Developer Richard Dineen has lost an appeal related to the order of the Irish High Court to adjudicate him bankrupt 18 months ago, the Irish Examiner reported. The Limerick developer had taken issue in the Court of Appeal with the figures used and calculated which grounded the petition resulting in an order for bankruptcy made in November 2019. Mr. Dineen had debts running to millions of euros at the time. Dismissing the appeal, Ms. Justice Baker along with Mr Justice Seamus Noonan and Ms.
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Tullow Oil has raised $1.8bn via a bond offering to repay existing debt, ending a tense refinancing process the company had warned posed a “significant risk” of insolvency proceedings had it ended in failure, the Financial Times reported. The Africa-focused group, which has endured a difficult few years since it slashed its production outlook and parted ways with its former chief executive at the end of 2019, will use the proceeds to repay loans including bonds due this year as well as a lending facility linked to its oil reserves.
The Bank of England said on Friday that it had approved the “bail-in” of $595 million of loans that a British-based financial company made to the major Ukrainian lender PrivatBank before it was nationalised in 2016, Reuters reported. The bank’s nationalisation has been subject to lengthy litigation in Ukraine, and the International Monetary Fund last year made successful resolution of the legal issues a condition for financial aid.
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Tycoon Sanjeev Gupta’s commodities empire is being investigated by Britain’s Serious Fraud Office in a probe that encompasses the conglomerate’s links to collapsed lender Greensill Capital, the SFO said on Friday, Reuters reported. The probe piles pressure on Gupta, who has been scrambling to refinance his international web of businesses in steel, aluminium and energy after supply chain finance firm Greensill filed for insolvency in March.
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Dan Barker had barely finished rejoicing that London’s “mad umbrella shop” had survived the pandemic when his wife broke some bad news: The “mad sailor shop” had not, the Wall Street Journal reported. Next month, Arthur Beale Ltd., a nearly 500-year-old business that sells maritime supplies from central London, is set to close a store famed for its elaborate window displays and eccentric interior.
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Russia’s debt chiefs are working on a mechanism that will allow the government to retire costly ruble bonds sold to raise emergency funds during the coronavirus pandemic, Bloomberg News reported. “The goal is to restore the right structure of the portfolio so that in the next crisis, government debt can be used to conduct an active economic policy again,” Deputy Finance Minister Timur Maksimov said in an interview. The ministry is considering possible funding sources for the buybacks, he said, without elaborating on the timing or the amount of money that might be earmarked.
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Ministers will crack down on company directors seeking to dissolve their businesses to avoid repaying creditors in a bid to prevent the loophole being exploited to write off state-backed emergency Covid-19 loans, the Financial Times reported. The Insolvency Service will be given beefed up powers to investigate and sanction directors found to have abused the process. The measures, which are part of bill put before parliament on Wednesday, will also give the government agency retrospective powers.
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TAP Air Portugal has filed an application in the Commercial Courts of Lisbon for the liquidation of its groundhandling company, Serviços Portugueses de Handling, S.A. (SPdH), also known by its trademark Groundforce Portugal, CH-Aviation.com reported. The airline is a creditor of Groundforce, which to date has provided ground-handling services to TAP at Lisbon, Porto, Faro, Funchal, and Porto Santo. At the end of April, Groundforce’s board of directors approved the cancellation of its groundhandling contract with TAP, alleging that the contract, as it was structured, had been unviable.
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A High Court ruling that will allow a 54-year-old woman pay a mortgage until she is 90 could help an estimated 20,000 people who are unable to pay Celtic Tiger-era debts, the <em>Irish Times</em> reported. Mr. Justice Mark Sanfey signed off on a personal insolvency arrangement – a form of financial rescue for heavily indebted borrowers – that will allow Co Tipperary shop assistant Esther Kirwan remain in her home paying reduced mortgage payments for 35 years. The arrangement had the backing of Ms. Kirwan’s creditors, including Start Mortgage that owns the debt on her home.
TAP Air Portugal has filed an application in the Commercial Courts of Lisbon for the liquidation of its groundhandling company, Serviços Portugueses de Handling, S.A. (SPdH), also known by its trademark Groundforce Portugal, CH-Aviation.com reported. The airline is a creditor of Groundforce, which to date has provided ground-handling services to TAP at Lisbon, Porto, Faro, Funchal, and Porto Santo. At the end of April, Groundforce’s board of directors approved the cancellation of its groundhandling contract with TAP, alleging that the contract, as it was structured, had been unviable.
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