Debt-riddled Parmalat will be able to claim as much as £5.2bn from banks
following a constitutional court ruling in its favour.
Parmalat launched suits against banks it claimed had been aware it was in a
poor financial state, yet kept earning money through commissions.
Under Italian law a company can claw back money from banks, if they knew the
company was financially weak, before going bankrupt.
As many as 20 banks led by Monte dei Paschi di Siena BMPS and included HBSC
questioned the legitimacy of applying the so-called claw back rule because it
came into effect after Parmalat’s demise.
Parmalat was placed under emergency administration after it was swamped in
?14bn of undisclosed debt in December 2003, but was not actually declared
The second largest improvement in ‘significant’ levels of financial distress since the EU Referendum was in professional services, found research from Begbies Traynor
Steve Absolom and Will Wright from KPMG Restructuring have been appointed joint administrators to City Motor Holdings and associated companies
Partners from Johnston Carmichael have been appointed as joint administrators to Axon Well Interventions Products UK
Begbies Traynor have been appointed administrators of William Anelay Ltd, York, one of Britain’s longest-established construction and heritage restoration companies