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...A version of this article was first published by Nikkei Asia on July 22. ©2022 Nikkei Inc. All rights reserved....
...If Greensill folds, the bank says it would not be able to claim for non-payment of invoices under the company’s insurance policies....
...He is also the operator, manager, servicer, supervisor, maintainer and administrator of his taxi business....
...But Mr Slumbers — in common with sports administrators around the world — is also thinking further ahead....
...In the best case scenario, the costs associated with not being able to sell vehicles at reasonable rates will have to be passed onto customers....
...It’s very difficult to rebrand your [fixed line] business when it’s associated with a monopoly, and give it the same name as an innovative mobile brand....
...The administrators are now looking for a buyer....
...But Dan Schwartzmann, the PwC administrator charged with winding up Keydata’s business, said the company used several million pounds from its corporate accounts to make coupon payments and payout redemptions...
...But there are also grave risks associated with making a type-two error....
...It could also depress the price of super-senior debt, and associated insurance, for a long time. Hence the writedowns at banks and at AIG....
...Dunleavy said: “New accounting rules mean we have to take the insurance proceeds, deduct impairment to the asset’s book value and associated costs and record the surplus as an exceptional profit.”...
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