British Steel’s Chinese rescuer is to wrap up a takeover of the failed manufacturer next week, saving more than 3,000 jobs with a deal that secures the future of a key UK industrial asset, the Financial Times reported. Jingye Group said it had agreed to complete its purchase of the country’s second-largest steelmaker from the official receiver, who has kept the insolvent business running with taxpayer funding, on March 9.

Panorama, one of two major Berlin-based fashion fairs, has filed for insolvency following its relocation in January, FashionUnited reported. Panorama Fashion Fair Berlin GmbH, represented by its managing director Jörg Wichmann, filed for insolvency proceedings at Berlin’s Charlottenburg District Court on 28 February, according to filings in the German insolvency database. Lawyer Niklas Luetcke has been appointed as provisional insolvency administrator. In January, the fair relocated to Flughafen Tempelhof for the first as it hoped for a fresh start.

An internal Insolvency Service of Ireland (ISI) report raised concerns about the business model of a company which provided advice to over 600 people in mortgage arrears under a State-funded scheme to assist distressed borrowers, The Irish Times reported. New Beginning was paid more than €330,000 under a scheme to assist distressed borrowers, but did not directly set up any personal insolvency arrangements to restructure debts, the report found.

Significant legislative changes are needed to allow “debt-for-equity swap” solutions for insolvent personal debtors facing difficulties repaying their mortgages, a High Court judge has said, The Irish Times reported. Scores of borrowers hoping for approval for these swaps to give them a fresh financial start in personal insolvency cases face uncertainty due to the judge’s ruling. Mr Justice Denis McDonald found that the courts cannot approve “debt-for-equity swaps” in personal insolvency arrangements without the consent of the relevant secured creditor.

A lawyer for bankrupt developer Sean Dunne indicated in court papers filed late last week that his client intends to seek damages from his son John Dunne for turning over more than $12 million (€10.7 million) to the trustee in Sean Dunne’s long-running US bankruptcy case, The Irish Times reported. Attorney Luke McGrath said in the papers that he plans to file a claim seeking “money damages” against John Dunne in state court in New York City, where he lives.

Commodity trader Trafigura has reached an agreement to buy and then sell on a stake in Puma Energy from a retired Angolan general, aiding the efforts of the debt-laden fuel supplier to attract more lenders and investors, the Financial Times reported. Under a complex deal announced on Monday, Cochan Holdings, an investment vehicle controlled by Leopoldino Fragoso do Nascimento — widely known as “General Dino” — will reduce its stake in Puma from 15 per cent to less than 5 per cent.

NMC Health has called on lenders for time to stabilise its finances, as the embattled healthcare group looks to safeguard cash and sustain its operations. The company, which is under investigation by UK regulators, said on Monday that it had sought a so-called “informal standstill” agreement in which lenders hold off exercising any “rights and remedies” they may have in the event of “current or future defaults,” the Financial Times reported.

Italy endured its 17th consecutive monthly decline in manufacturing activity in February, adding to signs that the outbreak of the deadly coronavirus is set to plunge the eurozone’s third-biggest economy into another recession, the Financial Times reported. With nearly 1,700 confirmed cases and 34 dead, Italy is home to one of the largest coronavirus outbreaks outside Asia. On Sunday, the Italian government announced plans to inject €3.6bn into the economy, which contracted 0.3 per cent in the final quarter of last year.

Ireland’s central bank chief has warned against starting a spending spree to address the country’s shortage of affordable housing after the problem led to a surge in support for the nationalist Sinn Féin party in elections last month, the Financial Times reported. Gabriel Makhlouf told the Financial Times that even though the Irish economy was one of the top performers in Europe last year with growth of close to 5 per cent, there were risks ahead that could cause a sharp downturn.

Barclays, HSBC and Standard Chartered could all face a legal challenge from the charity co-founded by billionaire hedge fund manager Christopher Hohn, who has promised to take action if the three banks do not stop lending money to coal-mining companies, the Financial Times reported. Sir Christopher, founder of $28bn activist hedge fund company TCI, has written to the chairmen of Barclays, HSBC and Standard Chartered urging them to phase out financing for fossil fuels such as coal.