Jones Day has joined the growing number of law firms advising on the administration of failed retailer BHS.
The firm was drafted in by BHS administrator FRP Advisory and will assist it in examining the role of BHS’s directors in the months leading up to its collapse. The administrator was brought onboard at the request of the Pension Protection Fund in July to work alongside Duff & Phelps.
Jones Day investigations and civil litigation partner Sion Richards is leading the team for FRP.
Duff & Phelps was initially appointed the sole administrators to BHS in April. It is being advised by DLA Piper, with corporate insolvency partner Colin Ashford leading the team.
FRP Advisory will undertake investigatory work and inspect certain transactions and third partners involved with the BHS sale and collapse. Meanwhile Weil Gotshal & Manges UK restructuring head and former Jones Day partner Adam Plainer is representing the retailer in the administration.
The collapse of BHS was one of the most highly publicised retail closures in British history and followed its sale to Retail Acquisitions for £1 last year.
An inquiry into the sale and subsequent failure of the business was held by MPs last month, with the group concluding that company advisers were “all culpable” for BHS’s demise.
The inquiry saw Linklaters and Olswang give evidence on the role in the sale, having acted for former BHS owner Arcadia and Retail Acquisitions respectively.
Former BHS owner Philip Green then instructed Schillings to demand an “immediate apology” from one of the MPs in charge of the inquiry over “false” statements he had made on the radio.
https://www.thelawyer.com/issues/online-august-2016-2/jones-day-joins-dla-piper-on-bhs-administration/
No comments:
Post a Comment