A London law firm has lodged a bid to wind up non-league Southend United, BBC.com reported. Stewarts Law's winding-up petition has been published on an official public record. A judge in the Insolvency and Companies Court in London is due consider its claim on 17 April. Stewarts' petition has appeared on The Gazette website - an official public record. A notice says the law firm has taken action under the 1986 Insolvency Act and is "claiming to be a creditor" of Southend United Football Club Ltd.
Read more
A consortium aiming to take control of non-league Southend United has warned the club could be embroiled in another court fight, BBC.com reported. The buyers said that a creditor was petitioning for the club to be wound up and a further court hearing was "likely". In a statement, the group of investors also said the takeover had taken "longer than any party expected". The club had debts which previously reached £2.5m, but the proposed sale to Australian businessman Justin Rees and other investors was announced in October.
Read more
Britain's financial regulators on Wednesday launched a public consultation on their new "sandbox" for trading digital securities in "real world situations" to keep up with rapid advances in technology, Reuters reported. A "sandbox" allows the testing of new services in the market with real customers, but within a controlled regulatory environment.
Read more
The owners of Thames Water will reportedly start urgent restructuring talks in the coming days as the embattled firm’s parent company Kemble risks entering insolvency within weeks unless lenders agree to a debt-for-equity deal, City A.M. reported. Restructuring experts Alvarez & Marsal will discuss all options with creditors, including bank lenders and bondholders, the Financial Times reported.
Read more
Emergency financial help is now needed to avoid effective bankruptcy, leaders at Middlesbrough Council have been told, msn.com reported. In a stark warning to the Executive, a report said a request for exceptional financial support must be made to the Government this month. If they choose not to approve the move at a meeting next week, or a financial life raft is insufficient, a section 114 notice will be issued. All councils are legally required to ensure the budget is balanced by March, and expenditure is not more than income.
Phil Vickery, who won the Rugby World Cup with England in 2003, has reportedly been declared bankrupt with huge debts, the Mirror reported. Former Prop Vickery played in all seven games in Australia as England lifted their only William Webb Ellis Trophy in their history. After coming through the ranks at Gloucester, Vickery joined Wasps in 2006. He enjoyed a highly-successful time with the now defunct team, winning the Heineken Cup in 2007 and the Premiership in 2008.
The U.K. economy sank into a recession in the final six months of 2023, marking it out as one of the weakest performers among developed nations, hit by high inflation and interest rates that stifled household spending, official data confirmed Thursday, the Wall Street Journal reported. U.K. gross domestic product shrank 0.3% between October and December, matching prior data from the Office for National Statistics published in February.
The collapse of Baltimore's Francis Scott Key Bridge is likely to lead to a multi-billion dollar insurance loss, the chairperson of commercial insurance market Lloyd's of London said on Thursday, Reuters reported. The massive Singapore-flagged container ship Dali sailing out of Baltimore Harbor bound for Sri Lanka reported losing power and the ability to maneuver before plowing into a support pylon of the bridge on Tuesday.
Rishi Sunak has denied there is a “crisis” in local government funding despite warnings that well-run councils are on the brink of bankruptcy and local services at risk without more support, The Guardian reported. The prime minister admitted that councils faced “challenges,” in particular with inflation, which has significantly outpaced recent cash injections, at the cross-party liaison committee.
Newcastle United football club co-owner Amanda Staveley on Monday lost a London High Court battle with a Greek shipping tycoon over a historic debt of nearly 3.5 million pounds ($4.4 million), ThePrint reported. Staveley, who owns 10% of the Premier League side with her husband, denied she was liable to Victor Restis for a sum that had snowballed with interest to over 36 million pounds. The total bill had included around 31 million pounds in interest, accruing at 505,000 pounds per day.