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BHS Owners Go Shopping For £70 Million Funding

The new owners of BHS are set to raise £70m as they attempt to rescue the beleaguered department store chain just months after acquiring it, The Telegraph reported. Retail Acquisitions, which bought BHS in March from Sir Philip Green, are in talks wi ...

Daily Headline - global.abi.org - 08/23/2015 - 17:41 - 0 comments

Co-Op Bank Escapes Punishing Fine For Past Failings

The Co-operative Bank will not be fined for failings that helped push the bank to the brink of collapse before it was bailed out by bondholders, Britain’s financial regulators said on Tuesday, the Irish Times reported. Instead capital should be prese ...

Daily Headline - global.abi.org - 08/11/2015 - 21:27 - 0 comments

Late Payments Put A Quarter Of Small Firms At Risk Of Insolvency

Nearly a quarter of Britain's small and medium-sized businesses have been pushed into financial crisis because of late payments, it has emerged, The Telegraph reported. In a new poll of 1,000 business owners, 23pc reported a brush with insolvenc ...

Daily Headline - global.abi.org - 08/09/2015 - 21:48 - 0 comments

Bank Of England Signals No Rate Rise This Year As Inflation Remains 'Muted'

The Bank of England has signalled that it is unlikely to raise interest rates this year, as the strong pound and further falls in commodity prices keep inflation “muted” in the near term, The Telegraph reported. Sterling fell by more than a cent agai ...

Daily Headline - global.abi.org - 08/06/2015 - 17:11 - 0 comments

In Britain, Ex-Rabobank Trader Barred From Industry in Libor Scandal

British regulators said on Thursday that they had barred a former trader at the Dutch lender Rabobank from the securities industry after he pleaded guilty in the United States in March in connection with rigging a global benchmark interest rate, the In ...

Daily Headline - global.abi.org - 07/30/2015 - 22:24 - 0 comments

City Avoiding Changes Needed To Restore Trust After Rigging Scandals, FCA Warns

Major banks and brokers have failed to make sufficient internal changes following the Libor and foreign exchange rigging scandals, according to the City regulator, The Guardian reported. The Financial Conduct Authority also warned that more action wa ...

Daily Headline - global.abi.org - 07/29/2015 - 20:39 - 0 comments

Bankruptcy law in the Republic of Macedonia

Insolvency legislation reform in the country began back in 1997 when the new bankruptcy law was enacted and published in the “Official Gazette” in October 1997. It entered into force on 6 November 1997 and came into effect on 5 June 1998. With the enac ...

Resource Article - abi_admin - 07/27/2015 - 14:56 - 0 comments - 1 attachment

Rights of trade creditors in the US

A trade creditor who supplies goods to a company that files for bankruptcy should seek to enforce certain rights in the Chapter 11 case. For instance, the Bankruptcy Code Section 546(c) preserves a creditor’s right of reclamation under state law. The a ...

Resource Article - abi_admin - 07/27/2015 - 14:49 - 0 comments - 1 attachment

Brown Rudnick Alert: MENA - Trends and Opportunities

Over the last few years there have been a number of very substantial and high profile distressed situations in the Middle East and North Africa. A combination of the financial crisis, the “Arab Spring” and more recently fluctuations in petrodollar have h ...

Resource Article - abi_admin - 07/27/2015 - 13:05 - 0 comments - 0 attachments

LDK Solar: Implementing a global restructuring of a China-based corporate family

As the attention of restructuring experts moves east, the LDK Solar group (“LDK”) has set a precedent as one of the first China-based groups to successfully restructure debt issued in the international capital markets through a court-based process. L ...

Resource Article - abi_admin - 07/27/2015 - 12:59 - 0 comments - 1 attachment

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