Football clubs have to look to long-term November 30, 2010 INSOLVENCY is becoming more common for football clubs. So how can clubs avoid administration in the hard times ahead? What can administrators do to prevent it? The unique – and controversial – element of a football club insolvency is the requirement that certain football related creditors be paid in full as a condition of the [...]
Brussels pushes for short-selling ban power November 26, 2010 THE European Parliament and EU executive are pushing to fast-track powers to ban short-selling of government debt by early 2011. Senior officials in the European Commission, which is scrambling to contain spiralling borrowing costs for countries like Ireland and Portugal, believe the option to ban would prevent speculators from aggravating such problems. Michel Barnier, the [...]
IRELAND BETS ALL ON DRASTIC CUTS November 24, 2010 THE Irish government today released a four-year austerity plan described as “draconian” and “staggeringly austere” by analysts, with €15bn (£12.6bn) of budget cuts planned by 2014. But the measures failed to placate the markets, where Irish bond yields continued to rise on fears that the government will be unable to get the cuts through parliament: [...]
Bailout chaos fails to cheer markets November 23, 2010 MARKETS continued to tumble and peripheral Eurozone gilt yields jumped yesterday as Ireland’s political turmoil added to the uncertainty surrounding its bailout. The Eurostoxx 50 saw 1.5 per cent wiped off its value, sliding to 2,745 while the Irish ISEQ 20 index lost two per cent to close at 432. In a sign of contagion [...]
Business insolvencies fall November 22, 2010 The number of business insolvencies fell 17 per cent to 1,635 in October compared to a year earlier business information provider Experian said yesterday. The downward trend in the number of companies going out of business is being maintained, despite worries about the economic outlook and some high-profile casualties. The figures back up official statistics [...]
Bailout fails to bring calm to markets November 22, 2010 THE announcement of an international bailout for Ireland failed to enforce calm on the markets yesterday as political turmoil and ongoing insolvency issues stoked fears. After initially gaining, the Eurostoxx 50 fell two per cent to close at 2,811, tracing a pattern seen also on the FTSE 100, which closed down 1.7 per cent at [...]
Owls have 28 days to pay £1.4m bill November 17, 2010 SHEFFIELD WEDNESDAY have been given a 28-day stay of execution by a High Court judge in order to find new owners and pay off an outstanding tax bill of £1.4m. The League One club had been facing a winding-up petition from HM Revenue & Customs for £600,000, but the judge revealed in court that the [...]
EU President: Survival of Euro at risk November 16, 2010 A FRESH round of misery spread through Europe yesterday as Ireland’s continued insistence that it does not need a bailout sent stocks plunging on both sides of the Atlantic. The FTSE 100 recorded its biggest drop since August, falling 1.5 per cent yesterday to close at 5,690. The Dax dropped 1.2 per cent to close [...]
Irish: We don’t need a bailout November 14, 2010 THE Irish government yesterday continued to deny that the country is insolvent, but admitted that “ongoing contacts” continue with international officials “in light of current market conditions”. The admission from the Ministry of Finance yesterday marks a striking shift of tone from earlier statements which dismissed reports that Ireland was discussing a bailout package. Justice [...]
Stupid policies have destroyed Eire November 8, 2010 IT is starting to look truly grim for Ireland, which is moving ever closer to the abyss. An article yesterday by Morgan Kelly, a professor of economics at University College, Dublin, added fuel to the fire. By next year Ireland will have run out of cash, Kelly claimed, and the terms of a formal bailout [...]