Claire’s is back in court in the UK. Modella Capital, which rescued the company last year, has begun insolvency proceedings for the accessories chain in the UK and Ireland for the second time in less than a year.

Last September, Modella took over Claire’s UK business in a deal that saw the closure of 145 stores and the loss of around 1,000 jobs. Claire’s currently has 145 stores and 1,355 employees in the UK.

According to Modella, Claire’s has “no realistic chance of returning to profitability” and pointed out that its previous owners left it in a “highly vulnerable” position.

The investment firm, which also owns the British retail chains TGJones (formerly WHSmith) and Hobbycraft and was part of the…

Lotus Debt Management

Dubai [UAE], January 6: Dubai is a city built on dreams, a place where countless people arrive with hope in their hearts and the belief that they can create a better life. Many succeed, rising from nothing to achieve remarkable milestones. But every dream comes with a price. For some, it is long hours and exhaustion for others, it is their health or peace of mind. Yet, the most silent and common burden of all is debt. In a fast-paced country where change is the only constant whether it’s a shift in salary, a new job, or unexpected expenses, debt can quickly become the shadow that follows every success. The wisest step anyone can take is to face it head-on, before it grows into a challenge that feels impossible to…

Lotus Debt Management
Dubai [UAE], January 6: Dubai is a city built on dreams, a place where countless people arrive with hope in their hearts and the belief that they can create a better life. Many succeed, rising from nothing to achieve remarkable milestones. But every dream comes with a price. For some, it is long hours and exhaustion for others, it is their health or peace of mind. Yet, the most silent and common burden of all is debt. In a fast-paced country where change is the only constant whether it’s a…

Bondholders have reached a debt restructuring deal with the Ethiopian government that could see them paid 28% more than government creditors. The deal comes after some bondholders, including VR Capital and Farallon Capital Management, threatened to sue Ethiopia in the UK.

Debt Justice has calculated that the deal means bondholders could be paid 105.9% of what they originally lent, in net present value terms. In contrast, government creditors are being repaid 82.7% of what they originally lent.[1]

Tim Jones, Policy Director at Debt Justice said:
“Bondholders have used the threat of suing in the UK to push Ethiopia into this bad deal. Official creditors should reject it and instead demand a better deal for the Ethiopian…

“IBC code” most commonly refers to India’s Insolvency and Bankruptcy Code, 2016, an act that consolidates and amends laws for the time-bound resolution of insolvency for corporate bodies, firms, and individuals.

The National Company Law Tribunal (NCLT) is a quasi-judicial body in India that adjudicates issues relating to Indian Companies. The National Company Law Tribunal is the adjudicating authority for the insolvency resolution process of companies and limited liability partnerships under the Insolvency and Bankruptcy Code, 2016, while the National Company Law Appellate Tribunal (NCLAT) was constituted under Section 410 of the Companies Act, 2013, for hearing appeals against the orders of National Company Law …

Modella said in a statement that the climate on UK high streets was “extremely challenging” and data suggested “an alarming drop-off in pre-Christmas footfall”.

Modella also owns the UK-based The Original Factory Shop chain. Modella said administration was the “only option” for…