Frankfurt-Based Super Club to Enter Administration

The Cocoon Club in Frankfurt Germany is to enter administration after a recent announcement that the club is having difficulties.

DJ Sven Vath thought of the idea and the club was launched back in 2004 with the intention of brining the clubbing fraternity back to Germany. The well renowned DJ remained a partner in the club.

The company is hoping to preserve the club and rescue it from insolvency via a purchase by any potential buyer in the near future.

New Personal Insolvency Law Introduced in Ireland

There has been a new Irish Insolvency Bill installed as recent as the end of June 2012. This new radical legislation is designed to overhaul Irish law on personal insolvency and Bankruptcy.

One major point that has been addressed is the length of a bankruptcy period from 12 years to just 3. Estimates show that around 21,000 people in Ireland could benefit from the new legislation in the coming year.

This insolvency bill comes as a relief for many people in Ireland who are struggling with personal insolvency problems.

Former Sharapova Sponsors in Administration

The previous sponsors of tennis superstar Maria Sharapova have recently gone into administration.

Prince Sports Europe Limited started some time ago in the USA as a tennis ball machine manufacturer and grew to be one of the industries leaders in manufacturing and performance. The tennis firm has recently filed for bankruptcy and administrators were appointed on the 15th of August.

Prince Sports Europe Limited backed plenty of well known tennis players such as Jennifer Capriati, Jimmy Connors, Martina Navratilova and Nikolay Davydenko.

Travelodge CVA Confirmed

With the recent approval of the company voluntary arrangement (CVA) proposal for Travelodge by its creditors, the firm can now begin to restructure its property portfolio.

A huge part of the problem for the Travelodge was the unrealistic lease agreements within the company and the company voluntary arrangement will allow the business to start building off of firmer ground. 

As an alternative solution to liquidation, a company voluntary arrangement allows a struggling firm to trade on through the successful approval and process of the CVA insolvency tool.

For more information on company voluntary arrangement, company liquidation and other insolvency solutions that are available to you visit www.companydebt.com or call us free on 08000 746 757.