This article summarises the findings of the High Court in Re gategroup Guarantee Limited [2021] EWHC 304 (Ch) (Re gategroup Guarantee Limited) and provides a view of its effects on the cross-border application of the Restructuring Plan (defined below) and the use of co-obligor structures in restructurings. IN DEPTH The Restructuring Plan The UK restructuring…
DetailsLast May, struggling global luggage company Antler fell into voluntary administration, just three months after it was bought out by fashion veteran Michael Lewis, chairman of Foschini Group. But by July, the business brand, e-commerce and assets were sold to the ATR Group and now, its ready to turn over a new leaf. We chat…
DetailsMember Article February 2021 corporate and individual insolvency statistics R3 response Corporate insolvencies fell by 9% to 686 in February 2021 compared to Januarys figure of 754, and were 49% lower than February 2020s figure of 1,348. Personal insolvencies fell by 18% to 6,816 in February 2021 compared to Januarys figure of 8,321, and were…
Detailsimage copyrightPatrick Fosterimage captionPatrick Foster had nearly 250,000 of gambling debts before his family sent him to rehab Patrick Foster hit rock bottom in March 2018. The teacher had racked up huge gambling debts and could not see a way forward. Looking back on his life, the 33-year-old recalled placing his first bet at university.…
DetailsThe enormity of the student debt crisis is staggering. The Federal Reserve has reported a record-breaking $1.7 trillion in federal and private student loan debt,which is currently held by more than 44 million Americans. This burden has enormous repercussions. Recent graduates may experience a narrowed sense of possibility; decisions like when to start a family…
DetailsInsolvency proceedings at Greensill Bank, sought by Germany’s BaFin financial regulator, now have court backing as German municipalities fear hefty deposit loses. A German court appointed an insolvency administrator to Greensill Bankon Tuesday, as requested by BaFin, Germany’s previously criticized financial regulator. Specialist lawyer Michael Frege will wind up the bank, reportedly with 3.6 billion…
DetailsBy Reuters Staff 2 Min Read FILE PHOTO: Two workers are seen next to an Alitalia plane at Fiumicino airport in Rome, Italy, March 5, 2021. REUTERS/Remo Casilli ROME (Reuters) – Alitalia is close to launching open tenders to sell off its handling and maintenance businesses as the government is negotiating and revising the new…
DetailsAIG has won a claim dispute after a warehouse owner failed to reveal that he owned half the business renting his property, or make it known that it had been placed under administration prior to the policy commencing. The landlord bought an AIG business insurance policy via his broker for the large warehouse in January…
DetailsWhether it is the continuing impact of Covid-19 or the more recently reported effects of Brexit, media comments proliferate about the financial distress faced by numerous businesses in Scotland who are involved with fish catching, processing and selling. Although a fund has been established by the UK Government to try to help businesses survive in…
DetailsBusinesses have been hit hard this year by the pandemic, with many stores closing every week. Bankruptcy has been on the rise as the economic toll continues to affect almost every industry. Here in the Upstate, stores we used to visit to often such as Brooks Brothers, Belk and Stein Mart are now going through…
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