“Murky” Accounting Firms Closed


Two closely-related companies offering insolvency and accounting services and based in Chesterfield, have been wound up in the public interest by the High Court, for poor business practices that put clients’ money at risk. The action follows an investigation by the Insolvency Service.

TAG (Chesterfield) Limited (TAG) and The Recovery Partnership Limited both traded under the name ‘The Insolvency Group,’ despite being separate businesses, leading to a lack of transparency and confusion as to which company was responsible for which client accounts. The books and records kept by both companies also failed to properly explain their use of clients’ money.


TAG was incorporated on 16 September 2010 and operated from premises at Future House, South Place, Chesterfield. The company initially offered both accounting and insolvency services using the trading names ‘The Accounting Group’ and ‘The Insolvency Group’ and generated an overall turnover of £439,000.

The Recovery Partnership Limited was incorporated on 31 March 2011 to take over the insolvency side of TAG’s business and operated from the same premises. It appointed a licensed Insolvency Practitioner (IP) as one of its co-directors to deal with this insolvency business and generated an overall turnover of some £401,000.

accounting company closed downIn one case identified by investigators, £150,000 was received by TAG from a client company that later went into liquidation. However, by the time of the liquidation these funds had been substantially reduced by payments that were not explained.

Furthermore, an individual who was a director of both companies frustrated the investigation by failing to co-operate with the investigator, by not providing information as requested, particularly banking and other financial information, and by not disclosing that money had been withdrawn from client accounts.