BHS’s biggest creditor, the Pensions Protection Fund (PPF), has called for the company to enter liquidation within the month in a bid to speed up investigations and reduce costs, it has emerged.
BHS Sutton Coldfield
“Given BHS ceased trading in August, we believe it is appropriate that the company now looks to move from administration into liquidation,” said Malcolm Weir, head of restructuring at the PPF. “The co-administrators have already been working towards this point.
“Given it will expedite the investigations and reduce costs, it is therefore in the interests of pension scheme members and our levy payers to do this promptly.”
In June, the PPF demanded that insolvency advisory firm FRP Advisory be appointed alongside Duff & Phelps as BHS administrator amid concerns about the chain’s demise.
It comes as MPs are readying a backbench debate on the collapse of BHS and the role played by Arcadia boss Sir Philip Green. It will take place next Thursday
The debate will be led by chair of the work and pensions select committee Frank Field, who said it would be the first chance the entire House of Commons has had to “pass judgement” on the treatment of BHS workers and pensioners. The debate will also look into whether Sir Philip Green should be stripped of his knighthood as a result of his role in the collapse of the retailer.