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…
In a crucial move, the government is preparing individual insolvency regulations under the Insolvency and Bankruptcy Code (IBC) that will provide for debt waiver up to `35,000 to the poorest of the poor, who have borrowed money from not just banks but also informal sources like village money lenders.Once the regulations are in place, the…
British Steel goes bankrupt, threatening 25,000 jobs By Robert Stevens 23 May 2019 Nearly 5,000 steelworkers jobs and another 20,000 in supply industries could be wiped out after Tuesdays announcement that British Steel is insolvent. The company, owned by vulture fund Greybull Capital, is the second largest steel producer in the UK after Tata. Its…
British Steel has gone into liquidation after talks with the Government failed to secure its future, dealing a huge blow to the industry and threatening thousands of job losses. Workers at the companys plants now face weeks of uncertainty as efforts are made to rescue the business. The grim news was given to employees after…
With your permission Mr Speaker, I would like to make a statement about British Steel. It was announced this morning that the court has granted an application by the Directors of British Steel to enter an insolvency process. Control of the company will now pass to the Official Receiver an employee of the Insolvency Service…