Private Eye: So Many Academies Are Going Bust They Need a Special Insolvency Service

Beastrabban\'s Weblog

Here’s another interesting piece from this fortnight’s Private Eye for 29th October to 11th November 2012. It seems it’s not just the failing private railway companies that the government is desperate to prop up against the threat of nationalisation. They also need to do it for the academy chains and further education colleges. Here’s the article

Chains Reaction

In a worrying indication of the Department for Education’s level of confidence in the financial health of school chains and further education colleges, the department has made a deal with seven big law firms to provide insolvency services to “a broad range of financially distressed education providers”.

The scheme will put the firms, based in London, Leeds and Bristol, on a rota to provide advice on restructuring and insolvency to institutions facing either normal insolvency or “education administration”, the new process created in 2019 which allows an administrator to prioritise the…

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