Insolvency firm enters administration due to "significant claims"
Posted at 09:40 by Insolvency News
Bond Partners LLP, which was based in both London and Warwickshire, has gone into administration, with RSM Tenon appointed to handle the case.
Colin Wilson and Trevor Binyon have been appointed joint administrators of the firm.
The partnership – which also had a 50% shareholding in the now-liquidated Bond Partners Network – was also hit with a winding-up order by HM Revenue and Customs (HMRC).
RSM Tenon director, Colin Wilson, said: “Bond Partners fell into administration as a result of significant claims against the partnership and a winding up petition by HMRC.
“The firm invited the charge holder to appoint administrators in order to control the realisation of the assets and ensure the continuity of the case work.
“The partners have continued to co-operate with the administrators.”
Before the administrators’ appointment, a number of assets, including work in progress (WIP), were sold to Axiom Recovery LLP – run by former members of Bond Partners.
Axiom Recovery was set up on October 5 last year.
Tenon confirmed that under the terms of the sale agreement a percentage of realised WIP will be paid to the administrator for the benefit of creditors.
Insolvency practitioner (IP) Theodoulos Papanicola – who had been at Bond Partners LLP since its inception in 2004 – has had his portfolio of cases transferred to business recovery and IP firm Alexander Lawson Jacobs.
Sister company Bond Partners Network – which was wound up by the High Court last year – acted as a marketing intermediary for accountancy firms.
For a fee it would locate prospective clients before passing them on to the respective accountancy firms.