Receiverships on the rise

The collapse of Irish services group Newcourt has market analysts pondering on what banks can do with loss-making companies during a recession

Ian Kehoe - avatar

Ian Kehoe

6th June, 2009

As overtures go, it was hardly the most attractive proposition.

Newcourt, an Irish services group listed on the stock market, last week invited Bank of Ireland to appoint a receiver over the group and to take control of the ailing business.

Newcourt had breached a number of its banking covenants and lacked sufficient funds to service a €50 million loan from Bank of Ireland. Last-ditch negotiations with the financial institution to restructure the debts had...

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