British Steel, the country’s second largest steel producer has entered into compulsory liquidation, said British government’s Insolvency Service in a press release on Wednesday.
It said that the High Court ordered British Steel into compulsory liquidation the same day, and the Official Receiver was appointed as liquidator.
“The immediate priority following my appointment as liquidator of British Steel is to continue safe operation of the site,” said the Official Receiver in a statement.
EY has been appointed as special manager by the Official Receiver.
“The company in liquidation is continuing to trade and supply its customers while I consider options for the business,” the Official Receiver said, “Staff have been paid and will continue to be employed.”
The company had reportedly been seeking emergency funds of 30 million pounds (about 38 million U.S. dollars) from the government, blaming “Brexit-related issues” for its difficulties.
The company’s collapse would put its 5,000 employees directly and 20,000 more in the supply chain at risk, local media reported.
Business Secretary Greg Clark called it a “deeply worrying time” for employees and local communities in a statement on British Steel Wednesday.
However, he noted, “The government can only act within the law, which requires any financial support to a steel company to be on a commercial basis. I have been advised that it would be unlawful to provide a guarantee or loan on the terms of any proposals that the company or any other party has made.”
“In the days and weeks ahead, I will be working with the Official Receiver and a British Steel support group of management, trade unions, companies in the supply chain and local communities, to pursue remorselessly every possible step to secure the future of the valuable operations in sites at Scunthorpe, Skinningrove and on Teesside,” he added.
The government admitted that it has already provided the company with a 120 million pounds (152 million dollars) bridging facility to enable it to meet its emissions trading compliance costs.
In 2016, Private equity group Greybull Capital purchased the company from Tata Steel for a nominal 1 pound (1.27 dollars) during the depths of the steel crisis.
Allens advises on Ravenhall Prison Project refinancing
/1 Comment/in Advisory /by News DeskAllens has advised The GEO Consortium on their successful refinancing of the Ravenhall Prison Public-Private Partnership (PPP), by way of a long-term US Private Placement.
The Ravenhall Prison Project was designed and built and is being maintained and operated by the GEO Consortium under a public private partnership arrangement involving The GEO Group Australia, Capella Capital, GEO Care, Honeywell, John Holland and Forensicare, among others.
Allens has advised the GEO Consortium throughout the lifecycle of the Project, since the original bid for the development of the asset in 2013.
Work on the original transaction saw Allens recognised at the 2014 and 2018 Infrastructure Partnerships Australia Awards, winning the ‘Advisory Excellence’ and ‘Project of the Year’ categories, respectively.
‘While the transaction continues a trend for operating PPP projects accessing the US private placement market for longer term debt funding, it’s the first custodial prison in Australia to access that market,’ said Partner and Head of Project Finance, Michael Ryan.
‘The Ravenhall Prison Project is a great example of our team’s ability to service our clients as their needs evolve over the entire life of a project,’ added Partner and Head of Infrastructure, David Donnelly.
‘We’ve been there from Day 1 – through the bid, construction and commissioning phases and now as the project transitions to steady a state of operation with an accompanying long-term debt solution,’ David concluded.
Britain’s 2nd biggest steel maker enters insolvency
/1 Comment/in Business /by News DeskBritish Steel, the country’s second largest steel producer has entered into compulsory liquidation, said British government’s Insolvency Service in a press release on Wednesday.
It said that the High Court ordered British Steel into compulsory liquidation the same day, and the Official Receiver was appointed as liquidator.
“The immediate priority following my appointment as liquidator of British Steel is to continue safe operation of the site,” said the Official Receiver in a statement.
EY has been appointed as special manager by the Official Receiver.
“The company in liquidation is continuing to trade and supply its customers while I consider options for the business,” the Official Receiver said, “Staff have been paid and will continue to be employed.”
The company had reportedly been seeking emergency funds of 30 million pounds (about 38 million U.S. dollars) from the government, blaming “Brexit-related issues” for its difficulties.
The company’s collapse would put its 5,000 employees directly and 20,000 more in the supply chain at risk, local media reported.
Business Secretary Greg Clark called it a “deeply worrying time” for employees and local communities in a statement on British Steel Wednesday.
However, he noted, “The government can only act within the law, which requires any financial support to a steel company to be on a commercial basis. I have been advised that it would be unlawful to provide a guarantee or loan on the terms of any proposals that the company or any other party has made.”
“In the days and weeks ahead, I will be working with the Official Receiver and a British Steel support group of management, trade unions, companies in the supply chain and local communities, to pursue remorselessly every possible step to secure the future of the valuable operations in sites at Scunthorpe, Skinningrove and on Teesside,” he added.
The government admitted that it has already provided the company with a 120 million pounds (152 million dollars) bridging facility to enable it to meet its emissions trading compliance costs.
In 2016, Private equity group Greybull Capital purchased the company from Tata Steel for a nominal 1 pound (1.27 dollars) during the depths of the steel crisis.
Michalis Economides continues partnership with global network
/1 Comment/in Member News /by News DeskWe are honored to have Chambersfield Economides Kranos’ CEO, Michalis Economides, on board as our exclusively recommended Full Service Law expert in Cyprus.
Michalis Economides said: “As a law firm we feel very proud and excited for the recognition of our law firm’s accomplishments. Our law firm will continue to focus on providing individuals and corporate entities with tailor made solutions and strategies, with the aim of identifying potential risks.”
Chambersfield Economides Kranos deals with all practice areas regarding all multi-jurisdictional issues, with the aim of consistently exceeding customers’ expectations. The law firm is present in more than 9 countries and provides fiduciary and corporate services in more than 21 countries globally.
Furthermore, Chambersfield Economides Kranos via its subsidiary firm GFA TRUST provides a full spectrum of Corporate and Commercial Services such as Company Formation, Administration, Nominee – Fiduciary, Re – Domiciliation, Mergers & Acquisitions, Escrow, Opening of Bank Accounts, Incorporation of Foundations, Formation of Funds, Dealing with Contracts, Commercial Dispute Resolution, Commercial Negotiations, Settlement Agreements, and many other complex Legal and Business issues.
If you would like to find out more information, please visit https://eklawyers.com/
GVZH Advocates appoints new Partners
/1 Comment/in Appointments /by News DeskDr Luca Vella and Dr Kurt Hyzler have been admitted as Partners of GVZH Advocates within the firm’s Corporate, Mergers and Acquisitions, Capital Markets, Banking and Finance and Financial Services Industry practice groups.
Luca Vella’s practice focuses primarily around corporate and commercial law, mergers and acquisitions and capital markets, and he has been involved in advising and structuring of numerous bond issues that have been brought to the market by various issuers over the past years. Kurt Hyzler handles mergers and acquisitions, banking and finance transactions and advises a wide spectrum of operators in the financial services industry in Malta. Both Luca and Kurt hold a Masters degree from the University of London.
Commenting on this development within the firm, Dr Andrew J Zammit, Managing Partner of GVZH Advocates said: “These new promotions reflect the firm’s commitment towards a transparent and merit-based career path for professionals that apply themselves to become recognised as leaders in their respective fields. The firm has undergone significant reorganisation initiatives aimed at creating clusters of technical expertise without obstructing clear communication lines across practice groups, and the absorption of new partners within this new organisation structure is meaningful in continuing to drive forward with the implementation of these changes. The addition of Luca and Kurt to the partnership, with their collective energy and enthusiasm, is a welcome development which recognises the tremendous value that they have added to the firm and its clients over the years, enabling them to take a more active role in leading and developing their teams further to support the firm’s exponential growth over the past years.”
About GVZH Advocates
GVZH Advocates is a leading law firm composed of top-tier professionals and firmly established in the Maltese legal landscape, built on the values of acumen, integrity and clarity. The firm is composed of 36 legal, tax, compliance and accounting professionals and 20 support staff, and also incorporates GVZH Trustees Limited, a company licensed by the MFSA to act as trustee and co-trustee, and as administrator of private foundations.
The lawyers within the firm handle a wide range of technical research projects, transactions and disputes – varying in size and complexity – servicing clients which include local family-owned businesses, listed multi-national companies doing business in Malta, and global law firms seeking expertise on points of Maltese law.
If you would like to get more information, please visit https://www.gvzh.com.mt/
BDO USA expands Advisory Practice with addition of AC Lordi
/1 Comment/in Expansion /by News DeskBDO USA LLP, one of the nations leading accounting and advisory firms, today announced the expansion of its Philadelphia practice through the addition of 100 professionals from Philadelphia area-based management consulting firm AC Lordi. The addition enhances BDOs advisory offerings and strengthens BDOs local foothold in the Philadelphia region.
Founded in 2001, AC Lordi specialises in accounting, risk and compliance, business advisory and CFO services. The firms practice areas include SEC reporting, technical accounting, internal and IT audit, SOX compliance and finance transformation, among others. The firm has performed work throughout the U.S. and in more than twenty countries for a broad range of clients, from emerging private equity-sponsored companies to multinational organisations across most major industries.
BDO and AC Lordi are united in our commitment to providing exceptional client service and a holistic, solutions-oriented approach to complex business problems, said Jay Duke, national managing partner of Advisory Services at BDO USA. This expansion builds on our advisory capabilities in the Philadelphia market with an infusion of top-notch local talent and deep industry experience.
Subject to customary closing conditions, the combination of BDO and AC Lordi will be effective June 1, 2019. Upon completion of the transaction, AC Lordi CEO Frank Lordi along with the firms six other principals will become BDO partners.
We are thrilled to combine forces with BDO and increase the breadth and depth of services we can offer to our clients, said Lordi. As part of such a high-caliber advisory practice, we can take advantage of BDOs resources and relationships nationally and around the world. In turn, our team will deepen BDOs management consulting and regulatory compliance credentials in addition to strengthening its presence in the mid-Atlantic region. We are stronger together than apart.
BDO Facts:
About BDO USA
BDO is the brand name for BDO USA LLP, a U.S. professional services firm providing assurance, tax, and advisory services to a wide range of publicly traded and privately held companies. For more than 100 years, BDO has provided quality service through the active involvement of experienced and committed professionals. The firm serves clients through more than 60 offices and over 650 independent alliance firm locations nationwide. As an independent Member Firm of BDO International Limited, BDO serves multi-national clients through a global network of more than 80,000 people working out of 1,590 offices across 162 countries.
BDO USA LLP, a Delaware limited liability partnership, is the U.S. member of BDO International Limited, a UK company limited by guarantee, and forms part of the international BDO network of independent member firms. BDO is the brand name for the BDO network and for each of the BDO Member Firms.
Rima Mrad Recognised in List of Top 50 Influential Women
/1 Comment/in Member News /by News DeskBSA Partner Rima Mrad, was recognised as one of the 50 most influential women in Middle East Finance by Financial News.
Rima was singled out due to her expansive client list and her experience across real estate initial public offerings, insurance and investment banking M&A deals, as well as refinancing and private equity fundraising in the oil and energy sector.
About BSA Ahmad Bin Hezeem & Associates LLP
A growing law firm in the Middle East
Many law firms can give you legal advice in the Middle East. However, very few have started out in Dubai and grown to encompass the UAE, Saudi Arabia, Oman, Lebanon, Iraq and France. So what makes us different? Well, let’s just say: it’s not what we do but the way that we do it.
Of course, as a full service law firm, we have a comprehensive knowledge of local laws and customs. Our people are fluent in a range of languages including Arabic, English and French. And we have access to the relevant local authorities and rights of audience before all the courts.
But it’s the way we interact with our clients that sets us apart from the crowd. Our modernized and progressive approach means we’ll talk to you in a straightforward manner and bring innovation to everything we do, from management information to case handling and billing.
If you would like to find out more information about BSA, please visit https://bsabh.com/