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There has been a recent glut of insolvency related news in the press. We have to start with the fabled Wrekin ruby. 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.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...