Tony Hyams – Former High Street Grp Insolvency Practitioner Under Scrutiny

Regulatory Disciplinary Action– Tony Hyams

In this blog series, we are diving into the key enablers behind Gary Forrest and investigating where they are now. If you missed our deep dive into Carrie-Ann James, you can read it here. Carrie-Ann James played a controversial role in handling companies linked to Forrest, but today, we turn our focus to Tony Hyams—a licensed insolvency practitioner and director at Insolve Plus Ltd. Hyams was appointed as the joint Administrator of High Street Group (HSG) in December 2021, alongside Carrie-Ann James.

While Carrie has managed to secure a new role as a Partner at Oury Clark, Tony is facing an entirely different reality—a regulatory complaint resulting in disciplinary action. On January 29, 2025, the Insolvency Practitioners Association (IPA) issued a Disciplinary Consent Order against him.

But before we get into the details of the disciplinary action, let’s take a step back and examine how Tony Hyams and Carrie James became Administrators of High Street Group in the first place.

Who Appointed Tony Hyams—And Why It Matters

Both Tony Hyams and Carrie James hold significant legal responsibility in their roles, as they are Officers of the Courts of England and Wales.

• Carrie James was appointed by the Court after being nominated by Gary Forrest.
• Tony Hyams was appointed separately by the Court after being nominated by Steven Knight of Castle Trust and Management Services Ltd (now in liquidation).

With their appointments, Hyams and James were expected to conduct impartial and ethical administration of HSG’s affairs. However, serious misconduct allegations soon emerged—especially concerning Tony Hyams.

Regulatory Breaches: What Did Tony Hyams Do Wrong?

The IPA’s Disciplinary Consent Order does not explicitly name the affected company, but what is clear is that Hyams committed multiple professional breaches between November 4, 2021, and December 13, 2022—the same period in which he was overseeing the administration of High Street Group.

The violations include:

1. Failure to Report Suspicious Activity

Hyams failed to disclose suspected money laundering to the appropriate authorities, breaching both the Proceeds of Crime Act 2022 and the Insolvency Code of Ethics.

2. Failure to Investigate and Document

Instead of conducting timely investigations into the company’s affairs and its director, Hyams neglected his duty and failed to keep adequate documentation of his decision-making process.

3. Submitting a Misleading Report

Hyams submitted a misleading report to the Secretary of State regarding the director’s conduct. Even when new information emerged that required an update, he failed to amend his report—breaching the Company Directors Disqualification Act 1986.

The Fallout: Fines, Reprimands, and Industry Consequences

As a result of these serious breaches, the IPA issued the following disciplinary actions against Tony Hyams:

• Three Severe Reprimands—A rare and serious professional sanction.
• A £20,000 Fine—Reflecting the gravity of his failures and issued in accordance with industry guidelines.

The HSG Administration: A Web of Misconduct and Concealment

The disciplinary measures imposed on Tony Hyams underscore the serious nature of his breaches and the direct violation of the Insolvency Code of Ethics.

But what makes this case even more alarming is the timing—Hyams was engaging in misconduct while actively serving as the Administrator of High Street Group (HSG).

This revelation raises fundamental questions:

• How can anyone trust his conduct—or Carrie James’—in handling HSG’s administration?
• Did they act in the best interests of creditors and investors, or were they complicit in covering up financial misconduct?

Let’s delve deeper into the obstacles faced by I&L in uncovering the truth—and the questionable role both Carrie James and Tony Hyams played in obstructing justice.

I&L’s Legal Battle for Disclosure

To understand the depth of misconduct, we must revisit the legal struggles between I&L and the former Administrators of HSG, Carrie James and Tony Hyams.

I&L sought critical information through legal proceedings to bring legal action against key players, including:

• Gary Forrest (GF) – Director of High Street Group
• Steven Knight (SK) – Director of Castle Trust and Management Services Ltd (CTMS) (now in liquidation)

The Norwich Pharmacal Order (NPO)

The legal battle began with an application for a Norwich Pharmacal Order (NPO)—a court order requiring one party to disclose information about another party.

Before the hearing, both parties’ solicitors reached an agreement, leading to a Consent Order. Under this order:

• I&L agreed to cover reasonable costs incurred by the Administrators’ solicitors in the process.
• The Administrators (Carrie James & Tony Hyams) promised not to obstruct the disclosure of information.

However, Carrie James did the exact opposite.

Instead of cooperating, she demanded excessive and unjustified legal costs, essentially using financial barriers to delay or prevent I&L from obtaining the requested disclosures.

Tony Hyams’ Silent Complicity

While Carrie engaged in obstruction, Tony Hyams remained silent throughout this costly and unnecessary battle.

As an officer of the court, he had a duty to act transparently and in the best interest of creditors. Instead, he allowed Carrie’s tactics to continue unchallenged, despite knowing that loan note holders had already lost £126 million in the HSG collapse.

Even more shocking—no legal action was ever taken against Gary Forrest, despite his direct involvement in transferring HSG’s property assets out of the company under dubious circumstances.

Asset Transfers: A Cover-Up in Plain Sight?

One of the most concerning financial maneuvers tied to HSG’s collapse was the transfer of assets at undervalue—a blatant act that Carrie James and Tony Hyams failed to address.

Key Events:

• Gary Forrest and Steven Knight orchestrated the transfer of HSG’s property assets to Hadrian Real Estate Plc (HRE)—a company Forrest was forced to resign from, but still exerted influence over.
• These transfers were made at significantly undervalued prices, effectively stripping HSG of its assets while leaving creditors with worthless securities.

Despite having full visibility into these transactions, Carrie James and Tony Hyams did nothing.

Why weren’t these asset transfers investigated?

• As experienced insolvency practitioners, they should have immediately flagged the discrepancies.
• They knew that HSG’s property assets were significantly overvalued, meaning investors’ loan notes were backed by almost nothing.
• They were aware that investors had been misled into believing their funds were secured against £126 million worth of assets—but in reality, those assets never held that value.

This was not just negligence—it was a catastrophic failure of duty by both Administrators.

Why Was Key Information Withheld?

One of the most puzzling aspects of this case is the lack of transparency regarding the Sales and Purchase Agreement (SPA) between HSG and HRE.

Unanswered Questions:

1. Were the transferred assets ever properly valued?
2. If valuations were conducted, why weren’t they disclosed to the creditors’ committee?
3. Did Carrie James and Tony Hyams deliberately withhold this information to protect key players involved in the scam?

I&L fought for full disclosure of these records under the NPO, but Carrie James erected financial roadblocks, and Tony Hyams allowed her to continue unchallenged.

If these records were revealed, they would likely expose that:

• HSG’s assets never truly held a value of £126 million.
• The loan note charges at Companies House were completely insufficient.
• Hadrian Real Estate (HRE) avoided publishing accounts because the fraudulent nature of these transactions would be exposed.

A true balance sheet from HRE would likely show that the £126 million “secured” by loan notes never actually existed—confirming HSG was an elaborate financial deception.

The Bigger Picture: A Failure of Duty or Deliberate Neglect?

Given their experience as insolvency practitioners and their legal obligations as Officers of the Court of England and Wales, it is impossible to believe that Carrie James and Tony Hyams simply missed these massive discrepancies.

This raises two critical questions:

1. Did they actively participate in concealing the fraudulent activities of HSG’s leadership?
2. Or were they grossly negligent, failing to carry out even the most basic due diligence?

Whichever the case—they failed in their duty to creditors and investors.

HSG’s Demise: The Role of Carrie James and Tony Hyams in a Zero-Return Administration

The Cost of Failure: £1 Million in Fees—But No Returns

After two years of administration, Carrie James and Tony Hyams failed to deliver any financial return to creditors. Yet, despite finding nothing recoverable, they had racked up over £1,000,000 in fees.

This had major consequences for loan note holders.

Why the £1 Million in Fees Mattered

• If creditors wanted to replace Carrie and Tony with a new Insolvency Practitioner (IP), the first £1 million recovered would go straight to them. Making it financially unappealing for a new IP to take over.
• Effectively, their excessive fees created a barrier to progress, ensuring that their work—however ineffective—remained unchallenged.

At a Creditors Committee meeting, Peter Murray, Consultant for Insolvency & Law, raised this concern. The committee then pressured Carrie and Tony to reduce their fees by over 60% to allow another IP to take over without financial deterrents.

Their response? They refused.  

Why Refuse a Fee Reduction?

This refusal raises critical questions:

• If Carrie and Tony truly believed there was nothing left to recover, why wouldn’t they slash their fees to let a new IP attempt recovery?
• Was their real priority self-preservation, rather than acting in the best interests of creditors?

Eventually, under mounting pressure, both Carrie and Tony relented—but only after wasting valuable time and resources.

High Street Group in Liquidation: A Wasted Three Years

With no progress in administration, HSG finally moved into liquidation, where the case is now handled by the Official Receiver.

Peter Murray had anticipated this outcome from the beginning and had advised loan note holders to vote in favour of compulsory liquidation. However, three years were wasted under Carrie and Tony’s administration, delivering:

• Zero financial return to loan note holders.
• No legal action against the key players behind HSG’s downfall.
• No accountability for the asset transfers that left creditors with nothing.

The Final Nail in the Coffin: Hadrian Real Estate’s Collapse

For years, loan note holders were given false hope that Hadrian Real Estate Plc (HRE)—which had acquired HSG’s assets before administration—would develop these assets and generate returns.

That hope is now completely extinguished.

Recently, HMRC filed a winding-up petition against HRE, sealing the fate of these so-called “investments.”

Hadrian’s failure confirms what many suspected all along:

• The assets transferred from HSG to HRE were never worth £126 million.
• Loan note holders were misled into believing their investments were secured when they weren’t.
• Carrie and Tony ignored clear evidence of a financial swindle—choosing inaction over accountability.

What Are Carrie Ann James and Tony Hyams Still Hiding?

Despite no longer being the Joint Administrators, the Official Receiver has confirmed that Carrie James and Tony Hyams are still holding back critical case files.

Why?

• These documents are easily retrievable, as they were reviewed by their lawyers during the administration.
• Yet, they refuse to release them—even now.
• What are Carrie and Tony hiding for Gary Forrest?

Every delay, every refusal to cooperate, points to an ongoing cover-up.

The Bigger Picture: Quiet Company Burials & Enabling Fraud

Alongside Steven Ross of FRP, Carrie James and Tony Hyams have cemented themselves within Gary Forrest’s inner circle—a network of trusted enablers ensuring that financial misconduct remains hidden.

Their playbook is clear:
– Take control of the administration process.
– Rack up excessive fees while delivering no returns.
– Avoid asking (or answering) tough questions.
-Ensure companies disappear quietly, leaving creditors with nothing.

This strategy ensures that company collapses remain under the radar—and that those responsible walk away unscathed.

What You Can Do

If you have concerns about a company or individual and require a fact-based investigative report, contact us at [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.