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UK credit unions are collapsing at a rate of one per month at present, and the liquidator of the latest to go under has told Guardian Money there will almost certainly be more casualties.
Ukio Bankas has been declared insolvent and the liquidator of the Lithuanian bank can sell the 29.9% shareholding it has in Hearts as well as Tynecastle Stadium, which was held as security for the debt of £15m owed by Hearts to Ukio Bankas.
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Judge Rakoff also said he would resolve whether Mr. Picard had standing to bring the Kohn action against UniCredit, and whether as the liquidator of Mr. Madoff's firm he had a right to sue on behalf of his customers.
AHAB, which is now run by former forensic accountants from Deloitte, has locked horns with, among others, the liquidator of related companies in the Cayman Islands; and with Maan al-Sanea, a Saudi businessman who used to run AHAB's financial units, whom the company accuses of misappropriating assets (he vigorously denies this).Settlements now look possible in all the court actions.
While the liquidator of Mr. Madoff's British unit technically brought the case, he worked closely with the Madoff trustee in the United States, Irving H. Picard, who financed the lawsuit and was the interested party.
Paul Brindley of Midlands Business Recovery, the liquidator of South Warwickshire Credit Union, says he believes others will go out of business this year.
An Indonesian court declared the Manulife Financial Corporation's local business bankrupt after a lawsuit brought by the liquidator of a company owned by the Dharmala Group, a one-time partner with Manulife, a Canadian insurer.
-- (AP) Daughter's basement prison to be filled up with concrete The liquidator of Josef Fritzl's estate said Friday that the basement of the house where Mr. Fritzl imprisoned and repeatedly raped his daughter for 24 years would be filled up with concrete.
The ruling itself withstood a challenge from Grant Thornton, the liquidator of some Saad-related firms, but it has not been recognised by foreign courts.Mr Sanea's response to the Cayman ruling is that it was merely an interim judgment, "a purely administrative order", obtained after he disputed the court's right to hear the case, and without a detailed review of the merits of the case.
The liquidator of Ukio Bankas can sell the 29.9% shareholding it has in Hearts, as well as Tynecastle Stadium, which was held as security for the debt.
The liquidator of the Lithuanian bank can sell the 29.9% shareholding it has in Hearts as well as Tynecastle Stadium, which was held as security for the debt.
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