Insolvency practitioner Gavin Jones discusses the kind of damages that might be claimed from a holding company or its directors in the event of the insolvency of a subsidiary – and the defences that might be available to mitigate these. With the Company Voluntary Arrangement (CVA) of House of Fraser reportedly hanging in the balance, the well-publicised difficulties facing the retail sector are widespread, Real Business reported.

Spanish industrial production increased slower than expected in June, fuelling concerns that the rebound in one of the eurozone’s major economies is losing momentum, the Financial Times reported. Year-on-year the rate of industrial production in Spain rose 0.5 per cent, significantly slower than the 1.9 per cent rise forecast by analysts in a Reuters poll and below the 1.6 per cent rise recorded in May, according to data from the Instituto Nacional de Estadistica. The fall was driven by a 8.3 per cent fall in energy production, and continued the downward trajectory seen since March.

Insurer Prudential is unlikely to split into two before late 2019, it said on Wednesday as growth in Asia helped it beat first-half profit forecasts, the International New York Times reported on a Reuters story. Britain's largest listed insurer said in March it planned to demerge M&G Prudential, its UK and Europe life insurance and asset management business, into a separate business with a London listing. The remaining Prudential business will focus on Asia and the United States.

Hilco Capital, the new owner of British home improvement retailer Homebase, will next week detail plans to close around a quarter of its stores, threatening over 1,000 jobs, according to a Sky News report. Sky News said Hilco, which acquired Homebase from Australian group Wesfarmers for a nominal 1 pound in May, was expected to outline proposals for a so called Company Voluntary Arrangement (CVA) restructuring that would close roughly 60 of Homebase’s 249 stores, Reuters reported.

The Share Centre Ltd (TSC) will become the principal nominated broker for the transfer of client money and assets of part of collapsed broker Beaufort, administrators PwC said on Wednesday, Reuters reported. PwC are also in discussion with a second nominated broker for those clients previously managed by Beaufort Asset Clearing Services’ Welsh office in Colwyn Bay, it said in a statement. Britain’s Financial Conduct Authority placed Beaufort, a leading adviser to companies listed on London’s junior market, into insolvency in March. The U.S.

Sterling’s weakness is pushing the UK currency into “rarefied territory” against the euro, according to one analyst, as investors’ anxiety over a hard Brexit increases, the Financial Times reported. A further decline on Wednesday pushed the pound beyond the 90p level against the euro for the first time since October, when traders were becoming enthused at the prospect of the European Central Bank unwinding its stimulus. The value of the pound against the euro is typically seen as a good barometer of the unfolding Brexit negotiations, which are yet to produce a deal.

Norwegian drillship and rig operator Fred. Olsen Energy, owner of the yard that built the RMS Titanic, is considering a debt and equity restructuring that would almost wipe out the value of its current shares, the company said. With debt and liabilities of more than $840 million at the end of June, Fred. Olsen last month stopped paying its creditors to preserve liquidity, making it the latest victim of a slow recovery in the oil and gas exploration sector, Reuters reported.

Shares of Britain's Interserve Plc dropped as much as 9 percent on Tuesday, as the construction and services company posted a loss in the first-half hurt by higher costs, the International New York Times reported on a Reuters story. Interserve reported a loss before tax of 6 million pounds, for the six months ended June 30, compared to a profit before tax of 24.9 million pounds last year. Operating profit fell 30 percent to 40.1 million pounds in the latest half-year.

State-controlled Irish Bank Resolution Corporation (IBRC) has set up a Dutch company to manage the Russian real estate assets seized from bankrupt tycoon Seán Quinn, The Irish Times reported. Bergkamp Investments BV, whose main activities are listed as renting out real estate and preparing property assets for sale, has taken over managing a portfolio once valued at €500 million.

The story of Banco Popular, the Spanish bank which failed in June last year and was subsequently bought by Santander for just €1, is still unfolding, the Financial Times reported. The Single Resolution Board (SRB), a Brussels body set up in 2015 to deal with bank failure, on Monday released its third valuation report for the bank. It is not good news for the investors who saw their holdings wiped out last year. Around €2bn in the bank's junior liabilities (which included additional tier 1 and tier 2 debt) were written down by the SRB ahead of Santander's purchase.