Brief respite in UK travel insolvencies July 26, 2009 THERE was a marked drop in the number of UK travel companies falling into insolvency in the second quarter of the year, new figures have revealed, after the sector enjoyed a boost from the warm weather and the weakness of sterling. Business advisory firm PricewaterhouseCoopers said that just 12 UK travel firms succumbed to the [...]
Meet the deal-maker extraordinaire who hopes the crisis will end in 2010 July 26, 2009 It is hard to escape the feeling that Slaughter and May’s Nigel Boardman is ever so slightly bored. Given that he is London’s top mergers and acquisitions (M&A) lawyer, and that we are still in the midst of a bitter recession which has led to a dramatic reduction in deal-making, this is not exactly surprising. [...]
The bankruptcy timebomb is waiting to explode July 22, 2009 WHEN Peter Mandelson was trade and industry secretary, he came back from a trip to America on a mission to foster a greater spirit of entrepreneurialism in Britain by introducing a US-style insolvency regime. He wanted to create a “nation of entrepreneurs” and his belief was that everyone deserved a second chance if they failed. [...]
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 [...]
Distressed firms depart Aim in growing numbers July 9, 2009 THE NUMBER of Aim-listed companies that have delisted due to financial distress and insolvency soared by 183 per cent in the quarter ending 30 June, according to figures released yesterday. City law firm Trowers & Hamlins and accountancy group UHY Hacker Young published the research, which showed that 34 companies delisted due to financial problems [...]
CITY MOVES Who’s switching jobs July 6, 2009 BDO Stoy HaywardThe accountancy firm has hired three new partners to its London business restructuring team. Danny Dartnaill joined BDO in 2003 and has recently been involved in high-profile restructurings in the retail and asset management sectors. Nick Goldstone, who joined the firm in 2002, specialises in the leisure and hospitality sector, while insolvency practitioner [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 29, 2009 FINANCIAL TIMES BT’S PENSION SCHEME TO HOLD LESS IN EQUITIESThe BT Group Pension Scheme had only enough money at the end of 2008 to pay about 57 per cent of promised benefits if the telecommunications company were to become insolvent, and said it intended to pare back sharply its future investments in equities in the [...]
Commerz CEO says finances require no aid June 28, 2009 COMMERZBANK has suffered setbacks in its operating business in June but the bank’s finances are solid enough to do without further state aid, according to the bank’s chief executive Martin Blessing. This month’s slippage had been preceded by a calmer May, Blessing is quoted as saying in an interview with Handelsblatt due for publication this [...]
Deloitte ends Setanta’s run June 23, 2009 ACCOUNTANCY firm Deloitte was called in yesterday afternoon to act as administrator of Setanta Sport, ending weeks of speculation over the future of the Irish pay-TV broadcaster. “After a huge effort by the Setanta board, management team and its backers, it has not been possible to save the Great Britain (GB) business, which will be [...]
WHAT THE OTHER PAPERS SAY THIS MORNING June 18, 2009 FINANCIAL TIMES GLENCORE WEIGHS UP FLOATATIONGlencore, one of the world’s largest private companies had held preliminary talks with bankers about an initial public offering as it reviews its partnership structure, to a person familiar with the company. While an IPO is not is not considered imminent, a move into the public spotlight would mark a [...]