Re10 Appointed as Administrators of Age Concern Barking & Dagenham
On 1 April 2010 Finbarr O’ Connell and Nimish Patel of Re10 were appointed administrators to Age Concern Barking & Dagenham on 1 April 2010. Age Concern Barking & Dagenham is a registered charity and a very valuable supplier of services to the elderly of Barking and Dagenham. It is part of the national federation of Age Concern entities. The main cause of the insolvency of this charity is its very substantial pension deficit liability.
The administrators commented:
“It is very sad that Age Concern Barking & Dagenham has gone into administration. However, we are committed to keeping the remainder of its services up and running until such time as a new host for them can be found. This will be achieved at no cost to the creditors of the charity. At the same time as maintaining these services, we will be continuing with our main function which is to maximise the value of the assets of the organisation and to distribute them to the charity’s creditors as soon as possible. The insolvency is an indication of the many financial challenges to beset the charity sector in recent times.”
The charity was advised in its restructuring by Anne-Marie Piper of Farrer & Co, one of the country’s leading charity advisors, and by KPMG LLP.
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About Re10
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