Savants Restructuring Limited and its subsidiary, Savants Covenant Advisory Limited have ceased trade with immediate effect.
Carl Jackson and Michael Hall of business advisory firm Quantuma have been appointed as joint administrators.
Michael Hall has since left Quantuma Advisory and was replaced by Kelly Mitchell.
In September 2021, Mark Goldstein and Kevin McLeod were appointed as Receivers to establish control over the Company and its bank accounts. The Receivers determined that substantial sums were missing from the Company’s bank accounts, together with significant sums due to the various insolvency estates which should have been held in separate client accounts.
The Receivers also discovered that the ICAEW were investigating Mr Duncan’s conduct and had removed his insolvency licence on 7 September 2021.
The ICAEW made an application to Court for the block transfer of Mr Duncan’s cases to the Joint Administrators, and the Order was made on 30 September 2021.
Following their appointment, the Joint Administrators completed a forensic review to identify potential claims against parties in respect of funds diverted from the Company’s bank account.
A number of transactions with the directors, connected and non-connected parties have been identified. They have also instructed agents to assist in tracing Mr Duncan. Due to the nature of the appointment, the Insolvency Service has had an ongoing involvement in the investigation process.
The Joint Administrators also carried out an initial review of the Company’s affairs in the period prior to appointment, including interviewing the company’s directors and senior employees and examining certain available records.
The information gleaned from this process enabled the Joint Administrators to meet their statutory duty to submit a confidential report on the conduct of the directors to the Insolvency Service.
The Joint Administrators identified a number of matters requiring further investigation, but have not disclosed further information at this time.
Insolvency Solicitors from Wedlake Bell and Frettens have assisted the Joint Administrators.
Savants Restructuring Limited main source of income came from carrying out Members Voluntary Liquidation’s this process allowed the office holder (Savents) to hold large amounts of its clients money until HMRC gave permission for it to be released, once a declaration of solvency had been signed.
Savents sourced its work from the internet, the costs of an MVL started at about £500.00
The difference between a Creditors’ and Members’ Voluntary Liquidation can be found here.
If you believe you are a creditor of Savants Restructuring Limited you are asked to make contact with the insolvency practitioner at Quantuma.