Baugur stakes in retailers including House of Fraser, Hamleys, and Iceland have been placed under the control of nominated receivers to prevent any asset sale.

Landsbanki, the Icelandic bank which precipitated Baugur’s collapse into Iceland’s equivalent of Chapter 11 yesterday, exercised its rights over the affected securities while reiterating its support for the retailers’ existing management teams.

A fixed charge to prevent Baugur subsidiary BG Holding selling assets without the consent of secured creditor Landsbanki has been applied to BG Holding’s 14 per cent stake in Iceland, 35 per cent holding in House of Fraser 64 per cent share of Hamleys and 38 per cent of jewellery group Aurum. Nominated receivers from PwC will hold the shares.

Landsbanki said: “Not a single UK company has been put into administration as a result of this action. The petition does not affect the status or performance of the operating companies."

The bank maintained: “Landsbanki emphasises that this approach is believed to cause the least disruption to the management teams of the operating companies in which BG Holding has invested and to create stability so the management teams can focus entirely on continuing to operate successfully.”