It’s not customary to feel much sympathy for people who make their living administering failed businesses (especially if you’re one of the creditors). However Obiter is sparing a thought today for RSM Tenon, which while busy dismantling Midlands firm Challinors itself found insolvency looming. It yesterday appointed insolvency practitioners from Deloitte as administrator.
The potential legal complications of a firm’s administrator being itself in administration makes Obiter’s head spin, but presumably the potential for litigation increases exponentially with each tier of insolvency. We hope Deloitte is on a sound financial footing.