Some more good news: Liquidations and personal insolvencies fall in second quarter August 2, 2013 The number of personal insolvencies and corporate liquidations in England and Wales both fell in the second quarter of the year, building on respective short and long term trends. The number of personal insolvencies fell to 25,717 – a decrease of 6.1 per cent on the same period last year. Bankruptcies were down 20.1 per [...]
City Moves for 31 July 2013 | Who’s switching jobs July 30, 2013 Aviva Investors The asset management business has announced the appointment of Abigail Herron as head of engagement in its global responsible investment team. She joins from Co-operative Asset Management, where she headed its corporate governance function. Baker Tilly Alex Birch has been appointed associate director in the advisory firm’s restructuring and recovery team. Birch has [...]
ECB set to publish rules for Emergency Liquidity Assistance July 29, 2013 The European Central Bank is going to publish details of rules for Emergency Liquidity Assistance (ELA), according to German newspaper Faz. Some rough translation from the Faz piece below: According to information from the FAZ, the Governing Council has decided that the rules for the controversial emergency loans (Emergency Liquidity Assistance ELA) to publish. This [...]
Olympic summer keeps sports clubs afloat as insolvencies fall July 28, 2013 THE NUMBER of sports clubs and facilities collapsing into administration has fallen by a third in the year since the 2012 Olympic summer, figures out today show. Research from R3, the insolvency trade body, found that the number of companies – from tennis clubs to snooker halls and gyms – that entered into insolvency procedures [...]
Court upholds pension appeal July 24, 2013 PENSION scheme members cannot jump ahead of other creditors when a company or bank goes bust, the Supreme Court said yesterday, in a landmark ruling that clarifies the ranking of creditors in an insolvency. The ruling was the result of a case brought by the administrators of the UK divisions of investment bank Lehman Brothers [...]
Osborne told to take on zombies March 17, 2013 EXCLUSIVE ENDING the zombie business crisis plaguing the economy would be a cheap and easy way to boost growth, the UK’s top turnaround group argued last night, urging George Osborne to push banks to take the plunge on bad debts and write off the thousands of firms that have no hope of recovery. Around 50,000 [...]
Spanish builder goes bankrupt February 19, 2013 SPANISH real estate company Reyal Urbis filed for insolvency yesterday after failing to renegotiate debt with its creditors, the latest victim of Spain’s property market crash. The move takes the property developer closer to becoming Spain’s second-largest bankruptcy after Martinsa Fadesa, which defaulted in 2008. Dozens of property companies have collapsed in Spain, where house [...]
WH Ireland snaps up £270m of Seymour Pierce wealth assets February 18, 2013 CITY broker WH Ireland yesterday announced it had swooped on the remnants of bankrupt broker Seymour Pierce and snapped up its wealth management business for just £25,000. The acquisition struck between Tenebris Realisations – Seymour Pierce’s moniker since administration – and WH Ireland on Friday follows rival broker Cantor Fitzgerald’s agreement to buy substantial portions [...]
Fashion chain Republic enters administration February 13, 2013 BRITAIN’S already fragile high street was dealt a fresh blow yesterday after fashion chain Republic collapsed into administration. Ernst & Young, the business advisory firm, has been appointed as administrator and 150 staff at its Leeds headquarters were immediately made redundant. The retailer, which sells youth fashion brands including Jack Jones and SoulCal, runs 121 [...]
Insurance deals may become mobile in case of firms’ failure February 11, 2013 INSURANCE contracts could become transferable between providers in the event of a major insurer going bust, top regulator Andrew Bailey argued yesterday, calling for the watchdog to be given more powers over resolution. Insurers do not face the same risk of a run that banks do, because customers cannot simply move to another firm. Instead, [...]