Retail Acquisitions, the company used by Dominic Chappell to buy BHS, has fallen into liquidation.
Duff & Phelps is acting on behalf of BHS Group to realise Retail Acquisition's assets.
It has been more than a year since BHS fell into administration, triggering a parliamentary investigation into how the high street firm was sold to Retail Acquisitions.
The parliamentary hearings shed light on the conduct of Chappell, BHS' new owner, who was accused of extracting money from the company, even as it hurtled towards collapse.
Chappell has fought for months to keep Retail Acquisitions out of liquidation, City A.M. understands. He enlisted lawyers to prove the company was still solvent after an initial filing was made at the end of October to put Retail Acquisitions into liquidation.
The courts granted Chappell's appeals. However, now that Retail Acquisitions is finally in liquidation, Duff & Phelps has access to its accounts and can track what happened to BHS' funds.
The new information will be submitted to the Insolvency Service, which is carrying out an investigation into the collapse of BHS and the conduct of its former directors.
Retrieving Retail Acquisition's assets will also allow Duff & Phelps to return more money to BHS' creditors.
Chappell said he was "disappointed" by the the outcome of the hearing which placed Retail Acquisitions into liquidation.
"The order has been stayed by the court until its written reasons are provided so that Retail Acquisitions has an opportunity to properly consider an appeal," he said.
"It will look forward to those written reasons and will then be able to take advice and decide next steps, to include an appeal."
Goldman Sachs provided advice to BHS owner Sir Philip Green on the 2015 sale, warning him that Chappell was a serial bankrupt and had no retail experience. Green went ahead with the sale anyway, and MPs were convinced he pursued the deal so he could dump his considerable pension obligations.
In a report on the sale process, MPs branded Green the "unacceptable face of capitalism".