Protecting your Business

The current economy is having an impact on nearly every business. Many businesses are experiencing issues and external conditions which are now out of their control, leaving them concerned about their responsibilities and potential liabilities.

It’s crucial that if you are facing financial pressures they are not ignored as reacting early can help protect both your individual and business’ best interests.

Taking the correct professional advice and being aware of your options gives your business the best chance of survival.

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Moorfields appointed Administrators over Teknoflex Ltd the UKs largest supplier of flexible and flex-rigid multilayer circuits

Buyers are being sought for the UK’s largest manufacturer and supplier of flexible and flex-rigid multilayer circuits Teknoflex Ltd, which was placed into administration on Monday 14^th January 2013.

The business, which operates in Sussex specialises in the design, manufacturing and assembling of flexible circuits and flex-rigid multi-layer inter connection systems to both the UK and overseas market with a particular focus on high technology, niche products for the defence sector. The business has traded for over 50 years with over 100 employees and has established key overseas trade in the US, France and Germany.

Simon Thomas and Shelley Bullman of leading insolvency and rescue firm Moorfields
Corporate Recovery have been appointed administrators and are looking the sell the business as a going concern.

Simon Thomas, joint administrator at Moorfields Corporate Recovery, said:“Teknoflex is a leading UK manufacturer and supplier with a strong reputation for providing high technology, niche products to a specialised market. With over 50 years experience and high quality in-house design, assembly and test facilities the firm has a solid infrastructure in place that I am confident has potential both in the UK and overseas.”

Shelley Bullman, joint administrator at Moorfields Corporate Recovery, said: “We have seen a number of manufacturing businesses suffer in 2012 following difficulties in the eurozone. As a result the market suffered a period of decline. Unexpectedly the Markit/CIPS UK Manufacturing PMI index showed an increase in December 2012 leaving the industry optimistic about 2013.”

 

Moorfields Property Solutions Team successfully secure sale of properties totalling over £80 Million in December

The property sector has been one of the worst hit sectors in this double dip recession, but with the spotlight now firmly on London and the UK due to the Summer Games it looks like it is slowly making a recovery.

Over the last 6 months Moorfields Property Solutions team have acted on behalf of a number of lenders in the property sector, collectively owed some £800m, across a variety of properties including residential, commercial, licensed trade and development sites.

Last month the property solutions team successfully realised properties totalling over £80m with over 60% of the properties falling under the commercial or licensed trade sector. The team tackled a number of issues prior to sale including planning irregularities, rent arrears, undocumented tenancies, guarantee issues, building regulations and squatters.

Simon Thomas, Fixed Charge Receiver and Administrator at Moorfields Corporate Recovery said“Moorfields saw a number of portfolios suffer in 2012, from properties valued at £265m to small residential properties. With our success in Q4 2012 we are confident that the market will remain steady but challenging in the year ahead”

 

Lavish fraudsters Kallakis and Williams found guilty of defrauding Banks out of £750m

Moorfields Corporate Recovery assist Serious Fraud Office with conviction of two Mayfair property businessmen guilty of defrauding banks out of millions of pounds.

Achilleas Kallakis and Alexander Williams appeared at Southwark Crown Court today to receive sentencing for orchestrating a five year period of fraud to secure loans from Allied Irish Bank (“AIB”)totalling over £750m.

The pair were found guilty of using forged or false documents to obtain substantial loans to finance the purchase of a commercial property portfolio. Both are due to receive sentencing later today.

Simon Thomas and Shelley Bullman liquidators of leading insolvency and rescue firm Moorfields Corporate Recovery assisted the Serious Fraud Office (SFO) in uncovering the pairs wrongful trading activities when appointed liquidators over Oregon Finance Corporation and seven other companies used by Kallakis and Williams.

The liquidators conducted a series of investigations over the assets and liabilities of Oregon Finance Corporation the results of which were then provided to the SFO.

Kallakis and Williams is another example of Moorfields investigations team tackling fraudulent trading. In 2012, Moorfields were instrumental in obtaining a custodial sentence for two Slovakian businessmen who refused to handover £4m belonging to a UK company over which Moorfields were appointed liquidator.

Simon Thomas, joint liquidator at Moorfields Corporate Recovery, said: “Fraud is estimated to cost the UK economy billions, but the true burden of such a crime can never by known until each instance is made public as shown in the case of Kallakis and Williams. The pairs successful conviction demonstrates our ability as liquidators to uncover fraudulent trading despite a company being in liquidation. Moorfields hope to continue working with the SFO to try and prevent fraudulent trading."

Moorfields Corporate Recovery wins National Corporate Recovery Firm of the Year Award

Moorfields Corporate Recovery are proud to announce they have been awarded Corporate Recovery Firm of the Year at the National Insolvency and Rescue Awards 2012.

Now in their 5^thyear, the Insolvency and Rescue awards are recognised as a mark of distinction amongst professionals, celebrating professional excellence in a challenging sector.

The award, open to firms with up to 10 licensed appointment taking IP’s, recognises significant growth, depth of experience, excellence in chosen sectors and focus on client satisfaction.

Moorfields was successfully selected amongst six finalists receiving particular praise for our innovative client reporting systems and focus on client satisfaction. Additionally the firm demonstrated an excellence in their specialist sectors having recently been appointed on cases ranging from Hein Gericke (UK) Ltd to the Rec 6 Portfolio.

“We are delighted to have been awarded Corporate Recovery Firm of the Year. This award recognises our continued growth, innovation and proven success in our field. Our growth strategy focuses on continuing to build a strong presence in the market place whilst challenging the traditional approach to insolvency” Simon Thomas, Partner

“We pride ourselves on delivering a service of the highest standard and providing and open transparent dialogue with our clients. We are delighted that this award has recognised the hard work and dedication of our staff” Phil Smith, Partner.

 

Moorfields Corporate Recovery shortlisted for National Corporate Recovery Firm Of The Year

Moorfields Corporate Recovery LLP are delighted to have been shortlisted for the“Corporate Recovery Firm of the Year” award in the prestigious Credit Today Insolvency and Rescue awards.

Now in their 5^th year, the Insolvency and Rescue awards are recognised as a mark of distinction amongst professionals, celebrating professional excellence in a challenging sector.

The award, open to firms with up to 10 licensed appointment taking IP’s, recognises significant growth, depth of experience, excellence in chosen sectors and focus on client satisfaction.

Phil Smith, Partner “We are proud to have been shortlisted for the Corporate Recovery Firm of the Year award. Over the last 12 months we have continued to expand our key service offering acting in a number of high profile appointments including The Alburn Real Estate Rec 6 Portfolio, Gemstone Retail Limited (Formally HPJ Jewellers), Avilton Foods Limited and TNT Magazine. This award represents recognition of our specialist expertise and proven success in our field.”

Simon Thomas, Partner “We pride ourselves on delivering service of the highest standard, I am delighted that this award has recognised the hard work and dedication of all our staff.”

Moorfields hope to go on to claim victory at the awards ceremony on the 10^thOctober.

Buyers Sought for Leading Motorcycle Clothing and Accessory Retailer Hein Gericke (UK)

Buyers are being sought for one of the UK’s leading motorcycle clothing and accessory retailers, Hein Gericke (UK) Ltd, which has been placed into administration on Monday 30^thJuly 2012

The firm, which operates 49 shops in addition to a catalogue and an online shopping service, is widely recognised as a leading brand within the UK motorcycling community. With shops across England, Wales, Scotland and Northern Ireland,


Hein Gericke is an established retailer on the high street and has won many industry awards within the UK over the years.


Appointed administrator, Moorfields Corporate Recovery, is looking to sell the UK business as a going concern and is inviting interested parties to get in touch by Monday, August 6^th. The UK business is separate from the parent company, which operates shops across Europe, trading within the UK under a license agreement with the German based parent company.


Simon Thomas, joint administrator at Moorfields Corporate Recovery, said:“Hein Gericke (UK) Ltd is one of the leading suppliers of motorcycle accessories in the UK and has a well-established infrastructure in place that will allow a potential buyer to focus on generating sales. Whilst the ongoing economic pressures have affected sales in recent years I am confident the business model has a lot of potential with a dedicated customer base and staff who are obviously passionate about working for the company.”


Hein Gericke was a German biker who opened a motorcycle shop in Germany in the 1970s. Within a few years the business developed to become the largest motorcycle dealership in Germany. The next decade saw the business expand to include clothing and accessories for bikers. The company had an international presence by 1987 at the point Hein Gericke sold his business.


The Hein Gericke brand is now sold through a retail shop presence across Germany, Austria, Belgium, Netherlands, Italy, Luxemburg and the UK.


Moorfields also acted as administrators of HPJ Jewellers earlier this year.