BHS administrators track millions taken out of retailer by Dominic Chappell
One of the administrators of BHS wants to take control of Retail Acquisitions (RAL), the company Dominic Chappell used to buy the retailer for £1.
Duff & Phelps has applied to the High Court to take over RAL so that they can investigate the money extracted from BHS by Chappell.
In particular, the administrators are interested in the £1.5m Chappell took out of BHS to pay off a mortgage for a home owned by his parents.
Read more: Administrators submit findings on ex-BHS directors to Insolvency Service
The loan from BHS was opposed by one of the directors of Retail Acquisitions, Eddie Parladorio, but his vote could not prevent the loan going ahead.
MPs learned about it during their inquiry into the collapse of BHS, and called the corporate governance of Retail Acquisitions a "joke".
Around 11,000 people lost their jobs when BHS was wound down this year, and the BHS pensioners now face having 10 per cent cut from the value of their pensions.
Sir Philip Green's questionable decision to sell BHS to Chappell – a serial bankrupt with no retail experience – is now under investigation by the Pensions Regulator.
After a debate on the collapse of BHS in the House of Commons, it looks increasingly likely that Green will be stripped of his knighthood, although this decision has not been taken yet.