Search results
Results From The WOW.Com Content Network
Administration in United Kingdom law is the main kind of procedure in UK insolvency law when a company is unable to pay its debts. The management of the company is usually replaced by an insolvency practitioner whose statutory duty is to rescue the company, save the business, or get the best result possible.
In UK law, the administration regime is governed by the Insolvency Act 1986, as amended by the Enterprise Act 2002. An "administrator" can be appointed without petitioning the court by the holder of a floating charge (created since 15 September 2003), by the company or by its directors.
[3] [4] Despite the fact that local authorities in the United Kingdom cannot go bankrupt, [5] issuing a section 114 notice is often described in the media as a council effectively declaring bankruptcy. Most councils under a section 114 notice will then pass a new budget to introduce cuts and reduce spending. [5]
In addition, the investment bank Lehman Brothers filed for Chapter 11 bankruptcy protection in September 2008, citing bank debt of $613 billion and $155 billion in bond debt. The solvency of other U.S. banks was severely threatened, forcing the George W. Bush government to intervene with the $700 billion bailout plan of the Troubled Asset ...
One industry report predicted that 1 in 10 UK print publications would cut its frequency of publication in half, go online only or shut in 2009. [ 41 ] A 2023 Department for Culture, Media and Sport committee report revealed that over 300 local newspaper titles closed between 2009 and 2019, and that those who remain are having to compete with ...
In March 2021, Interjet has officially requested to file for bankruptcy by the end in order to receive investment funds and resources. [49] On 18 November 2020, Norwegian Air Shuttle announced that it would file for examinership in Ireland. [50] On 3 September 2021, Philippine Airlines filed for Chapter 11 bankruptcy protection in a U.S. court ...
Barclays plc (/ ˈ b ɑːr k l i z /, occasionally /-l eɪ z /) is a British multinational universal bank, headquartered in London, England.Barclays operates as two divisions, Barclays UK and Barclays International, supported by a service company, Barclays Execution Services.
Nick Leeson was born in Watford, Hertfordshire, to working-class parents on a council estate.His father was a self-employed plasterer, his mother a nurse. He attended Parmiter's School in nearby Garston.