Lawyers for top liquidator Kieran Wallace cannot “drive a coach and four” through insolvency legislation with a novel claim for over €6 million on behalf of an insolvent pension fund, a State barrister has said, the Irish Times reported. The remark was made on the final day of hearing into a complaint under the Protection of Employees (Employers’ Insolvency) Act 1984, taken by Mr Wallace against the Minister for Enterprise.

Telecom Italia's business plan for the new company emerging from the sale of the former phone monopoly's fixed line network is sustainable, Italy's Industry Minister Adolfo Urso said on March 14, Reuters reported. Shares in the former phone monopoly plunged last week after TIM unveiled its three-year strategy and outlook for the business emerging after the network sale to U.S. fund KKR, piling pressure on TIM Chief Executive Pietro Labriola.

The Ahmedabad bench of the National Company Law Tribunal has admitted an insolvency resolution application against Jatin Rajnikant Mehta, the personal guarantor of bankrupt Winsome Diamonds and Jewellery, for a default of over Rs 457 crore, the Economic Times of India reported. Mehta is suspected to be in St. Kitts and Nevis, a Caribbean island country. Winsome Diamonds, which was earlier known as Su-Raj Diamonds and Jewellery, has admitted liabilities of over Rs 12,668 crore.

A hedge-fund founder at the center of a $1.2 billion legal battle between Indian education-technology company Byju’s and its lenders is staying outside the U.S. despite a court order to return, saying he fears for his safety, WSJ Pro Bankruptcy reported. William Cameron Morton said in an interview that he left the U.S. rather than comply with a court order to divulge the whereabouts of nearly $540 million that Byju’s invested in his Florida-based hedge-fund firm, Camshaft Capital.

Europe's private credit funds are increasingly borrowing from banks to boost their performance, fuelling concerns about the wider risks posed by this interconnectedness, Reuters reported. A record 80% of new European private credit funds borrowed from banks via 'subscription lines' in 2023, funding that allows them to lend before tapping their investors for cash, MSCI Private Capital Solutions research shared with Reuters shows. Subscription lines are used by some credit funds to enhance returns, a separate MSCI study, opens new tab found.

The European Central Bank unveiled a rare makeover to the inner workings of monetary policy, in a change that is technical but consequential for the economy and investors, the Wall Street Journal reported. The keenly awaited plan, over a year in the making, aims to gradually reduce the size of the ECB’s footprint in the region’s financial system, in part by transforming how banks interact with the central bank—and with each other.

Ukraine's central bank lowered its key rate to 14.5% from 15% in a surprise cut on Thursday, citing slowing inflation, a stable situation on the currency market and lower risks linked to international financial aid for Kyiv, Reuters reported. Most analysts and bankers had expected the central bank to keep the main interest rate steady. The rate was cut to 15% in December. "The easing of interest rate policy will support economic recovery, without threatening macrofinancial stability," the central bank said in a statement.

An effort by the American media executive Jeff Zucker and his Emirati backers to acquire London’s Daily Telegraph appeared to be on life support on Wednesday after the British government advanced legislation that would bar foreign state ownership of newspapers and newsmagazines, the New York Times reported. The move by Prime Minister Rishi Sunak would torpedo Mr. Zucker’s bid in its current form, which relies heavily on financing from investment partners in the United Arab Emirates.

The Signa luxury unit that co-owns the Selfridges department store in London plans to offer creditors a 30% repayment on their debt under the current restructuring proposal, Bloomberg News reported. According to a document from administrators seen by Bloomberg News, Signa Prime Selection AG will transfer assets to a trustee, who will oversee their sale with all proceeds flowing to creditors. While the proposal offers an initial 30% of their claims, the creditors may receive further payments if revenue from disposals allow.

The U.K. economy rebounded in January, registering modest growth after falling into a technical recession in the second half of last year, Bloomberg News reported. Gross domestic product rose 0.2% following a 0.1% decline in December, the Office for National Statistics said Wednesday. Services and construction delivered the gains, offsetting a drop in industrial production. The figures leave Britain on track to grow over the first quarter as a whole, bringing the recession to an end.