Titanic Shipyard Owner Appoints Administrators From Teneo

The owner of the shipping yard that built the Titanic has appointed administrators from financial advisory firm Teneo, after collapsing for the second time in five years, Bloomberg News reported. Harland & Wolff Group Holdings Plc confirmed the decision to go into administration — a form of insolvency in the UK — after warning last week that it was inevitable. The move applies to the holding company, which said some of the 66 people it employs will lose their jobs.
United Kingdom
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Proper Group — Formerly Utopia Music — ‘Disappointed’ by Swiss Bankruptcy Proceeding

Proper Music Group, the Swiss company formerly known as Utopia Music, has been hit with bankruptcy proceedings in Swiss court after the group failed to attend a court hearing related to a debt of 23,000 Swiss Francs ($27,360), Digital Music News reported. The provisional announcement of bankruptcy was filed on Tuesday, September 24. “We are disappointed that bankruptcy proceedings have been triggered.
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German Finance Minister Tells Italy of His Concerns on UniCredit Move

Germany's finance minister has conveyed to Italy's Treasury his concerns about any takeover of Commerzbank by Italian lender UniCredit, two people familiar with the matter said, as Berlin looks to halt a hostile deal, Reuters reported. Christian Lindner outlined his position to the Treasury — Italy's economy and finance ministry, led by Giancarlo Giorgetti — in tandem with German Chancellor Olaf Scholz's public criticism this week of UniCredit's move to become the biggest investor in its German rival.
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U.K. Council Votes for Public Inquiry into Bankruptcy

Councillors have voted in favour of calling for a public inquiry into how a local authority amassed £1.5bn in debt, the BBC reported. The motion brought to Thurrock Council, in Essex, passed almost unanimously and was backed by Labour and most Conservatives on Thursday evening. A previous inquiry request was rejected by the Conservative government in April, despite votes from 1,500 residents to call one. Labour council leader John Kent said the government had been "oblivious" to the borrowing Thurrock was making.
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Outer House Declares Scottish Administration for Insolvent Luxembourg Company Ancillary to Native Bankruptcy Procedure

Stuart Preston and Julie Tait, the joint administrators of Signal Real Estate Opportunities Investco IX SARL, have applied to the Outer House for directions under Schedule B1 of the Insolvency Act 1986, Scottish Legal reported. While it was noted that concurrent insolvency proceedings in two jurisdictions were not uncommon, confusion arose as to the effect of the Luxembourg procedure in light of a potential co-operation agreement drafted by the noters and the receiver in bankruptcy. The note was considered by Lord Sandison, with DM Thomson KC and Boffey, advocate, appearing for the noters.
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