Updates on Headline Insolvencies 19/02/19.

Six people face arrest over Patisserie Valerie fraud

A report by PwC into the collapse at Patisserie Valerie highlights six individuals alleged to have signed fraudulent cheques and sent emails discussing fabricating invoices.

One person has been arrested by the SFO while a further five are under investigation. The café chain collapsed into administration last month, three months after discovering a £40m hole in its accounts.

Flybmi ceases trading

British regional airline Flybmi has cancelled all its flights and filed for administration. The airline said it had been badly affected by rises in fuel and carbon costs and uncertainty over Brexit.

BDO  says it is “taking all necessary steps to ensure customers, staff and suppliers are supported”, having been appointed administrator at collapsed airline Flybmi.

The Telegraph’s Oliver Gill says the firm faces questions over what preparations were in place prior to the collapse.

Meanwhile, figures show that the number of airlines in extreme financial difficulty is up 67% in a year. Begbies Traynor said this raises fears of more failures.

HMV progress report due by Thursday

HMV’s creditors will find out how much they are likely to get back from the collapse of the retailer when administrator KPMG publishes its first progress report this week.