News Highlights
Swiss machinery firms failures rise
The amount of insolvencies amongst Swiss machine makers rose by 35% last year, as the strong Swiss Franc stifled demand in their key European markets, according to a survey published by Credita AG . Around 80% of machinery produced in Switzerland is exported, and two-thirds of that export figure goes to the eurozone. However, start-up businesses specialising in machine manufacturing did rise by a modest 1.9% over the last twelve months, signalling that there is still faith in the Swiss machine making... read full article
Pininfarina family to lose control in debt restructuring
The Italian Pininfarina family are to lose control of their legendary car design company, as lengthy debt restructuring talks draw to a close, reports La Repubblica . Pininfarina, designer of countless dream cars for the likes of Ferrari and other exotic brands, posted a €6.9 million loss in the first nine months of 2011 after closing its manufacturing operation to concentrate solely on becoming a niche car designer. An agreement with banks such as Intesa Sanpaolo, UniCredit and Mediobanca to restructure... read full article
Infineon faces €1.7 billion claim from insolvent Qimonda
The administrator of insolvent German chip maker Qimonda is requesting a staggering €1.7 billion from its former parent company Infineon, claiming that Qimonda paid Infineon for a business that was in negative value, according to Global Insolvency . Qimonda gave Infineon new shares in 2006 in exchange for Infineon’s memory business, a deal which is now under close scrutiny in an ongoing lawsuit brought by the administrator. Infineon has cited the administrator as saying the memory business “was not only... read full article
BNP Paribas profit hit by Greek woes
France’s biggest bank, BNP Paribas, has reported a sharp drop in its fourth quarter net profit that it attributes to its exposure to the Greek financial crisis, reports France 24 . The bank states that its profits were affected by write-downs on its Greek bonds, as well as restructuring costs, and believes that such difficulties will impact its earnings further in 2012. The bank’s net profit fell by 22% to €6.05 billion after it set aside €3.20 billion to cover their exposure to Greek debt. It also... read full article
Glasgow Rangers enter administration
Famous Scottish football club Glasgow Rangers has entered administration as it continues its dispute with the British tax authorities, reports The Telegraph . Rangers is one of the best supported football clubs in Britain, and the biggest side in the UK to suffer a setback of this nature, sounding alarm bells for smaller clubs throughout the country and beyond. The club announced on Monday that it was preparing for administration, but the tax authorities hastened the move when they took court action on... read full article
Featured Articles
Winner's article for the Richard Turton Award 2011
Ieva Baranauskaite from Lithuania is the winner of the Richard Turton Award 2011. She gained her Master's degree in Law at Vilnius University Law Faculty and went on to gain a Bachelor degree in Law and Business from Middlesex University Business School in the UK. Ieva currently works at Swedbank Leasing Lt as an initiator of bankruptcy proceedings. She aspires to undertake a PhD doctoral ...
INSOL International Report 2011
INSOL International Member Association Report 2011 ...
1981 - 2011 Thirty Year Anniversary of INSOL Europe : Your Memories
The world of insolvency was a different place entirely in 1981. As we celebrate 30 years of INSOL Europe, it is a chance to look back as well as forwards. What changes have brought us to where we are today? Whether they're well-known or a personal anecdote, we would love to hear your views on your past experience in the insolvency profession. Your answers will be collated and ...