BusinessBusiness RecoveryEnterprise Act gets first test

Enterprise Act gets first test

Simon Bower, John Whitfield and Charles Escott of RSM Robson Rhodes were among the first insolvency practitioners to take on a case under the new Enterprise Act. The partners were appointed administrative receivers to MAL Holdings, the parent company for Mayflower Aerospace.

According to Bower, the design manufacture solutions provider group was put into receivership because the board’s attempts to restructure it failed.

Ernst & Young partners Alan Bloom, Mike Rollings and Shagun Dubey, administrators for Cenargo, have finalised plans for the shipping company’s restructuring. The plan will see Cenargo re-emerge with a ‘reduced debt load’ trading under the name Norse Merchant. The main creditors, First Priority Ship Mortgage Notes, will convert their £110m debt into Norse Merchant Equity. The company went into administration on 7 February, and into Chapter 11 bankruptcy protection in New York, but the US proceedings remain suspended.

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