Carrie-Ann James – What Next?

In this series, we examine Gary Forrest’s enablers and where they are now. We begin with Carrie-Ann James, an officer of the court and former president of the Insolvency Practitioners Association (IPA). Her role in handling companies linked to Gary Forrest raises serious concerns.

Previously, we explored her appointment as Administrator of High Street Grp Ltd. Additional articles on this subject can be found here and here. 

A New Position, A Fresh Start?

After working at SKSi and later Kreston Reeves, Carrie has now taken on a new role as a Partner at Oury Clark. According to her firm’s description, she has “a solutions-based approach at the heart of the work she delivers, working with a variety of stakeholders aiming to find the best outcome achievable for all stakeholders.” However, for creditors of High Street Grp Ltd, this description may seem overstated. Carrie’s actions in that case have been obstructive, hindering efforts to seek justice for victims.

Having offloaded High Street Grp Ltd to the Official Receiver, she has moved on with apparent ease, despite the lingering questions surrounding her handling of the case.

High Street Grp Limited (HSG): Unanswered Questions

I&L has been pursuing legal proceedings to obtain crucial information from former Administrators Carrie-Ann James and Tony Hyams regarding High Street Grp Ltd (HSG). This information is essential for legal action against key figures. These include Gary Forrest (HSG Director) and Steven Knight (CTMS Director, now in liquidation).

Legal action began with a Norwich Pharmacal Order—a court order compelling disclosure of information. Before the hearing, solicitors from both sides reached an agreement, resulting in an Order by Consent. Under this order, I&L agreed to cover reasonable legal costs for compliance.

However, despite initially agreeing not to obstruct I&L, Carrie later demanded excessive and unjustifiable costs. This effectively blocked access to the requested disclosures and raises serious concerns about her intentions. Were these inflated costs a tactic to deter further investigation?

£126 Million Lost, No Recovery Efforts

Loan note holders lost £126 million through HSG. Yet Carrie-Ann James—former IPA president—has not recovered a single penny. No legal action was taken against Gary Forrest, despite his orchestrated transfer of HSG assets to Hadrian Real Estate Plc (HRE), a company he was forced to resign from but still wielded influence over. These asset transfers were clearly at undervalue. Yet Carrie failed to act, leaving loan note holders—who believed they had security—completely unprotected.

Security & Asset Transfers: A Breach of Duty?

Carrie should have been well aware that HSG’s property assets, supposedly securing its loan notes, were vastly overvalued. Investors believed they had security, yet the true asset value was insufficient. This points to a significant failure by those responsible, including Carrie and her co-administrator, Tony Hyams (whose actions will be covered in a separate article).

As experienced insolvency practitioners, Carrie and Tony should have identified these glaring discrepancies. Their inaction suggests either a serious breach of duty or gross negligence. Yet, with Carrie having served as IPA President and still sitting on the Finance and Risk Committee, how impartial can any investigation into her conduct truly be?

Adding to concerns, the assets transferred from HSG to HRE were never properly valued. Or if they were, those valuations were not disclosed in the Sales and Purchase Agreement. Why wasn’t this information made available to creditors? I&L sought to obtain these details through the NPO, yet Carrie erected cost barriers to prevent disclosure. Could it be that she was pressured by Gary Forrest to suppress this information?

The Fallout: Three Wasted Years

HSG is now in compulsory liquidation, overseen by the Official Receiver. Our consultant, Peter Murray, anticipated this outcome early on and advised loan note holders to vote for compulsory liquidation instead of administration. As a result of a prolonged Administration, three years have been wasted, yielding zero returns. The recent winding-up order for Hadrian Real Estate PLC by HMRC further eliminates any hope of recovery for loan note holders.

Carrie-Ann James should be subject to investigation by her regulatory body, the Insolvency Service, and possibly a statutory authority with prosecutorial powers. This issue remains unresolved, and we are actively consulting with our legal advisors to consider filing a formal complaint against her.

Other High Street Appointments

Carrie’s involvement extends beyond HSG:

• High Street Residential UK Limited: Appointed by Gary Forrest in October 2021, this company was incorporated in 2018 and never filed accounts. Carrie dissolved it within a year.
• Kent Street HSG Ltd: Administration began in October 2021, months before HSG’s collapse and just after Haines Watts resigned as auditors due to unpaid fees owed by its parent company. Like High Street Residential UK, this company never filed accounts and was rapidly dissolved.
• High Street Commercial Finance Limited: When Insolvency & Law sought to wind up this company in 2022, Gary Forrest attempted to have Carrie appointed as Insolvency Practitioner. Fortunately, this did not happen.

Alongside Steven Ross of FRP, Carrie-Ann James has become one of Gary Forrest’s trusted enablers. She ensured the quiet burial of companies while avoiding scrutiny. This pattern allows Gary to re-emerge unscathed while Carrie moves on to a new role. The question remains—will their association continue, or has Carrie simply served her purpose?

What You Can Do

If you have concerns about a company or individual and need a fact-based investigative report, contact [email protected].

If a company owes you money and refuses to pay, and you believe the debt is rightfully yours, reach out to [email protected] to explore your legal options.