High Street Group: Why Creditors Must Act Now to Demand a Proper Investigation

Thousands of pensioners, loan note holders, and small businesses invested in High Street Group on the promise of a secure and profitable pipeline of property developments. But what was marketed as a £3 billion portfolio has collapsed, leaving creditors with serious losses and few answers.

With High Street Group now in Compulsory Liquidation, control of the company has passed to the Official Receiver. This stage presents a crucial opportunity, but only if creditors act now.

The Problem with the Previous Administrators

Many creditors are rightly frustrated with the conduct of the former Administrators, Carrie-Ann James and Tony Hyams. Despite widespread concerns over how millions of pounds were moved between Gary Forrest’s network of companies, the administrators closed their files without conducting a full investigation into these transactions.

Past cases show that when insolvency professionals delay creditor meetings or block access to documents, it becomes increasingly difficult to trace what happened to creditors’ funds.

In the case of High Street Group, several creditors have already encountered obstacles, including obstructive fees and delayed access to basic information. The result is all too familiar: those closest to the company remain protected, while creditors are left in the dark.

What Creditors Can Do Now

Insolvency & Law is working with a new, conflict-free team of formidable insolvency practitioners with a proven track record of challenging insiders and pursuing recoveries aggressively.

This team has no previous ties to Gary Forrest, High Street Group, or any former advisers. They are known for their forensic approach and willingness to pursue claims, even against professionals who may have failed in their duties.

To support the appointment of this new team, creditors need to submit a Concurrence Form. This is a formal legal mechanism that requests the Official Receiver to call a new creditors’ meeting. At that meeting, creditors can vote to appoint independent practitioners to take over the liquidation.

Where independent liquidators are appointed, creditors may be in a stronger position to:

• Trace and identify company assets
• Unravel suspicious transactions
• Examine the conduct of directors, insiders, and professionals

Under Rule 6.14(2) of the Insolvency (England and Wales) Rules 2016, creditors have a statutory right to request that the Official Receiver convene a meeting to nominate a new liquidator. The Concurrence Form is the formal mechanism for making that request.

  This rule states that:

“Where the company is being wound up by the court and the creditors wish to seek the appointment of another person as liquidator, the creditors may request the Official Receiver to seek a decision from the creditors on the nomination of a person to act as liquidator.”

Other complex insolvencies have used this approach to bring fresh scrutiny and boost the chances of recovery.

The Cost of Doing Nothing

If creditors do not act:

• No fresh investigation will take place
• No one may ever examine key transactions.
• Those responsible for the losses may walk away unchallenged

If creditors choose to act by completing the Concurrence Form:

• They retain full legal rights
• They can install professionals who are prepared to investigate.
• They help keep pressure on the individuals and systems that failed them
• There are no costs to the creditor

One Form Can Make the Difference

This is not a complex process, but it is time-sensitive.

Signing the Concurrence Form does not involve giving up any rights or making a financial commitment. It simply requests that the Official Receiver allow creditors to have their say in who manages the liquidation.

Don’t brush aside High Street Group’s collapse. Creditors deserve a process that tests key transactions and holds those responsible to account.

Why This Really Matters

High Street Group’s collapse is not just about financial loss. It’s about fairness, accountability, and creditor rights. Closing investigations too soon and ignoring tough questions lets those responsible walk away untouched, while creditors get nothing but silence.

However, there is still an opportunity to challenge that outcome. There is still time to demand proper scrutiny. And, there is still a way to ensure this doesn’t become just another story of collapsed promises and no consequences.

What to Do Next

Creditors can download, complete, and return their Concurrence Form to formally request the appointment of new liquidators.

Send your completed form to:
investigations@insolvencyandlaw.co.uk
Insolvency & Law Ltd, 78 York Street, London W1H 1DP

For general questions about the process or your rights, email the address above for more information.

Disclaimer: Insolvency & Law Ltd is not a firm of solicitors or licensed insolvency practitioners and does not provide legal advice, investment advice, or any regulated services under the Legal Services Act 2007 or the Financial Services and Markets Act 2000. All content published by I&L relating to High Street Group, including blogs and podcasts, is provided free of charge for general information and educational purposes only and must not be relied upon as professional advice.

Where appropriate, I&L may take legal assignment of loan notes issued by High Street Group companies in its own name, for the purpose of enforcement and recovery. In such cases, I&L bears all associated costs and risks, and the original loan note holder is fully insulated from legal expense and liability.

For enquiries relating to High Street Group investigations or recovery, please email: investigations@insolvencyandlaw.co.uk