United Kingdom

Three subsidiaries of struggling Greek telecommunications company Wind Hellas have shifted their addresses and principal place of business to London from Luxembourg, in a move that could aid a potential debt restructuring, the company said Tuesday, Dow Jones Daily Bankruptcy Review reported. News of the relocation comes as Wind Hellas conducts a strategic review, which includes the potential sale of the business and a capital restructuring, after the company's performance continues to suffer in the wake of the Greek government's austerity measures.

Prepack administrations - a U.K. process in which a business on the brink of insolvency is sold on without liabilities, such as debt - could become a feature of the European commercial mortgage-backed securities market, a conference heard Thursday, Dow Jones Daily Bankruptcy Review reported. "I think you will see [CMBS deals] unwound quickly and cleanly through prepacks," Mark Nichol, CMBS analyst at Bank of AmericaMerrill Lynch, told a conference hosted by Fitch Ratings in London.

The number of U.K. companies collapsing has fallen to pre-credit-crisis levels as firms and lenders work to manage liabilities and the economic recovery shows signs of trickling through to businesses, according to a new survey from financial-services firm Deloitte published Monday, The Wall Street Journal reported. The firm's analysis, which examined all U.K. administration figures, showed that 510 companies went into administration in the second quarter of 2010, 18% fewer than in the first quarter of the year. Administration is a procedure under U.K.

Halliwells has filed a second notice of intention to appoint an administrator in a bid to buy more time to secure a sale of the firm without entering into administration, Legal Week reported. The notice was filed 7 July which will allow the firm until 20 July to conclude any potential deals with other firms. The notice will provide a moratorium on Halliwells' liabilities.

Harvey Norman Holdings Ltd is tipped to today seal its $55 million acquisition of electrical and whitegoods retailer Clive Peeters Ltd, which is in voluntary administration, Fairfax Media reported. Around $38 million of the purchase price, which will buy clearance centres and some warehouses as well as the retail stores, will be used to repay National Australia Bank Ltd, which is Clive Peeters' sole secured creditor. Unsecured creditors are expected to receive around 30 cents in the dollar, with total claims thought to be between $48.5 million and $70 million, according to Fairfax.

Britain's mountain of debt could leave the country powerless to launch another rescue bid in the wake of a fresh financial crisis, the world's central bankers warned Monday. Their "club" – the Bank of International Settlements – presented in its annual report a frightening picture of the impact of a second banking emergency on heavily indebted nations such as Britain, BusinessWeek reported on a story from The Independent.

Existing and former Halliwells partners may find themselves jointly liable for around £10m owed to the national firm's banks as it moves to thrash out a deal to transfer the business, Legal Week reported. Halliwells' banks collectively lent partners around £10m to fund capital contributions, which the law firm confirmed it is unable to pay back. Usually a law firm undertakes to pay the loan - which is taken out by partners and put into the firm on entering the equity - back to the bank on the partner's departure.

British accounting firm Vantis called in administrators FTI Consulting on Tuesday after attempts to reduce its debt levels failed, Reuters reported. Earlier in June, the company raised doubts about its ability to continue as a going concern due to lack of funds and its shares were temporarily suspended. It had previously said it was in talks with banks regarding a potential restructuring of its balance sheet to reduce debt. Vantis has been hit by the impact of the recession on its business advisory and tax division and a weaker-than-expected performance of its business recovery unit.

U.K law may prevent the Financial Services Authority from releasing detailed information on banks’ stress-tests without the lenders’ consent, Bloomberg reported. The U.K. banking supervisor can’t disclose confidential information “without the consent of the person from whom” the regulator obtained the information, according to the Financial Services and Markets Act, which was enacted 10 years ago. EU leaders agreed this month to disclose how banks perform in European stress tests, seeking to show investors that the financial system can withstand shocks.

Halliwells has moved to appoint an administrator as the firm looks to secure a takeover by Hill Dickinson to transfer the bulk of its business and assets, Legal Week reported. Halliwells this week filed for court approval to appoint an administrator. This process triggered a moratorium on Halliwells' liabilities and is expected to provide a window to negotiate the future of the business, which the firm asserts is fundamentally strong on an operating basis. The expectation is that Halliwells will ultimately be dissolved after the transfer of assets.