Malvern Group has appointed KPMG as an administrator for its travel businesses, including Super Break and LateRooms, a day after shutting them down as one of its main shareholders defaulted on debt repayments, the audit firm said on Friday, Reuters reported. Malvern Group is partly owned by Indian tour operator Cox & Kings Ltd, which is under severe financial stress and has defaulted on debt repayments. Malvern Group’s website said forthcoming bookings had been cancelled, while customers currently on tours may be asked to pay again by the hotels.

Olaide Olasupo received an unexpected email on Monday evening. He was not to go to his classes at GSM London the following morning because the college would be going into administration, the Financial Times reported. The business student had one project left to submit before completing his degree programme when the news came that GSM London, one of England’s largest privately owned higher education providers, would cease teaching. Now he is searching for another institution that will recognise his coursework and allow him to complete his studies. “This was four years of my life.

German industrial automation provider Eisenmann SE has filed for insolvency and launched a strategic reorientation plan to help the company return to profitability in a plan that could see some business units sold off, corporate leaders said Monday, DC Velocity reported. Böblingen, Germany-based Eisenmann this week filed its petition for the opening of insolvency at Stuttgart District Court, also submitting applications for the related business units Eisenmann Anlagenbau GmbH & Co. KG, Eisenmann Lactec GmbH, and ENisco GmbH & Co. KG.

Downer EDI Ltd warned on Thursday that it expects a negative impact to its full year 2019 results following the insolvency of Germany’s Senvion SA, the company’s construction partner in the Murra Warra wind farm in Victoria, Reuters reported. Sydney-based Downer said wind turbine manufacturer Senvion’s bankruptcy would result in a charge of A$45 million ($30.83 million) for the full year, related to obligations for completing the wind farm.

Company insolvencies hit a five-year high in the second quarter of this year, according to the Insolvency Service of England and Wales, CRN reported. Underlying corporate insolvencies totalled 4,321 for the three-month period ending in June, which represented a 2.6 per cent quarter-on-quarter increase and an 11.9 per cent jump on the same period last year. This is the highest underlying level of insolvencies in any quarter since Q1 2014, the authority said.

Can the company behind Aston Martin avoid tapping its shareholders? Yes, if everything goes to plan. The snag is that Aston Martin Lagonda Global Holdings Plc is proving increasingly accident prone, a Bloomberg View reported. Shares in the sports car maker fell as much as 22% on Wednesday. That’s all too familiar. The stock dropped 26% and 18% on consecutive days last week. The group is suffering from weak orders in Europe even as sales rise in the U.S. and Asia. A partner has defaulted on an intellectual property deal, costing 19 million pounds ($23.1 million).

Businesses that fail to adapt to climate change will go bust, Bank of England Governor Mark Carney said on Wednesday, but others will be able to profit handsomely from funding green investment, the International New York Times reported on a Reuters story. "Companies that don't adapt - including companies in the financial system - will go bankrupt without question. (But) there will be great fortunes made along this path aligned with what society wants," Carney told Channel 4 News.

Italy's biggest retail bank Intesa Sanpaolo has clinched a deal with U.S. hedge fund Davidson Kempner over 10 billion euros (£9.16 billion) in problem loans, moving closer to a 2021 target of cutting soured debts to 6% of total lending, the International New York Times reported on a Reuters story. In reporting a higher-than-expected net profit for the second quarter, Intesa on Wednesday said it would sell 3 billion euros in so-called 'unlikely-to-pay' (UTP) loans to Prelios, a loan recovery specialist owned by the New York-based fund.

Shares in British shopping centre operator Intu sank more than 21% on Wednesday after reporting a fall in first-half net rental income on Wednesday, the latest sign of weakness in a struggling British retail sector, the International New York Times reported on a Reuters story. Intu, which scrapped its dividend earlier this year and changed management after two failed takeover bids, said it was adopting a new five-year strategy to reshape its business and focus on fixing its balance sheet.

Bosnian authorities on Wednesday ordered the financial and tax police to probe operations at the country’s sole aluminum smelter before it was shut earlier this month over a huge debt it incurred due to high electricity and alumina prices, Reuters reported. The temporary closure of Aluminij Mostar, one of Bosnia’s biggest exporters, has put the jobs of about 900 workers at the plant, based in the southern town of Mostar, at risk.