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Insolvency Law

Expert guidance on all aspects of corporate and personal insolvency

12 AUG 2011

New BIS document on company charges and interesting Radio Four documentary on Barings collapse

BIS have published a new document on company charges. The document is entitled 'Revised scheme for registration of charges created by companies and limited liability partnerships: proposed revision of Part 25, Companies Act 2006'. The document seeks views on new proposals, drawn up after the consultation (URN 10/697) proposing to revise the current scheme for the registration of company charges under the Part 25 of the Companies Act 2006. Responses are required by 30 September 2011.

Eslsewhere, Radio Four have aired a very interesting documentary on the Barings collapse. The roundtable discussion features, inter aliaMr Alan Bloom, an IP at Ernst & Young. Here is the link and here is the blurb from Radio Four:

"In the first of a new series of The Reunion, Sue MacGregor reunites Nick Leeson, the man who broke Barings bank, with his colleagues and former boss, Peter Norris.

On the 26th February 1995, a pillar of the British financial and social establishment suddenly came crashing to the ground as Britain's oldest merchant bank went bust with debts of £830 million.

Barings Bank had financed Napoleon, been immortalised by Byron, and held accounts for The Queen and many in the aristocracy. Barings had stood aloof, a symbol of discreet grandeur and probity since 1762. But now Britain's oldest merchant bank was bust, and the architect of destruction was Nicolas Leeson, a plaster's son from Watford.

He was Barings star trader on the Singapore International Monetary Exchange and regularly reported huge profits to his delighted bosses. The truth was that he was losing Barings and their customers hundreds of millions of pounds which he' d been hiding in a secret account.

As company auditors eventually closed in, Leeson fled Singapore with his wife Lisa. Back in London that weekend, frantic efforts were being made to save Barings and the whole banking sector from meltdown before the markets opened on Monday morning.

For the first time since 1995 rogue trader Nick Lesson will publicly face his former boss Peter Norris - now a senior figure in the Virgin Group - who presided over the investment department in which Leeson traded secretly for years before the bank's eventual collapse.

Also joining Sue will be Andrea Leadsom MP, who in 1995 managed a team of bankers at Barclays who supplied finance for Barings investments, Nicholas Edwards then an investment banker with Barings in London, the administrator of Barings Alan Bloom, and John Gapper of the FT."

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