Report begins into Riverbourne collapse

Following the spilt of collapsed broker Riverbourne’s assets between Aston Scott and the Insurance Partnership, administrators Wilkins Kennedy have begun a report into the conduct of the company’s directors for the insolvency service.

Anthony Cork at Wilkins Kennedy said: “Our enquiries are ongoing and if there’s anything that requires further investigation, then that will be looked at in due course. At this stage it’s only in relation to the directors’ conduct.”

The report is confidential and statutory.

Managing director Nick Plowman founded the commercial property specialist in 2002. In May last year, Insurance Times reported that Surrey-based Riverbourne was seeking damages of more than £400,000 from Square Mile Broking.

Riverbourne claimed in the writ that two former employees broke their restrictive covenants by taking Riverbourne clients with them when they joined Square Mile, which has offices in the Lloyd’s building in London.

The writ came only a few months after it emerged that directors Nicholas Jamieson and Daniel Lane quit for Northern Alliance Insurance Brokers, which they set up in 2008. Plowman said he bought out the pair’s 20% Riverbourne stake to allow them to leave.