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In October 2018, the company that owned UNILAD went into administration, with owners Harrington and Bentley having incurred debts of £6.5 million and owing taxes of £1.5 million. A day later, managing director John Quinlan denied reports that it had gone into administration, saying the brand is "doing better than ever" and that he was ...
In the United Kingdom, football clubs sometimes choose to enter administration when they are unable to pay off outstanding debts.Under the Insolvency Act 1986, a business will face a winding-up order bringing them to court and if it is shown that a business cannot pay debts as they fall due or cannot repay outstanding debts then the company will be classified as insolvent.
131. Chief executive. David Squire. Website. www .yellowbuses .co .uk. Yellow Buses [1] was a bus operator based in Bournemouth, on the south coast of England. Yellow Buses was the trading name for Bournemouth Transport Ltd. The company fell into administration in July 2022 and ceased operations on 4 August 2022.
The Rangers Football Club plc entered liquidation on 31 October 2012. The refusal of the CVA forced the administrators to sell the business and assets of Rangers to a new company named Sevco Scotland Ltd, operated by Charles Green. The other member clubs of the Scottish Premier League refused to allow the new company to adopt the league ...
e. As a legal concept, administration is a procedure under the insolvency laws of a number of common law jurisdictions, similar to bankruptcy in the United States. It functions as a rescue mechanism for insolvent entities and allows them to carry on running their business. The process – in the United Kingdom colloquially called being "under ...
A number of major airlines have declared bankruptcy and have either ceased operations, or reorganized under bankruptcy protection. Airlines, like any business, are susceptible to market fluctuations and economic difficulties. The economic structure of the airline industry may contribute to airline bankruptcies as well.
t. e. Administration in United Kingdom law is the main kind of procedure in UK insolvency law when a company is unable to pay its debts. The management of the company is usually replaced by an insolvency practitioner whose statutory duty is to rescue the company, save the business, or get the best result possible.
In November 2022, it was announced Next had acquired the London-headquartered furniture retailer, Made.com - which (in the same month) had gone into administration. In December 2022, the company entered into a joint venture with Tom Joule to buy The Joules Group out of administration for £34 million.