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The collapse of nationwide clothing retailer BHS has prompted much concern about many issues ranging from pension fund deficits to abuse of limited liability laws. Owing to the complexity and scale of the problem, the Parliamentary Select Committee called on expert advice from barristers at South Square. Hannah Thornley explains the role of the South Square team, giving insight as to why their input was called on, and whether or not we might see more of such arrangements in future.
Gabriel Moss QC, myself and Ryan Perkins, all from South Square, were appointed as specialist legal advisers to the Work and Pensions and Business, Innovation and Skills Committees in May 2016. Our role was to review evidence, assist with the drafting of questions and the analysing of answers, attend the evidence sessions, provide assistance to the MPs and brief them on relevant areas of questioning.
We were advising on company and insolvency law, which is one of the reasons why we were chosen to assist because that is the main specialism of our Chambers, South Square.
There are various investigations that are ongoing. The administrators of BHS (Duff & Phelps) resigned recently and new administrators (FRP Advisory) have been appointed. We have been appointed as counsel for FRP Advisory, so cannot comment any further.
Yes, we were appointed directly by the Work and Pensions Select Committee and our role with the select committees ended upon the publication of the report.
The failure of BHS was unusual in terms of the combination of the large pension scheme deficit, the unusual circumstances of the sale of the company and its nature as a longstanding nationwide employer. That was why the joint inquiry was launched. I would disagree that this was a trial by MPs. This was a very helpful evidence gathering exercise by the two committees in relation to the failure. I do not think that such inquiries will become more common.
I hope so, as I feel that we were able to assist the MPs and their staff from a different, purely legal and questioning perspective, which is one of the reasons why they managed to gain so much helpful evidence. This in turn will hopefully be used to provide the basis for changes in the law so as to give better protection to employees and pension schemes in the future.
Interviewed by Julian Sayarer.
The views expressed by our Legal Analysis interviewees are not necessarily those of the proprietor.
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Stephen qualified as a solicitor in 2005 and joined the Restructuring and Insolvency team at Lexis®PSL in September 2014 from Shoosmiths LLP, where he was a senior associate in the restructuring and insolvency team.
Primarily focused on contentious and advisory corporate and personal insolvency work, Stephen’s experience includes acting for office-holders on a wide range of issues, including appointments, investigations and the recovery and realisation of assets (including antecedent transaction claims), and for creditors in respect of the impact on them of the insolvency of debtors and counterparties.
0330 161 1234