162:
After the breakup of Vantis, Hamilton-Smith and
Wastell transferred to the buyout firm FRP Advisory, and continued their legal fight to be reinstated as liquidators of Stanford. However, the Eastern Caribbean Court of Appeal confirmed their removal in May 2011, and the case was passed to Marcus Wide
210:
raided the homes of senior executives of Vantis following enquiries into the legitimacy of a tax avoidance scheme being promoted by the firm. Three senior executives were reportedly interviewed under caution. Subsequently, in
October 2009, Roy Faichney and David Perrin were suspended and later
115:
bought Vantis
Financial Management, one business recovery office and three business advisory and tax offices for £4.46 million. The remaining business advisory and tax offices were sold separately to the local partners, and various small specialist businesses were also sold.
158:
In June 2010, the High Court of
Antigua resolved that Vantis should be removed from its responsibilities. The firm, which had recently received government approval to sell the property assets, appealed the decision.
96:, although the company declined to confirm this. Paul Jackson then resigned as Chief Executive on 12 June, and on Monday 14 June Vantis' shares were suspended due to uncertainty over its financial position.
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on 29 June 2010, and on the same day substantially all of its businesses were sold by the administrators, FTI Consulting. Most of the business recovery arm was sold to its own management in a
855:
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410:
445:
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However, by
February 2010 its work as liquidator of Stanford International Bank raised doubts as to whether it would receive payment for the high-profile appointment.
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54:
Vantis was formed as a "consolidator", inviting existing small local accountancy partnerships to join it and become part of a national company. It was listed on the
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to employ staff part-time who also did audit work for an associated partnership. Numerica had been the UK member of the global accountancy network
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354:
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Vantis were the administrators of the company that owns the
Energie and Miss Sixty fashion brands. The company returned to normal operations.
144:
Limited and
Stanford Trust Company Limited from 19 February 2009 and were made liquidators of Stanford International Bank on 15 April 2009.
426:
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38:, providing accounting, tax and business advice to owner-managed businesses, listed companies, not for profit organisations,
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65:. Numerica was one of the first consolidators, led by former firm Levy Gee; at a time when audit work was restricted to
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emerged as an important part of the company's assets, to be sold to enable payment of creditors and Vantis' own fees.
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Two creditors made a claim that they had been treated unfairly, and the High Court judge stated that there was a
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on 29 June 2010 and promptly broken up, with the various offices and businesses being sold as going concerns.
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expressed concern about whether Vantis would receive payment for its work on
Stanford. Properties in
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In June 2010, Vantis was reported to be considering disposals of part of its business to reduce its
220:
104:
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to prepare a statement of financial affairs, detailing the assets and liabilities of the club.
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223:. Both were convicted in 2012; Perrin was jailed for 18 months and Faichney for four years.
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In 2005 it took over struggling competitor
Numerica, selling some of the offices to
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tax relief. They denied the charges and commenced action against Vantis for
136:
Vantis executives Nigel
Hamilton-Smith and Peter Wastell acted as the joint
112:
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As of 2010 Vantis was ranked the 13th largest accountancy firm in the UK by
664:
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35:
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The administrators expected to pay general creditors 9p in the pound.
215:
by Vantis after HMRC charged them with offences relating to abuse of
194:
Vantis was appointed in February 2010 by the owners and the board of
186:
which should be considered by the administrators' professional body.
31:
107:
for £11 million, resulting in the creation of a new business,
824:
77:
since 2002, so Vantis succeeded as the UK member of the network.
791:"Ex-Vantis Faichney joins Perrin in jail over charity tax fraud"
751:
Vantis accountants appear in court accused of tax evasion scheme
207:
842:, information posted by the joint administrators of the company
498:, Vantis/FTI press release, 29 June 2010. Retrieved 2010-07-12.
610:
Antigua court wants to remove Vantis from Stanford liquidation
582:
Stanford International Bank Limited Placed into Liquidation
572:, Antigua and Barbuda. News Archive. Retrieved 2010-06-09.
569:
686:
Young fashion label Miss Sixty goes into administration
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Companies formerly listed on the London Stock Exchange
633:
Stanford liquidators fight to stay on after Vantis MBO
16:"Numerica" redirects here. For the credit union, see
584:, BusinessWire, 16 April 2009. Retrieved 2010-06-09.
466:
Vantis raises going-concern doubts, shares suspended
246:, 8 Jul 2010. Includes "Timeline of Trouble" 2009-10
861:
Financial services companies disestablished in 2010
256:
Vantis method of consolidation unlikely to reappear
774:Tax scheme suspects Faichney and Perrin sue Vantis
443:Vantis looks to restructure to reduce debt burden
306:, AccountingWEB, 3 May 2005. Retrieved 2010-06-07
297:Consolidators consolidate as Vantis buys Numerica
856:Financial services companies established in 2002
537:, 15 September 2010. Retrieved 20 September 2010
702:Miss Sixty administrators accused of misconduct
866:Defunct accounting firms of the United Kingdom
468:, Reuters, 14 June 2010. Retrieved 2010-06-14.
821:"Former official website of HLB Vantis Audit"
657:"Stanford investors challenge court decision"
8:
427:Vantis could sell part of firm to cut debts
411:Vantis counts cost of Stanford fraud affair
42:and other professionals. It was placed in
560:, 15 Sep 2010. Retrieved 20 September 2010
496:Going concern business sales of Vantis plc
406:
404:
570:Financial Services Regulatory Commission
240:Vantis sale process months in the making
232:
594:Antiguan assets give Vantis a lifeline
547:HMRC to lose £10m from Vantis collapse
623:, 11 June 2010. Retrieved 2010-06-11.
123:stood to write off £10 million.
7:
600:, 22 Apr 2010. Retrieved 2010-06-09.
524:FRP took on £11m of debt from Vantis
456:, 4 June 2010. Retrieved 2010-06-09.
433:, 4 June 2010. Retrieved 2010-06-09.
389:from the original on 2 December 2010
357:from the original on 27 January 2016
327:from the original on 27 January 2016
741:, 24 Dec 2006. Retrieved 2013-07-24
514:, 1 Jul 2010. Retrieved 2010-07-12.
417:, 2 Feb 2010. Retrieved 2010-06-14.
147:In February 2010, Vantis' auditors
780:, 5 May 2010. Retrieved 2010-07-12
764:, 4 Nov 2009. Retrieved 2010-07-12
14:
735:Tax raid on stars’ charity scheme
718:Portsmouth on brink of insolvency
733:Robert Winnett and Holly Watt,
876:2002 establishments in England
663:. 14 July 2011. Archived from
317:"Numerica stirs new audit row"
1:
56:Alternative Investment Market
142:Stanford International Bank
132:Stanford International Bank
892:
508:RSM buys Vantis businesses
40:high-net-worth individuals
15:
479:"Statement re suspension"
202:Allegation of tax evasion
282:. Vantis. Archived from
196:Portsmouth Football Club
190:Portsmouth Football Club
111:LLP. Rival consolidator
184:professional misconduct
71:publicly listed company
121:HM Revenue and Customs
483:London Stock Exchange
18:Numerica Credit Union
377:"The Top 50 in 2010"
353:. 14 February 2002.
347:"HLB joins Numerica"
323:. 14 November 2001.
163:and Hugh Dickson at
69:, it was the first
58:(AIM) in May 2002.
756:2010-07-10 at the
724:, 20 February 2010
638:2010-07-05 at the
615:2010-08-20 at the
552:2010-09-18 at the
529:2010-09-18 at the
448:2010-06-07 at the
302:2011-07-16 at the
261:2010-07-24 at the
221:wrongful dismissal
105:management buy-out
827:on April 20, 2009
797:. 24 October 2012
286:on 27 March 2009.
149:Ernst & Young
75:HLB International
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67:partnerships
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180:prima facie
28:accountancy
850:Categories
840:Vantis plc
393:6 December
227:References
94:bank loans
24:Vantis plc
831:April 17,
671:3 January
431:The Times
415:The Times
213:dismissed
138:receivers
113:RSM Tenon
754:Archived
722:Guardian
690:Guardian
636:Archived
613:Archived
550:Archived
527:Archived
446:Archived
387:Archived
355:Archived
325:Archived
300:Archived
259:Archived
217:Gift Aid
206:In 2006
182:case of
801:26 July
361:25 June
331:25 June
153:Antigua
50:History
36:England
26:was an
32:London
833:2009
803:2013
673:2012
395:2010
363:2022
333:2022
208:HMRC
140:of
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20:.
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