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.

Related Articles

EY hired by Carillion to review finances

Accounting Firms EY hired by Carillion to review finances

2m Alia Shoaib, Reporter
Using insolvency as a debt recovery tool

Business Recovery Using insolvency as a debt recovery tool

3m Emma Smith, Managing Editor
UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

Business Recovery UK government should support mid-sized businesses to create a ‘new economy’ post-Brexit, says BDO report

5m Alia Shoaib, Reporter
Manor Racing Formula One team company enters administration

Business Recovery Manor Racing Formula One team company enters administration

9m Stephanie Wix, Writer
Oil and gas sector insolvencies hit “new high”

Accounting Firms Oil and gas sector insolvencies hit “new high”

9m Stephanie Wix, Writer
Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

Business Recovery Over 800 jobs saved as Endless LLP acquires Jones Bootmaker

6m Emma Smith, Managing Editor
FRP Advisory expands operation with new office, partner appointments

Accounting Firms FRP Advisory expands operation with new office, partner appointments

7m Emma Smith, Managing Editor
Business confidence drops to second lowest level since 2011

Business Recovery Business confidence drops to second lowest level since 2011

8m Stephanie Wix, Writer