The Simon Lee Gallery, once a beacon of contemporary art, faces an unceremonious end as it grapples with insolvency. The winding up process, initiated by the gallery’s creditors, paints a stark picture of financial difficulties exacerbated by the Covid-19 pandemic and failed attempts to settle with HMRC. Advertisment A Gilded Past, A Troubled Present Established…
The Body Shop is set to appoint administrators for its UK operation in a move which could result in job losses and shop closures. The cosmetics retailers owner Aurelius is allegedly lining up restructuring expert FRP Advisory to manage an insolvency process, according to Sky News. The administrators are likely to consider shutting some of…
In today’s uncertain economic landscape, business leaders and entrepreneurs face unprecedented challenges that threaten their companies’ very existence. The legal construction of “Safe Harbour” emerges as a potential lifeline for companies teetering on the brink of financial instability by providing protection to Directors who are trading whilst insolvent to enable them to achieve a better…
The consequences of bankruptcy can be devastating. Whether it was through a job loss, steep medical bills, mortgage debt, or a combination of factors filing for bankruptcy is often discouraged and viewed as a last resort. No one is immune to the possibility of going bankrupt, as seen in several high-profile cases involving celebrities like…
EY-Parthenon teams were appointed as insolvency administrators in March 2021. From the start, a unique aspect to this engagement was the media attention. Given the size and impact of this bankruptcy, this was a hurdle both Abengoa and EY-Parthenon had to overcome and engage with regularly throughout the process. Loan requests Initially, the EY-Parthenon teams…
A building company which went into administration last week appears to owe more than $12 million to creditors. News.com.au previously reported that Victorian construction company Langdon Building had appointed external administrators and had halted all construction work for six weeks but emphasised the business had not collapsed. But now more than 100 homeowners hoping to…
The UK government has updated the 30-year-old special administration regime for water companies making it possible to rescue water companies. The new legislation (plus two draft instruments) aims to modernise water company insolvency legislation in the face of the growing challenges in the industry including higher operating costs, claims over sewage pollution and significant debt…
Hong Kongs High Court has declared self-exiled activist Ted Hui bankrupt for failing to pay costs of legal proceedings involving him. The former lawmaker, who left Hong Kong in November 2020, is among 13 self-exiled pro-democracy activists accused of breaching the Beijing-imposed national security law. Ted Hui in the UK. File Photo: May James/HKFP. High…
Corporate insolvencies increased by nearly 14% during 2023 and are likely to remain high this year unless the economic picture improves, according to R3, the UKs insolvency and restructuring trade body. R3 regional head Neil Stewart, responding to the publication of the 2023 annual corporate and personal insolvency statistics for England and Wales, is cautiously…
A popular Sydney nightclub has been placed into liquidation. GKIII Hospitality Group Pty Ltd, which operates The Carter Sydney, was ordered into liquidation on Monday by the NSW Supreme Court, terminating a restructuring plan the company was undergoing. GKIII Hospitality Group Pty Ltd, which operates The Carter Sydney, was ordered into liquidation on Monday by…