After a successful financial career, he appeared to have it all a peerage, a 6million house in Kensington, an estate in Ireland and a 30million collection of Old Masters.
But no longer. For I can disclose former Conservative Party treasurer Lord Magan has been declared bankrupt in the High Court following a legal action brought by Wilton Management Group, claiming 805,000.
George Magan, 75, son of the late Brigadier Bill H…
Read the full article at: https://www.dailymail.co.uk/tvshowbiz/article-8991917/SEBASTIAN-SHAKESPEARE-Sad-fall-dazzlingly-opulent-House-Magan.html
Bodycote shares slid on Thursday after the heat treatment and thermal processing company announced another restructuring and sounded a downbeat note on the outlook for the civil aerospace market.
The company, which already cut the workforce in its automotive and general industrial segment (AGI) earlier this year by around 1,000, said there will be a further restructuring similar to that in its aerospace, defence and energy business (ADE).
“Our expectation is that the civil aerospace market will remain near the current low levels for at least the next 18 months,” the company said. “This provides us with the opportunity to consolidate our ADE footprint into fewer, larger facilities. The exercise to do this requires significant study, sin…
Read the full article at: https://www.sharecast.com/news/news-and-announcements/bodycote-announces-another-restructuring-shares-slide–7727022.html
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Thursday, November 26, 2020
On 26 November 2020, The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Suspension of Liability for Wrongful Trading and Extension of the Relevant Period) Regulations 2020 (the Regulations) came into force.
The Regulations have exactly the same impact as the suspension of liability for wrongful trading that was brought into force by the Corporate Insolvency and Governance Act 2020 (the Act) on 26 June 2020. We discussed these measures in detail in our blogherebefore they were brought into force by the Act and there was a subsequent extension of the relevant period to 30 September 2020.
Unlike other temporary measures under the Act which were extended again to 31stD…
Read the full article at: https://www.natlawreview.com/article/further-suspension-uk-wrongful-trading-laws-introduced
Thursday, November 26, 2020
The Federal Court has today sensibly ruled that security interests do not vest in the company grantor simply because the company had at some time previously been in liquidation, administration or subject to a deed of company arrangement (DOCA). This decision should come as a great relief to secured lenders and suppliers to companies that have successfully passed through a restructuring and have resumed “business as usual”.
Many financiers and suppliers may have been, quite understandably, unaware of a legal risk that had been brewing which could, depending on the Courts’ interpretation of the vesting provision under the Personal Property Security Act (PPSA) and the relevant new provisions of the Corporations…
Read the full article at: https://www.natlawreview.com/article/much-ado-about-vesting-federal-court-clarifies-vesting-rule-security-interests
Bodycote shares slid on Thursday after the heat treatment and thermal processing company announced another restructuring and sounded a downbeat note on the outlook for the civil aerospace market.
The company, which already cut the workforce in its automotive and general industrial segment (AGI) earlier this year by around 1,000, said there will be a further restructuring similar to that in its aerospace, defence and energy business (ADE).
“Our expectation is that the civil aerospace market will remain near the current low levels for at least the next 18 months,” the company said. “This provides us with the opportunity to consolidate our ADE footprint into fewer, larger facilities. The exercise to do this requires significant study, sin…
Read the full article at: https://www.sharecast.com/news/news-and-announcements/bodycote-announces-another-restructure-shares-slide–7727022.html
The Insolvency and Bankruptcy Boards proposal to allow companies to withdraw from the process of voluntary liquidation is pragmatic. It will facilitate revival. This also makes the case for a pre-packaged insolvency resolution all the more compelling. Pre-packs entail a debtor-initiated reorganisation plan beforehand with creditors on board instead of a financial bidding process for resolution of the company admitted in the insolvency court. This will help speed up resolution and ease the burden on the National Company Law Tribunals.
In the US, the pre-pack plan takes effect once the company enters Chapter 11 that allows for a voluntary appeal by the debtor to be given a chance for a turnaround that the bankruptcy court can grant, if f…
Read the full article at: https://economictimes.indiatimes.com/blogs/et-editorials/pre-packaged-viable-route-to-insolvency/
PARIS–(BUSINESS WIRE)–Regulatory News:
Europcar Mobility Group (Paris:EUCAR):
The Agreement in Principle has been entered into by the Company with a group of significant cross-holders2 in the 2024 Senior Notes, 2026 Senior Notes, EC Finance plcs Senior Secured Notes and holding interests in the RCF and the Credit Suisse Facility and has been approved at the unanimity of the voting members3 of the Companys supervisory board4. It contemplates mainly:
(i) A massive corporate deleveraging, with the reduction of the Groups corporate indebtedness by 1,100m through the equitization in full of its 2024 Senior Notes, 2026 Senior Notes and Credit Suisse Facility;
(ii) A significant new money injection, with the contribution in equity in an amou…
Read the full article at: https://www.businesswire.com/news/home/20201125005967/en/Europcar-Mobility-Group-Reaches-a-Major-Step-With-an-Agreement-in-Principle-on-Financial-Restructuring-With-Main-Creditors-Supporting-Its-“Connectâ€-Transformation-Program
(Reuters) – Bodycote Plc said on Thursday it would carry out another restructuring, similar to the one in the first half that included more than 900 job cuts, as it expects the civil aerospace market to remain weak for at least the next 18 months.
The heat treatment and thermal processing company said the restructuring will be more focused on its aerospace, defence and energy business.
The companys employee headcount was down to 4,813 as of Oct. 31 from 5,764 at the beginning of the year.
Group revenue fell 18% to 500.3 million pounds ($668.95 million) for the 10 months to Oct. 31, largely due to weakness in the civil aerospace business, Bodycote said.
Shares of the midcap index constituent were down 5.7…
Read the full article at: https://uk.reuters.com/article/bodycote-restructuring/bodycote-to-restructure-business-again-expects-aerospace-market-to-remain-weak-idUKL4N2IC20A
Do you feel like youre drowning in debt? Dont raise the white flag just yet. Make sure youve considered all available options when it comes to paying your debts. Have you tried debt consolidation? If its your first time hearing about it, this might bring hope to your ailing financial condition.
Debt consolidation may sound complex, but it could help solve your woes, provided youre willing to be more responsible with your debt payments. Learn more about this in this short guide.
For more finance tips, visit Moneymax.
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Read the full article at: https://news.abs-cbn.com/business/11/26/20/how-debt-consolidation-can-help-you-manage-your-finances
MoneyHub’s re-launched guide to debt consolidation loans helps explain the benefits of combining debts into one loan. For homeowners, the guide explored the option of a revolving mortgage facility which can work out to be significantly cheaper than a new loan.
MoneyHub’s Senior Researcher Christopher Walsh said:
Piling up debts cause massive stress for households of all income levels, and sometimes it can feel near-impossible to get on top of. With household borrowing at record levels, making debt affordable and manageable has never been more urgent.
Interest rates are at record lows, and while unsecured debt rates havent dropped like mortgage rates, the array of dent consol…
Read the full article at: https://www.scoop.co.nz/stories/BU2011/S00498/debt-consolidation-loans-compared.htm