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Deloitte submits PPF papers for HMV 5 February 2013

Deloitte has informed the Pensions Regulator that it has submitted section 120 (s120) papers to the Pension Protection Fund (PPF) on behalf of HMV.

The news comes just days after it was confirmed that Hilco had purchased the debt of HMV, putting the distressed investor in a good position to proceed with a full takeover of the music retailer at a later date.

The PPF was set up to ensure that compensation is paid to members of defined benefit pension schemes when an employer is declared insolvent and there are insufficient assets in the scheme to cover the pension fund liabilities.

The s120 notification service is for insolvency practitioners to advise the PPF of a business that may face a shortfall in contributions because of a business entering insolvency proceedings.

It is understood that Deloitte will confirm plans to close up to 100 of HMV’s high street stores later this week with MusicWeek reporting that one of these is likely to include one of the group’s central London stores.

Last week, Deloitte issued a statement confirming that 190 HMV jobs were to be cut at the company’s head office including the group’s chief financial officer Ian Kenyon.

Media reports in the national press suggest that up to 1,500 jobs could still be axed by Deloitte’s administrators.

Nick Edwards, Rob Harding and Neville Kahn of Deloitte, confirmed their appointment as administrators to the ailing business on 16 January 2013.



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