Shareholder advisory group Manifest has today crashed into administration.

Moore Stephens has been appointed as administrator of the lead proxy advisor. According to March 2017 accounts – Manifest's latest filing with Companies House – the firm had £1.3m of debts payable within the next 12 months.

Representatives for the administrators were unable to comment on the reasons for Manifest's failure.

Read more: Bad debt Britain: Credit insurer claims hit post-financial crisis high

Manifest's clients manage over $1 trillion of assets and the firm has worked closely with regulators such as the Financial Reporting Council. Similar to other shareholder groups such as ISS and Glass Lewis, Manifest has led to the way in championing better corporate responsibility.

Jeremy Willmont, a partner at Moore Stephens and administrator of Manifest, said: “Manifest has been a pioneer in providing the tools and enabling institutional investors to engage more closely in corporate governance issues.

“In Manifest’s 20 years, they have played a key role in driving the corporate social responsibility and shareholder stewardship agenda."

Despite being silent on the reason for Manifest's insolvency, Willmont said: “Whilst they have entered administration, Manifest continue to operate and continue to add to their vast and valuable databases and research for their clients.”

Read more: Another advisory firm has told Booker investors to oppose Tesco's takeover

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Shareholder advisory group Manifest has today crashed into administration.

Moore Stephens has been appointed as administrator of the lead proxy advisor. According to March 2017 accounts – Manifest's latest filing with Companies House – the firm had £1.3m of debts payable within the next 12 months.

Representatives for the administrators were unable to comment on the reasons for Manifest's failure.

Read more: Bad debt Britain: Credit insurer claims hit post-financial crisis high

Manifest's clients manage over $1 trillion of assets and the firm has worked closely with regulators such as the Financial Reporting Council. Similar to other shareholder groups such as ISS and Glass Lewis, Manifest has led to the way in championing better corporate responsibility.

Jeremy Willmont, a partner at Moore Stephens and administrator of Manifest, said: “Manifest has been a pioneer in providing the tools and enabling institutional investors to engage more closely in corporate governance issues.

“In Manifest’s 20 years, they have played a key role in driving the corporate social responsibility and shareholder stewardship agenda."

Despite being silent on the reason for Manifest's insolvency, Willmont said: “Whilst they have entered administration, Manifest continue to operate and continue to add to their vast and valuable databases and research for their clients.” (more…)