From now on, RPs will also be expected to look into borrowing agreements that companies have entered into to find out if there have been any extortionate credit transactions There is no doubt the corporate insolvency resolution process (CIRP) hasnt quite lived up to expectations. Although the Insolvency and Bankruptcy Code is an excellent piece…
A Government-commissioned probe into the Greensill scandal has found that the lobbying system largely worked well, prompting accusations of a whitewash. The long-awaited 141-page report by Nigel Boardman was commissioned by Boris Johnson amid a lobbying controversy which had former prime minister David Cameron at its heart. The inquiry was launched in April after it…
Mr Greensill was recruited by a former colleague at Morgan Stanley, Jeremy Heywood, who by 2011 was back in government as cabinet secretary, the governments most senior mandarin. Lord Heywood died of cancer aged 57 in 2018. Mr Boardman said Lord Heywoods initial appointment of Mr Greensill for a three-month stint in early 2012 followed…
To file or not to file for bankruptcy? Its a question that no business leader wants to consider, but sometimes its necessary. Indeed, given the challenges and uncertainties of the last 16 months, it has been a top-of-mind issue for many companies across different economic sectors. In 2020, according to data from Epiq AACER, Chapter…
NOWADAYS THE Bank of England, like most rich-country central banks, has two main functions: maintaining monetary stability and ensuring the soundness of the financial system. For most of its life, though, it was also responsible for managing government debt. (Thankfully, the original reason for the banks creation in 1694, to raise money for carrying on…
This comes after the Insolvency Service reported a 63% increase in corporate insolvencies in June 2021 when compared to the same month in 2020. Commenting on this news, insolvency practitioner PKF GMs director Oliver Collinge, said: This trend of rising corporate insolvency numbers has long been predicted and we expect it to continue as government…
Celebrity Esports has gone into liquidation, months after securing partnership deals with the likes of Grenade, Primark and NOW, among others. The company, founded by Leo Skagerlind, was launched in March 2020 and looked to appeal to a wider audience with esports by using celebrities to take part in tournaments. In January 2021, Celebrity Esports…
news, local-news, Goulburn, Heron Resources, Tarago, Woodlawn Mine, administration, FTI Consulting A company that was aiming to revive copper and zinc mining near Tarago has entered voluntary administration. Heron Resources notified the Australian Securities Exchange (ASX) of its decision on Friday. It followed failed attempts to secure what it described as a “suitable transaction” for…
GCUKs administration process is not due to end until at least March 7, 2022, and is likely to be extended. On the basis that the GCUK administrators do not indicate an earlier date of insolvency in relation to GCUK, we consider that the company became insolvent on or around 2 March 2021, which coincided with…
This comes after the Insolvency Service reported a 63% increase in corporate insolvencies in June 2021 when compared to the same month in 2020. Commenting on this news, insolvency practitioner PKF GMs director Oliver Collinge, said: This trend of rising corporate insolvency numbers has long been predicted and we expect it to continue as government…