Isle of Man

A deemster has criticised the island’s ‘archaic and confusing’ insolvency laws, Isle of Man Today reported. Deemster Alan Gough made the comments as he delivered judgment in the case of a company owned by a Nigerian oil tycoon whose high profile divorce case made headlines worldwide.

The Securities Commission says there may be more legal action against four Lombard Finance and Investments directors, including former National Party cabinet minister Sir Douglas Graham, Radio New Zealand reported. Sir Douglas and the other directors, former Labour Party cabinet minister, Bill Jeffries, Michael Reeves, and Lawrence Bryant face penalties of up to $500,000 each for allegedly misleading investors. The civil action by the Securities Commission comes two years after Lombard Finance was placed into receivership, owing $127 million to about 4400 investors.

Canwest Global Communications Corp. will make changes to the way the court-supervised sale of its newspapers and online businesses will work, a company spokesman said Monday. A committee of noteholders had complained the bidding process for Canwest LP, which holds the big city dailies like the Ottawa Citizen and the Montreal Gazette, was not robust enough, the Canadian Press reported. Canwest spokesman John Douglas said the company worked with the group and a mutual agreement has been reached.

Hundreds of creditors are lining up to be paid by CanWest GlobalCommunications Corp., as the company attempts to restructure, ranging from a small karate studio in Toronto owed about $25 to some of Hollywood's most powerful television producers that may be owed millions, The Globe and Mail reported. CanWest, which filed for protection under the Companies' Creditors Arrangement Act, is trying to restructure its debt, which reached close to $4-billion this year. The list of parties the company owes money to was released in a 50-page spreadsheet that details how diverse those debts are.

American International Group Inc. is close to selling its Japanese headquarters for about $1 billion, in a deal that would mark one of the largest divestitures the insurance company has made to pay off its government debt, people familiar with the matter said. At least two suitors have been vying for the property, but the expected buyer is a Japanese insurance company, The Wall Street Journal reported. AIG owes the U.S. government about $45 billion as part of a rescue package that could total as much as $173.3 billion.

German men's clothing retailer Pohland has filed for insolvency after its banks cancelled outstanding credit lines, the company said on Tuesday. The company added four outlets last year, adding costs just as the global economic crisis deepened. The business will continue operating while its management works on a restructuring plan. The company, founded in 1958, generated sales of €44.5 million ($56.28 million) last year. It has 12 outlets with 343 employees. Last month, owner Aurelius said Pohland's financing was no longer secured after sales had dropped in recent months.

Wholesaler H. E. Richards has been placed into receivership, iomtoday.com reported. KPMG has been appointed as the receiver. H.E. Richards of Hills Meadow Industrial Estate, Douglas, employs a total of 28 staff, full and part time. KPMG is following up expressions of interest in the firm. KPMG's Mike Fayle said staff were sent home, but had not been formally laid off.