News Highlights
AEK Athens football club preparing for liquidation
AEK Athens, one of the most illustrious football clubs in Greece, is preparing itself for liquidation after the club’s shareholders elected a new three-man board of directors tasked with initiating the process later this year. According to ekathimerini , the new board will seek to appoint administrators at the next shareholder meeting on June 7, with a view to liquidating the company and restarting in time for the 2013/14 football season. The club has been struggling financially for some time now,... read full article
Late payments threatening European firms
Hundreds of small businesses across the European Union may be forced into insolvency over the next few years, after it was revealed that companies throughout the economic bloc lost more than €350billion through late or non-payments last year. According to the Budapest Business Journal , the late or non-payment of bills by companies is now thought to be one of the major threats to economic recovery in Europe, with the amount of money lost directly because of this issue increasing by around 7% from the... read full article
Irish Sunday Business Post granted more time
The Sunday Business Post , one of Ireland’s largest business-only weekly newspapers, has been granted more time to formulate a restructuring plan by the High Court this week, paving the way for much-needed investment. According to the Irish Independent , the court has officially extended the usual examinership period to the maximum of 100 days, keeping the company’s creditors at bay whilst the finishing touches to a comprehensive restructuring plan can be put in place. Cost saving measures of around... read full article
Atmosphere Bars & Clubs falls into administration
The UK-based Atmosphere Bars & Clubs chain has fallen into administration this week, calling into question the safety of around 500 jobs. According to Insolvency News , the decision to appoint accountancy firm Deloitte to handle the management of the company was made after it succumbed to severe cash flow issues, sparked by consecutive annual losses. The group has announced pre-tax losses totalling more than £9million since 2011, with its 24 UK clubs and bars failing to compete against what has been... read full article
Vodka seller CEDC's bankruptcy plan receives court approval
Struggling Polish vodka producer Central European Distribution Corporation (CEDC) has taken the next step towards resolving its financial situation, after a US bankruptcy court approved a comprehensive restructuring plan. According to the Warsaw Business Journal , Russian billionaire Roustam Tariko will take control of the company from May 31, in a $277million (€215million) deal that will see the entrepreneur take ownership of all the company’s newly issued stock. CEDC will now form an alliance with... read full article
Featured Articles
Richard Turton Award 2013
The 2013 competition is now open to applicants for the Richard Turton Award. For full details on how to enter and how the successful applicant will benefit, please click here. Entries need to be sent in by the 1st July. ...
Richard Turton Award 2012
The Committee is delighted to announce that the winner of the Richard Turton Award 2012 is Edvins Draba from Latvia. Edvins currently works for Bunkus Law Firm as anassociate. He gained his Master’s degree in Law at the University of Latvia, Faculty of Law. Edvins is highly involved in the activities of the Association of Latvian Certified Insolvency Proceedings Administrators and has also contributed ...
Supreme Court Debate Report
EUROPEAN INSOLVENCY REGULATIONS SUPREME COURT DEBATESupreme Court Westminster, London on 6 July 2012This is a relatively detailed report on the essential matters debated at an event organised by INSOL Europe held in the Supreme Court on 6 July 2012. The event was to reflect the issuance and publication by INSOL Europe of its recent report entitled “Revision of the European Insolvency Regulation: ...