Archive for the 'administration' Category
Portsmouth FC to enter administration
Portsmouth Football Club is to enter administration today as the Premier League side struggles under a mountain of debt totalling £60 million – including more than £12 million owed in tax to HM Revenue and Customs.
The club has failed to attract a buyer and the process of administration means it will immediately be docked nine [...]
Ethel Austin fails to attract buyer, 1,000 lose their jobs
Fashion retailer Ethel Austin has been forced to close its doors after failing to attract a buyer.
Earlier this month, the Liverpool-based discount clothing retailer, together with its sister company Au Naturale, entered administration for the second time in two years.
The group was bought out of administration in 2008 by Elaine McPherson – former chief [...]
Growth too slow to halt record company administrations
Having studied the latest figures from the Insolvency Service, Grant Thornton is predicting a glut of company failures in England and Wales during 2010.
Last year saw a record 4,161 companies placed in administration (up 1.7% on 2008) and the accountancy firm warns: “There is no light at the end of the tunnel for troubled companies [...]
Ethel Austin enters administration for second time in two years
Discount clothing retailer Ethel Austin has entered administration for the second time in two years.
The Liverpool-based retailer, which has 300 stores, will trade as normal while administrators MCR seek a new buyer.
However, MCR could not rule out closures or job losses since there were “no guarantees” that a buyer could be sought in the [...]