Attempts to find a buyer for British Steel could be abandoned by midsummer despite reassurances to trade unions that the government would prop up the business indefinitely, according to Whitehall sources. More than 4,000 jobs are hanging in the balance after the company entered into insolvency on Wednesday, three years after private equity group Greybull…
The State Bank of India has dragged energy firm Bhatia Coke and Energy Limited into insolvency process for non-payment of dues of about 125.9 crore to a consortium of banks. In September 2009, the company availed itself credit from State Bank of India and the erstwhile State Bank of Mysore. Further, it availed itself a…
In last years Federal Budget, the Coalition government announced it would expand the scheme, so it can be accessed by a far greater number of pensioners. To qualify, you or your partner have to be at least age pension age, own your own home outright or own an investment property outright, have adequate insurance covering…
To see the Scunthorpe steelworks in action is to witness British manufacturing prowess at its most visually stunning. Huge slabs of steel, glowing orange with heat, flow seamlessly through the plant, destined to become anything from paperclips to the steel ropes that support the Humber Bridge. Even from a safe distance, the searing 1,000-degree temperature…
The judge was not happy. A vulture fund that had bought bad mortgages from banks questioned the legality around how a couple went about seeking a remedy to their severe financial problems. The couple in question, musician-composer Frank McNamara and his wife Theresa Lowe, the TV presenter-turned-barrister, are among the best known people to have…
A High Court case that could have set a landmark ruling to keep distressed borrowers in their homes by ceding part-ownership to their lenders was settled this week. Mr Justice Denis McDonald heard on Monday that the case of a Co Meath widower had been resolved, removing a possible test case that could have created…
Kingston Smith has announced four partner promotions with Nick Thompson, Ruth Brennan, Ryan Davies and Ryan Day named as partner. Thompson provides corporate finance, private equity and strategic advice to clients across a range of sectors. Brennan specialises in corporate tax compliance and advisory services for businesses in the UK and internationally. Davies is a…
Pictured: Gillian Doyle, CEO and Kenneth Doherty, COO In our Ones to Watch section, we highlight some of the top up and coming businesses in Ireland. This week we feature Cerebreon. What is it? Cerebreons intelligent debt recovery platform, CORTX Insolvency, is the first deep learning platform in the UK insolvency market which predicts when…
The government has been heavily criticised for allowing British Steel to fail. The desire to proceed cautiously is understandable, the business is in such a perilous financial state that it would probably have ceased trading altogether when talks broke down were it not for the support of the Official Receiver. Advancing 30 million of taxpayer…
(Reuters) – The collapse of British Steel has once again put private equity owner Greybull Capital in the spotlight for the wrong reasons. Run out of London by Frenchman Marc Meyohas using family money, Greybull is well known for buying up companies in distress on the cheap with the aim of turning them around. But…