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There are a number of interesting insolvency items in the news today. The BBC are reporting that Habitat, Sir Terence Conran's famous furniture store, has gone into administration. This is obviously bad news for employees, but good news for bargain hunters and Sir Roy Strong, who according to recent reports in the Telegraph has a long running feud with Sir Terence. Elsewhere, the BBC are reporting that the company which owns leading ice hockey teams Cardiff Devils and Sheffield Steelers is to go into voluntary liquidation. John Cullen has been appointed as the IP and the directors have issued the following statement: "Despite their best efforts to find a viable way forward the directors of Rink Corp Ltd have been left with no choice but to wind the company up under Section 98 of the Insolvency Act 1986 (creditors voluntary liquidation)..." Finally, The Guardian is reporting that SAAB is suffering from severe liquidity problems.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...