Rachael Singh, Accountancy Age, Wednesday 15 September 2010 at 11:37:00

FRP Advisory might not have paid any cash for Vantis' insolvency business,but it took on £11m in assumed liabilities


FRP Advisory took on £11m in assumed liabilities for the insolvency arm ofcollapsed firm Vantis, administrators revealed.

Vantis' administrators report shows FRP took on £11m of debt in exchange forthe insolvency arm of Vantis, and RSM Tenon bought parts of the collapsed firmfor £4.46m.

FRP paid nothing in cash for the insolvency arm of Vantis, as it took on £11min assumed liabilities.

The report also shows RSM Tenon bought the business advisory and tax servicesalong with business recovery, in Marlow, and Vantis financial management, for£4.46m.

Disposals of various parts of the business totaled £18.9m including £12.9m inassumed liabilities. Cash received by the administrators amounted to £5.4m.

The administrators are investigating the incorrect payment of £100,000 ofclient money into Vantis' main corporate bank account, rather than the clientaccount. Administrators are seeking legal advice to clarify this position.

Chad Griffin and Simon Granger, both from FTI Consulting, were appointedjoint administrators to the firm on 29 June.

Further reading:

Vantissale process months in the making

Vantisenters administration

FTIConsulting called in to advise Vantis