ADMINISTRATORS FROM ZOLFO COOPER have been lined up to implement a pre-pack sale at fashion retailer Jane Norman.
In a pre-pack, administrators market a company before it enters administration then sell it immediately after.
Earlier this year, PwC was hired by a consortium of 15 banks to find a buyer for the retailer without success. A source has claimed Zolfo Cooper insolvency practitioners are likely to take up an appointment and arrange a pre-pack sale, The Guardian reports.
PwC was forced to close 90 of the retailer’s stores this weekend which, including concessions at Debenhams, has about 200 outlets.
It is reported that Debenhams and Edinburgh Woolen Mill are potential buyers.
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
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