Ghislaine Maxwell’s brother is scrambling to stave off bankruptcy over debts owed to a collapsed “Ponzi scheme,” The Telegraph reported. Kevin Maxwell has launched a last-ditch legal claim to prevent administrators of Fortress Capital Partners chasing him for almost £600,000. The British businessman applied to the High Court last week to dismiss an ultimatum from the insolvency experts overseeing the collapsed fund. He is threatened with bankruptcy if he fails to repay the money.
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The government will pursue "every option" to keep steel-making in South Yorkshire, an industry minister said after Speciality Steel UK went into insolvency last month, BBC.com reported. Sarah Jones said she "very much believes" that the steelworks have a future in South Yorkshire as well as the West Midlands. In a statement to the House of Commons, Jones said that the government "stands with" all those affected and that there would be no immediate changes to jobs.
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Britain’s borrowing costs have risen faster than any other G7 country in the wake of Sir Keir Starmer’s decision to reshuffle his team of economic advisers, The Telegraph reported. The yield on 30-year UK gilts – the return that investors demand from the Treasury to fund its debt – rose to a 27-year high of 5.64pc on Monday. The latest increase came after the Prime Minister appointed Darren Jones, who had been deputy to Rachel Reeves in the Treasury, as his Chief Secretary.
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The U.K. exchequer is chasing about £90m in unpaid taxes after a temporary staffing business was rescued from insolvency proceedings in an £18m deal that reimbursed private funders in full, The Guardian reported. The main assets of Challenge Recruitment Group, which counted Tesco, Sainsbury’s and Co-op among its top customers, were acquired from administration in July by the US website swipejobs, in what appears to be the second time the British staffing business has emerged from insolvency while owing tens of millions of pounds to the exchequer.
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One of the UK’s biggest suppliers of mobility aids has sold its product sales arm after collapsing into insolvency, PAMedia reported. Mobilitas Group has acquired the division from NRS Healthcare, also known as Nottingham Rehab, which collapsed after efforts to secure a buyer were unsuccessful. The acquisition will include a group of more than 13,000 products, from basic daily living aids to complex assistive technologies, as well as a team of specialist staff. A court appointed a liquidator to wind up NRS Healthcare earlier this month.
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After a year-long hiatus, a parliamentary group in the UK is working to bring cryptocurrency back to the forefront of the legislative process, DLNews reported. New co-chairs of the All-Party Parliamentary Group for Crypto and Digital Assets — Gurinder Singh Josan and Edward Vaizey — are urging lawmakers to establish clear rules of the road. Singh Josan, a Labour Party backbencher, warns that the government’s failure to pass meaningful legislation risks pushing businesses to more welcoming jurisdictions.
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Selling Thames Water to a Chinese-controlled company could give Beijing access to sensitive customer data, which might pose a risk to national security, a senior former intelligence officer has warned, The Times reported. Sir Simon Gass, who served as chairman of the government’s joint intelligence committee until two years ago, said that proposals to hand Thames Water over to the Hong Kong-based infrastructure firm CKI required “close scrutiny from a national security perspective”.
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