End of story for Borders November 26, 2009 BORDERS book store chain yesterday fell into adminstration and appointed insolvency and restructuring firm MCR at the eleventh hour after the firm’s adviser BDO Stoy Hayward pulled out at last minute due to a conflict of interest. BDO refused to comment. The ex-board of collapsed Woolworths recently warned that advisers should not act as administrators [...]
Darling and Osborne clash on secret loans November 25, 2009 A row broke out yesterday in the House of Commons after chancellor Alistair Darling and FSA boss Hector Sants defended the decision to keep secret the £61.6bn of emergency loans handed by the Bank of England to RBS and HBOS last year at the peak of the financial crisis. The loan facilities – £36.6bn for [...]
Airlines balk at passenger fund November 25, 2009 AIRLINES throughout Europe have hit back at European Union demands for them to set up a compensation fund for stranded passengers. European Union consumer commissioner Meglena Kuneva, will today call for insolvency protection rules to be widened to cover holidays and airline tickets booked by passengers over the internet. EU lawmakers also want grounded passengers [...]
Boom-town Qatar is becoming the New York City of the Middle East November 18, 2009 WHEN chancellor Alistair Darling announced the introduction of a 50 per cent tax on all income over £150,000 from April 2010, there was immediately talk of a mass exodus from the City. High earners, said the chancellor’s critics, would look to preserve their wealth and firms try to attract the best talent. Some were expected [...]
Lehman lawyers in attempt to claw back $10m from BarCap November 17, 2009 LAWYERS representing Lehman Brothers have filed a $10bn (£5.9bn) court case against Barclays Capital over assets transferred during Lehman’s bankruptcy. Alvarez and Marsal, the consultancy hired after Lehman filed for insolvency, wants to claw back ‘windfall’ profits it claims BarCap received after buying the New York group. Lawyers say the contract agreed in September 2008 [...]
WHAT THE OTHER PAPERS SAY THIS MORNING November 12, 2009 FINANCIAL TIMES NATIONAL EXPRESS FACES EUROSTAR BILLNational Express could be saddled with a bill of up to £32m to cover losses made by Eurostar, the cross-Channel rail service. The indebted transport group, which gives up its lossmaking East Coast rail franchise tonight, is the leading shareholder in a consortium that manages the UK end of [...]
More pain for restaurants as firms cut back on Christmas November 12, 2009 THE number of restaurants falling into insolvency is set to rise again next year after one of the quietest corporate Christmases on record. The industry’s woes over the financial crisis have been well publicised by the difficulties experienced by the UK’s celebrity chefs. Gordon Ramsay revealed earlier this year that his restaurant empire had teetered [...]
CHOOSING SURVIVAL OVER LITIGATION November 11, 2009 MARCUS MCCAFFREYPARTNER, FORENSIC SERVICES, BAKER TILLY WHERE previous recessions have seen problems of funding, this time round global financial liquidity has shrunk to unprecedented levels. There are still few re-financing options and what is available is only on offer to those entities with strong balance sheets or guarantees. One result of this is that international [...]
DIRECTORS: PREPARE FOR INSOLVENCY November 10, 2009 JULIAN TURNERPARTNER, REED SMITH LAST week the Insolvency Service released its statistics for the third quarter, showing that the number of company insolvencies – including liquidations, administrations and receiverships – were slightly lower than they were for the second quarter of the year, but significantly higher than for the same period in 2008. There were [...]
CFOs still trust bankers November 10, 2009 INVESTMENT banks may have lost the trust of their clients, but bankers themselves have managed to maintain client confidence and loyalty, according to a new survey. More than a quarter of chief financial officers, treasurers and mergers and acquisitions bosses quizzed said they had lost trust in the banks, mainly due to fears of insolvency. [...]