Umbrella company Safe Solutions Accounting is dead – long live Safe Solutions International.

A new chief executive and owners are at the helm of the newly-formed Safe Solutions International after a Crown authorities investigation into Safe Solutions Accounting’s financial structure forced the latter company into administration.

Chief executive Ruth Blakemore (pictured) is one of the new company’s two owners; the other is a silent partner. Stephen Hill, formerly of Elan, is the new finance director.

Nick Wood, partner at Grant Thornton, which is the company’s administrator, told Recruiter that the previous ownership involved “a complicated web of trusts and British Virgin Island companies”. Nominal owners of Safe Solutions Accounting were Britons Kevin Goddard and John Hill.

Wood says Safe Solutions Accounting owes money to between 30 and 35 businesses, mostly for advertising and office supplies. However, he confirmed that none of those owed money are contractors who run their businesses through Safe Solutions or company employees.

Wood emphasised that the management buyout of Safe Solutions by Blakemore, who joined the company just weeks before the investigation was launched,

and her partner does not reflect the practice of “doing a phoenix” in which a failed company is miraculously reborn as a slightly new entity.

“Absolutely not,” he said. “We were very clear on that – that the sources of money used for the buyout had not come from the previous ownership.”

The investigation into Safe Solutions continues, Wood said.

Blakemore told Recruiter that she is working closely with law firm Tarlo Lyons in terms of ensuring the new company complies with regulatory requirements and in terms of expanding the business.

Her previous business experience includes stints with Virgin Atlantic Airways and Finnish telecom interest Sonera.