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.

Portsmouth to be sold?

Looks like Portsmouth football club is to be sold off after a deal has been struck by administrators to off-load all of the senior players.

The previous FA Cup winners have been insolvent for some time now and they have been considered many insolvency solutions such as a company voluntary arrangement and voluntary liquidation.

The sale of the club will take place next week, days before the new season starts.

This shows the level of business that can struggle with insolvency, it's not exclusive to small UK limited companies. Businesses of all sizes can come into difficult times. The insolvency solutions are often the same to consider and it all depends on the company's situation as to which one they choose to help them towards their goal.

www.companydebt.com

Bloc Weekend called off as Administrators called in

Bloc Weekend has called in the administrators after having to shutdown one day into the festival, Jamie Playford of Parker Andrews was appointed administrator on 11 July 2012.

On Friday 6 July, Bloc Weekend in London, run by Baselogic Productions, was closed down due to fears of overcrowding, the administrator is still “fact finding” about what led to the closing of the event and couldn’t comment in detail until after the investigation was completed.

A statement on the event’s website read: “It is with great sadness we announce Baselogic Productions, who you all know as Bloc, has been placed into administration following the events of Friday. “The team are working hard with the administrators to investigate the issues that led to the closure of the event and people will be updated as and when we have new information.

This shows that administration can affect any company, even those which are supported by headline groups.

South London Healthcare Trust enters Administration

After weeks of speculation, South London NHS Healthcare Trust has entered administration after running up substantial debts.

South London NHS Healthcare Trust was the result of a merger of The Princess Royal hospital in Orpington, the Queen Mary hospital in Sidcup, and the Queen Elizabeth hospital in Woolwich. At this time, deficit was about £21 million. In 2011, this rose to £40 million.

Despite having one of the lowest mortality and infection rates in the country, and massive improvements in the quality of care, the financial challenge facing the trust is significant. A trust spokesperson said the hospitals will continue to provide first class care and there will be no impact on scheduled appointments.

No Buyer as Yet for Clinton Cards...

Over 40 Clinton Cards stores have closed down by the administrators this month. The 43 stores that were closed were part of the 330 store that were not included in the deal confirmed on the 7th June.

Among the stores that have closed are the sites that include Basildon Town Square, the Galleries shopping centre in Bristol, the Glades shopping centre in Bromley, the Liberty II shopping centre in Romford and Wrexham's Regent Street branch.

A representative at the insolvency practitioners that have been appointed as administrators feels that there is a strong underlying business within Clinton Cards despite the current economic conditions.