The Pension Protection Fund (PPF) has demanded that BHS enter liquidation by the end of the month.
According to Sky News, the PPF has called on the company’s two administrators to bring forward the liquidation of the deceased high street retailer, allowing the investigation of its former directors to commence.
After BHS collapsed leaving 22,000 employees with a pension deficit of over half a billion pounds, the PPF have taken on 90 per cent of the pension debt.
Following yesterday’s calls by Frank Field MP to speed up the investigation in order to provide some results by next Thursday, when the official debate is set to take place, the PPF has taken action to move the investigation along.
“The regulator said she hoped she would have a report before the end of the year, and I hope there is a growing demand that they do need to improve radically on that end of year deadline,” Field told City AM.
A second administrator was called in to advise Duff & Phelps following concerns about the independence of the firm, appointed by Sir Philip Green.
When the liquidation of the company is finalised, the investigation into both Green and Dominic Chappell, the last owner of BHS, can commence.
Green is facing increasing pressure to cover the costs of the pensions deficit created by the company’s downfall, which he has promised to “sort”.
The latest developments will further add to the pressure to pay up.