation and skills select committees on the collapse of BHS - day two: adviser group 2

The adviser group 2 session on Monday 23 May comprised Owen Clay, corporate lawyer for Arcadia and Traveta (Linklaters); Steve Denison, auditor of Traveta and its subsidiaries, including BHS (PwC); and Anthony Gutman, ‘informal’ adviser to the Arcadia Group (Goldman Sachs).

The questioning focused on the solvency position of BHS at the time of the acquisition, the level of due diligence undertaken on the eventual acquirer (Retail Acquisitions Ltd) and the recognition of the pensions deficit in the deal negotiation.

United Kingdom, Insolvency & Restructuring, Penningtons Manches Cooper LLP, Due diligence, Goldman Sachs, Department for Work and Pensions (UK)
Joint evidence session between the work and pensions and business innovation and skills select committees on the collapse of BHS - day two: adviser group 1

Monday 23 May saw the turn of the advisers. This update concentrates on what we will call “adviser group 1” comprising Emma King, the trustees pension lawyer (Eversheds); David Clarke, covenants adviser to the trustees (KPMG); Tony Clare, restructuring pensions adviser to Taveta Investments Limited, the previous owner of BHS (Deloitte); Ian Greenstreet, pension lawyer to Taveta Investments Limited (Nabarro); and Richard Cousins, the independent actuary to the Taveta group (PWC).

United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Penningtons Manches Cooper LLP, Department for Work and Pensions (UK), KPMG, Trustee
Pensions Regulator issues statement for insolvency practitioners: trustee appointments and statutory notices

Help is at hand for insolvency practitioners (IPs) who need clarification on the Regulator’s views on scheme trustee appointments and statutory notices. The Pensions Regulator recently released a statement intended to assist IPs to understand these two areas which are of particular relevance to them.

TRUSTEES

The statement deals with scheme trustee appointments in four areas:

United Kingdom, Employee Benefits & Pensions, Insolvency & Restructuring, Penningtons Manches Cooper LLP, The Pensions Regulator (UK)