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United Kingdom
Financial markets remain vulnerable to a sharp correction, the Bank of England warned Wednesday as a twice-yearly survey found that geopolitical developments are seen as the greatest threat to stability, the Wall Street Journal reported. The BOE’s Financial Policy Committe has repeatedly warned that valuations of many financial assets, particularly equities, are “stretched” and could fall sharply in response to economic or geopolitical shocks.
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Cinema chain operator Cineworld's restructuring plan was approved by London's High Court on Monday, despite opposition from two landlords, Reuters reported. Cineworld, whose brands include Regal, Cinema City, Picturehouse and Planet, set out a plan in July to restore to profitability, including addressing its lease portfolio and rental terms with landlords in Britain. Like other operators, Cineworld, which operates in 10 countries with 9,189 screens, was hit hard by the COVID-19 pandemic, when many movie releases were postponed or went directly to streaming platforms.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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This content is reserved for Global Insolvency Members or members of the American Bankruptcy Institute. Create an account now to gain access. Enjoy free membership for a limited time.
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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.
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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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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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