INSOLVENCY & LAW
Latest Updates OnHigh Street Group (HSG)
Advisory / Insolvency / Debt recovery
We work with creditors, company directors, and investors.
We sought the appointment of an independent replacement liquidator to secure effective disclosure of key documents and investigate and pursue potential recovery claims, both within and beyond the estate.
For example, a cooperative liquidator could have:
exercised statutory disclosure powers
obtained documents from former office holders and relevant third parties
facilitated investigation of potential claims more efficiently than reliance on contested court orders alone
Creditor support for the requisition
Noteholders representing in excess of £35 million in admitted claims supported the requisition and nomination of a replacement liquidator.
Moreover, this level of support was well above the statutory 25 percent threshold required to validly requisition a meeting and nominate a new liquidator.
Overall, the level of engagement and coordination demonstrated by noteholders was significant and materially strengthened the process.
Nomination of Griffins Insolvency
The requisition process nominated only Griffins Insolvency.
While Griffins engaged in preliminary discussions, they ultimately did not provide consent to act when the process formally required it. As a result, the proposed appointment did not proceed.
The firm made this decision, which remained outside the control of Insolvency & Law and the supporting noteholders.
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Subsequent approach to Gibson Booth
Following Griffins’ decision, Insolvency & Law took prompt steps to avoid losing momentum.
Therefore, Insolvency & Law approached Gibson Booth, which indicated a willingness to act and provided an initial commitment.
However, when the process required formal consent, the firm declined to confirm its appointment.
Again, this outcome did not arise from any failure in the requisition process or lack of creditor support. Instead, the firm made a late-stage decision not to proceed.
Why no replacement liquidator was appointed
Because both nominated firms declined to consent at the final stage, the process could not appoint a replacement liquidator, even though the requisition met all statutory requirements.
Specifically:
the parties made the requisition properly
creditors provided sufficient support
the nominated firms’ decisions not to act solely prevented the appointment
Although frustrating, this outcome does not invalidate the completed process.
Return to the Official Receiver
In light of the above, and to avoid further delay, Insolvency & Law has reverted to the Official Receiver as the incumbent office holder.
In addition, Insolvency & Law has made clear that, without cooperation, it is prepared to issue proceedings through the High Court to compel disclosure.
Finally, contact our team at Insolvency & Law to book a confidential consultation now.
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Please do not respond to emails, letters, phone calls or other contact from any party claiming to recover your funds. It is more than likely a scam and you will certainly lose more money.
Only respond to Insolvency & Law, the Joint Administrators and the Joint Liquidators.
Even we have received correspondence purportedly from the Official Receiver’s office. This too was a scam.
Please be careful.