The collapse of Barings, Britain’s oldest merchant bank, was announced on this day in 1995, after one of its traders had run up trading losses of well over £800 million. It transpired that Nick Leeson had been making unwise speculative investments in futures contracts basically betting on market movements around the world while taking advantage…
Bus Éireann has warned that it could face insolvency by May and difficult decisions will have to be made urgently to avoid that prospect. Speaking at the Workplace Relations Commission after the breakdown of talks with unions, Acting CEO Ray Hernan said that losses had continue to increase in January by 1.5m. If that continued,…
New figures from the Insolvency Service show fewer people got a solution under the auspices of the State debt body. This has been put down to heavily-indebted people challenging refusals in the courts by lenders to give them a deal. However, there was a rise in the numbers of people being declared bankrupt in the…
Over 100,000 people could be made homeless by the banks and vulture funds through mass evictions in the coming months, the countrys insolvency experts claimed today. They fear that the financial institutions are about to embark on a concerted campaign of repossessions against the tens of thousands of homes in long-term mortgage arrears. The Association…
(Stock image) The States competition watchdog has launched a probe into the mortgage market and questioned the low-level of competition in property lending. And it has raised concerns over the fact that variable rates here are among the highest in the Eurozone. The home-loan lending market in this country is highly concentrated, the Competition and…
MUNSTER and Ireland rugby legend Peter Clohessy has been declared bankrupt with 13.6m debt, according to reports. The 50-year-old former prop was declared bankrupt in the High Court on January 23. This is according to a notice in Iris Oifigiúil, the governments official gazette. The bankrupt is required to make full disclosure of his property…
News Julia Irvine 20 Feb 2017 10:08am The Serious Fraud Office (SFO) has charged Harlequin chairman David Ames with three counts of fraud by abuse of position after a four-year investiga… Read the full article at: http://economia.icaew.com/en/news/february-2017/harlequin-chairman-to-face-fraud-charges-sfo-serious-fraud-office
Latest News Linfox boss finalising succession plan How To Create Savings in Your Logistics Operations Australia, NZ collaborate on positioning research worth $73bn DB Schenker buys $33m stake in freight-matching company uShip Months of speculation over the fate for shipping company Hanjin Shipping came to an end on Friday when a South Korean court declared…
A South Korean court declared Hanjin Shipping bankrupt on Friday, after ruling earlier this month that the firm’s liquidation value would be worth more than its value as a going concern. Hanjin Shipping, which had been the world’s seventh-largest container shipper, applied for court receivership in late August after its creditor banks halted further support.…
The axe finally fell on South Korea’s once-mighty Hanjin Shipping on Friday as a Seoul court declared it bankrupt after struggling for years under the weight of billions of dollars-worth of debt. Hanjin filed for bankruptcy protection in August owing $5.37 billion as creditors refused to bail it out, with dozens of its vessels stranded…