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...EY could also have faced unlimited liability for claims of damages from Wirecard’s administrator and former shareholders....
...EY is facing an avalanche of lawsuits from former Wirecard investors, as well as its administrator, demanding billions of euros in damages....
...Public sector bodies are required to follow strict rules when procuring the services of private businesses to ensure transparency and reduce the risk of corruption....
...Joachim Kühne, a lawyer working for Greensill Bank’s German administrator, told the Financial Times that the administrator was assessing IAG’s allegations....
...FTX’s administrators have since abandoned plans to revive the defunct exchange....
...Fashion retailer Ted Baker has formally appointed administrators, putting almost 1,000 jobs at risk....
...Ellesheva Kissin is a reporter at Banking Risk and Regulation, a service from the Financial Times...
...The Body Shop will close just under half of its 198 UK stores, putting hundreds of jobs at risk, the ethical beauty retailer’s administrators said on Tuesday....
...In the meantime, there is a risk of Thames’s toxicity starting to pollute other water companies. True, a SAR would not be popular with bondholders, assuming they were forced to take a haircut....
...Under Dunckley, Grant Thornton moved away from auditing “public interest entity” companies — such as most listed businesses, banks and insurers — in order to reduce its exposure to high-risk clients....
...The company, which has no revenues, warned more than a year ago it risked running out of cash....
...Meanwhile, the FCA on Thursday also found Woodford’s fund administrator, Link Fund Solutions, “failed to act with due skill, care and diligence”....
...Zurich and Marsh and a spokesperson for Greensill Bank’s administrator declined to comment....
...There are lessons here, and a warning for shareholders in all regulated companies providing essential services — that their investments are at risk if they don’t take an active role in ensuring that the...
...Urso was also in touch with the country’s largest steel companies, including Arvedi and Marcegaglia, to discuss a potential takeover of the plant once it was in the hands of a special administrator, according...
...Auditors are also required to give their judgment on whether a company remains a “going concern”, or is at risk of running out of money — the issue that caught the headlines regarding TMTG....
...According to Bellenhaus’s testimony, Wirecard’s outsourced operations in Asia were a sham and invented at the behest of Braun to inflate the company’s balance sheet, thereby deceiving the group’s auditors...
...Solutions could involve a debt-for-equity swap that would wipe out Thames Water’s current shareholders, a slide into special administration that would see external administrators seek new investors, or a...
...On Tuesday Aurelius appointed FRP Advisory as administrators for The Body Shop’s UK business....
...Kaplan later agreed that the prospect of Bankman-Fried reoffending was “not a trivial risk”....
...In 2022, the administrators of Patisserie Valerie also settled a £200mn lawsuit with the firm that alleged negligence in its audits of the café chain....
...Directors continuing to trade with the knowledge that insolvency is unavoidable, risk being personally liable for a company’s debts....
...On Thursday, Signa Holding’s administrator said just €250mn of the more than €5bn of debt owed by the company was secured against tangible assets....
...“We take our commitments to risk management, compliance, and ethical business seriously and we continuously seek to improve our systems,” Freshfields said in a statement on Tuesday....
...“We are working to make sure nothing like this happens again,” FAA administrator Michael Whitaker said....
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