Friday, 15 April 2011

Insolvency news abounds in the press - Gazza, rubies, Toni Braxton, and more!

There has been a recent glut of insolvency related news in the press. We have to start with the fabled Wrekin ruby (pictured - the watch in the picture is probably worth more if it is on an IP!). The BBC is [belatedly] reporting that the ruby has been sold for a mere £8,000. This is somewhat short of the £11,000,000 valuation that caused Wrekin Construction's creditors' eyes to swell. This is old news though! Come on Aunty pull your finger out! At least the video accompanying the piece is of note. Elsewhere, Porsche dealers and watch sellers located around PWC's offices have very wide eyes as news reaches them that PWC have charged fees of £322 million, according to the Guardian. Whilst the figure may seem fantastic, one has to keep in mind the complexity of the work and the amount of realisations. The Guardian is also reporting that there is a rise in distressed companies. Fortunately for these companies The Grocer is reporting that CVAs are enjoying an upsurge in use. For an excellent recent piece of empirical work on CVAs see Professor Walters and Dr Frisby's work here. If all of the above is not enough, do check out Toni Braxton's explanation of how bankruptcy has affected her state side. Finally, Gazza's bankruptcy petition has been adjourned.He apparently owes HMRC £32,000.

Picture Credit: http://www.shropshirestar.com/wp-content/uploads/2010/02/Wrekin-ruby1.jpg

2 comments:

Anonymous said...

If you looked at the article on BBC News properly you would have seen that the report was published in February 2010 and has not been re-published by Aunty.

It appeared in the "Most Popular" category in past days, presumably as part of a "Google Bomb". The real question is why was it trending on the most popular list?

John Tribe, KPMG Lecturer in Restructuring, Kingston Law School, Kingston University, Surrey, UK said...

Dear Anonymous
Thanks for your contribution and critical evaluation. Any thoughts on the 'bomb' that you describe and why the article might be trending again?
Regards
John

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