Only days after Dawnay
Day appointed Ernst & Young to restructure its portfolio, creditors have
Stoy Hayward partners as receivers to almost half the finance house’s
£2bn-plus portfolio of assets.
As credit conditions deteriorated further, the lenders made the move late
yesterday and seized almost £1bn of assets, which include much of Dawnay Day’s
privately held property portfolio, as collateral, The Daily Telegraph
BDO restructuring partners Shay Bannon, Toby Underwood and Mark Shaw have
been appointed joint administrative receivers for Starlight Investment and
Insureprofit. The creditors are understood to want an orderly sale of assets to
recover their loans.
About half of the company remains under the control of founders Guy Naggar
and Peter Klimt, but the lenders are said to be prepared to pursue them if their
funds cannot be recovered.
Does Darwin's theory apply to taxation? Colin ponders...
The EC has been instructed to draft a European Union (EU) directive authorising an EU financial transaction tax, which would apply to ten of the EU’s 28 member states
Accountancy watchdog the FRC has dropped its investigation into the former chief financial officer of Tesco, nearly two years after the supermarket was engulfed in an accounting scandal
Colin imagines how Apple's logo might change in the wake of the EC's ruling over its Irish tax arrangements