Industry faces battle to find new professionals September 28, 2009 THERE are too few turnaround specialists in the world to cope with a surge in the numbers of companies that need restructuring after the credit crisis, an insolvency expert told the Reuters Restructuring Summit. “There are 408 practitioners in 11 of the United States’ trading partners, five of them have seven between them,” said Nick [...]
Saga’s takeover talks with Titan August 9, 2009 Saga, the over-50’s holiday firm, is believed to be in takeover talks with Titan Travel, one of Britain’s biggest travel agents. It is understood that talks are at a very early stage. Saga, which is owned by the private equity firms Permira, Charterhouse and CVC, is forecast to pay between £15-20m for Titan, in a [...]
EU banks face new debt woe July 27, 2009 EUROPE’S banks are set for renewed pain due to rising levels of consumer debt defaults linked to credit card loans, the International Monetary Fund (IMF) warned yesterday. The IMF estimates that seven per cent of Europe’s £1.5bn in consumer debt will turn sour, with the UK set to be particularly badly affected by its reliance [...]
Increase in firms on edge easing July 14, 2009 ALMOST 200,000 British companies are in serious financial trouble, according to the Red Flag Alert report issued by Begbies Traynor. The business rescue specialist said that while the number of companies in trouble has slowed in the last two quarters, it has risen 43 per cent from a year ago. The report, which gives figures [...]
Begbies Traynor shares rise as profits grow on the back of bankruptcy boom July 9, 2009 INSOLVENCY specialist Begbies Traynor said yesterday that its full year pre-tax profit had risen 28 per cent as it benefited from the boom in businesses going bust, sending its shares higher. The accountancy firm reported a profit of £7.2m for the year to 30 April, and said that activity levels since are “significantly ahead” of [...]
LDV in administration as all staff made redundant June 8, 2009 AILING van maker LDV yesterday laid off all its workers after it was put into administration. LDV, which is owned by Oleg Deripaska’s GAZ, employed 850 people directly and thousands more in dealerships and supply chains. PricewaterhouseCoopers (PwC) will now take over the running of the firm. “There is still the opportunity of a bright [...]
More firms on brink of bankruptcy July 21, 2008 The number of companies in Britain that are facing bankruptcy rose 685 per cent in the last year, new figures have revealed. Some 4,258 firms faced “critical problems” – defined as being embroiled in some kind of insolvency related legal action – in the second quarter of 2008, compared with just 542 in the same [...]