United Kingdom

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Insolvency Profession Saves 230,000 Jobs

Research by ComRes and R3, the insolvency trade body, has found that the UK’s insolvency profession helped around 6,700 businesses continue trading in some way after entering formal insolvency. This, R3 says, amounts to 41% of formal insolvencies, econ ...

Daily Headline - global.abi.org - 05/21/2015 - 21:43 - 0 comments

Lloyds’ Poseidon Adventure Seeks Buyers

Lloyds Banking Group is planning to sell €4.2 billion of face value legacy loans connected with Ireland in what will be one of the biggest such real estate portfolio sales here since the financial crash in late 2008, the Irish Times reported. Dubbed ...

Daily Headline - global.abi.org - 05/18/2015 - 23:16 - 0 comments

UK Pensioners To Benefit As Judges Order Insolvent Nortel’s Assets To Be Divided Equally

Former UK employees of Nortel Networks, the insolvent Canadian telecoms firm, could receive up to two thirds of their long-deferred pension claims after the US and Canadian courts ruled that the company’s remaining assets should be equally divided among ...

Daily Headline - global.abi.org - 05/18/2015 - 23:17 - 0 comments

Bank Of England Slashes Economic Growth Forecast

fresh projections follow official data showing that growth slowed sharply to just 0.3% in the first ...

Daily Headline - global.abi.org - 05/13/2015 - 22:29 - 0 comments

Barclays Wins $4 Billion Lehman Clash as Court Spurns Appeal

Barclays Plc is entitled to $4 billion in assets stemming from the Lehman Brothers Holdings Inc. collapse, as the U.S. Supreme Court rejected an appeal from the bankruptcy trustee for the firm’s brokerage business, Bloomberg News reported. The justices l ...

Daily Headline - global.abi.org - 05/04/2015 - 21:13 - 0 comments

Olympic Airlines Insolvency Affects Pension Benefits

The Supreme Court has ruled that Olympic Airlines is unable to enter the Pension Protection Fund (PPF) because it did not have an establishment in the UK during its insolvency proceedings, Employee Benefits reported. The case, Trustees of the Olympic ...

Daily Headline - global.abi.org - 05/03/2015 - 22:28 - 0 comments

Insolvency Firm Begbies Traynor Warns Declining Company Failures To Hit Results

Insolvency specialist Begbies Traynor Group warned yesterday that its full year results would be below market expectations thanks to the declining rate of company failures, domain-b.com reported. According to Begbies, the number of UK corporate insolvenc ...

Daily Headline - global.abi.org - 05/03/2015 - 22:29 - 0 comments

RBS Warns Of Tough Times Ahead After Setting Aside £856m For Charges

Royal Bank of Scotland warned it faced a tough 2015 as it plunged to a loss in the first three months of the year, weighed down by £856m of misconduct and litigation charges, The Guardian reported. The 79%-taxpayer-owned bank prepared the way for fur ...

Daily Headline - global.abi.org - 04/30/2015 - 21:45 - 0 comments

Second-Hand Car Giant Carcraft Announces Surprise Closure, Shedding 550 Jobs

Carcraft, once described as the UK's leading car supermarket, has gone into administration today, resulting in the loss of around 550 jobs, The Telegraph reported. The announcement was made to shocked staff at the Rochdale head office at 10.30am ...

Daily Headline - global.abi.org - 04/30/2015 - 21:45 - 0 comments

Insolvency Rates Show ‘Stark’ North-South Divide

A “stark” divide between the north and south of England has opened up since the recession in rates of personal insolvency, highlighting the uneven nature of the economic recovery, the Financial Times reported. In London and the home counties, insolve ...

Daily Headline - global.abi.org - 04/26/2015 - 22:29 - 0 comments

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