Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
FRP Advisory reported a drop off in restructuring appointments in the last financial year as government financial aid protected many businesses from collapse during the Covid pandemic.
The professional services firm, which plans to pay a dividend for the year, said the number of insolvency appointments it secured in the last 12 months was down 26 per cent on the previous year.
The restructuring team grew market share in an overall subdued market, due to the various support measures made available by the UK Government in response to the Covid-19 pandemic, FRP said in a statement this morning.
However, FRP chief executive Geoff Rowley noted that the company has sufficient res…
The EUs recovery fund and private investors will push investment to a level not seen for more than a decade, but the risk of corporate insolvencies could hamper the European economy take-off.
According to the European Commissions economic forecast published on Wednesday (13 May), the improved economic outlook, favourable financing conditions, and recovering corporate profitability will push up investment volumes.
But the game-changer will be the Recovery and Resilience Facility, which will mobilise the bulk of the EUs 800 billion recovery fund.
The High Court has approved a personal insolvency arrangement (PIA) providing for a 54-year-old woman to make mortgage repayments on her family home until she is aged 90.
Mr Justice Mark Sanfey approved the PIA in respect of Esther Kirwan from Moycarkey, Thurles, Co Tipperary. Ms Kirwan, a single woman and shop assistant who lives alone in a three-bedroom bungalow, has debts of 108,000. Of this, 83,000 is owed to Start Mortgages in respect of her mortgage on her home, valued at 145,000.
The remainder is owed to AIB for loans advanced to her former business and Revenue.
Terms
Under the terms of the arrangement her mortgage will be restructured. She will make monthly payments of 214 for the next 420 months to cover the interest on the mor…
Are you working for a company that you believe is struggling financially? Or perhaps youve been waiting for an invoice to be paid for a long time. Alternatively, you may be trying to ascertain your own companys situation and whether or not its insolvent.
Thankfully, there are numerous insolvency practitioners out there such as Hudson Weir Insolvency Practitioners who offer advice and help to the directors of struggling companies.
Here aresome steps you can take to determine another companys circumstances or your own as well as gauge the severity.
The business has been sold to H.I.G. Europe, the European affiliate of H.I.G. Capital, a global investment firm and Interpaths managing directors.
The completion of the sale, which sees circa 528 staff and 22 partners transferring to the new business, means that Interpath has now launched as an independent restructuring and turnaround business.
Jon Holt, chief executive of KPMG UK, said: This is the best possible result for both KPMG and the restructuring business. It will enable us to accelerate our investment in our core services and take advantage of the significant market opportunities ahead of us.
Throughout this process, a key priority has been to ensure the stability and future success of the restructuring business and its tal…
Mental Health Awareness Week runs until May 16 and there can be little doubt that the last year has had a significant emotional and financial impact on thousands of people across Scotland.
Many have faced isolation from friends, family and support networks, with the situation being made worse by the additional burden of problem debt, heightened by the ongoing pandemic and subsequent lockdowns.
Christians Against Poverty (CAP) Scotland provides free debt advice and sees first-hand on a daily basis the impact of problem debt on mental health – relationship breakdown, anxiety, depression, isolation and most worryingly suicide.
LONDON, May 14 (Reuters) – The Bank of England said on Friday that it had approved the bail-in of $595 million of loans that a British-based financial company made to the major Ukrainian lender PrivatBank before it was nationalised in 2016.
The banks nationalisation has been subject to lengthy litigation in Ukraine, and the International Monetary Fund last year made successful resolution of the legal issues a condition for financial aid.
The loans to PrivatBank had been made by UK SPV Credit Finance plc, which the BoE said did not perform banking activities or have banking customers in Britain and instead had acted as a funding conduit for PrivatBank.
The High Court has approved a personal insolvency arrangement that will see a 54-year-old Tipperary woman continue to make mortgage repayments on her family home until she is 90.
Mr Justice Mark Sanfey approved the arrangement for Esther Kirwan, of Moycarkey, Thurles, in what is a regarded as an important test case.
The court heard that Kirwan, a single shop assistant who lives alone in a three-bedroom bungalow, has debts of 108,000. Of this 83,000 is owed to Start Mortgages in respect of her home, which is valued at 145,000. The remainder is owed to AIB for loans advanced to her former business and Revenue.
Under the terms of the personal insolvency arrangement her mortgage will be restructured. She will make monthly payments of 214
Jonathan Bennett (49), from Cardiff, appeared at Cardiff Crown Court on 10 May before Judge Fitton QC were he was sentenced to 9 months in prison, suspended for 2 years.
During the hearing the court heard that Jonathan Bennett was banned as a company director in 2010 for 8 years.
Jonathan Bennett, however, continued to act in breach of his ban when was prominently involved in the management of two companies: Platinum Bay (Trading) Ltd and Platinum Bay Jewellery Ltd.
Platinum Bay Trading Ltd was incorporated in June 2012 with one sole director. The company sold watches and jewellery before it was compulsorily wound up in February 2015 following a petition by the tax authorities, owing almost 340,000.
Mr Tinklers spokeswoman challenged the validity of the claim over the property and the size of the debt claimed.
The Tinkler camp said arbitration was under way and they believe the appointment of FTI may amount to a breach of the arbitration process.
A ban on Mr Tinkler being a director of Australian companies expired in February, meaning he is allowed to resume a career that saw him become a billionaire in 2011 on the back of well-timed coal acquisitions and surging commodity prices.
Whole Foods is planning layoffs as part of a larger restructuring of its business, the company confirmed to Insider on Thursday.
Whole Foods told Insider that it expects the layoffs to impact a small, but at this point unknown, number of corporate employees, and that employees who work at its stores and distribution centers will not be impacted.
In a press release, the Amazon-owned grocery chain said its planning changes involving its merchandising and operations, team member services, and technology teams in order to sustain its pandemic growth.
These changes are designed to improve support for our stores and distribution centers as we remain committed to delivering an exceptional customer experience in stores and online, Whole Foo…
Almost a year to the day after Melbourne print business Bambra Press went into voluntary administration, John Wanless will once again take over the business, as it emerges from its DOCA (deed of company arrangement), following a near unanimous vote from creditors to accept 20c in the dollar.
Back in control: John Wanless owns Bambra again
The company is currently in a variation of its DOCA, with creditors set to receive a first and final payout on 25 May, after which the company will revert from the administrator back to Wanless.
John Wanless, said, Its great for the business to get a second chance rewarding the staff who remained focused through the difficult period.”
