Jobs at risk at Irish mail centre |
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The Irish state postal service An Post has recently announced that one of its centres is set to close, resulting in hundreds of jobs being put at risk. The Irish Times reports that the Cork Mail Centre (CMC) will be shut down in March 2020 in a bid by An Post to save money. Union representatives are encouraging strikes across An Post sites, amid fears that other centres could also be shuttered in the future. According to the postal company, the driving factor behind the Cork closure is a global decline in demand for mail services and a subsequent fall in capacity at the CMC of around 25%. A member of the Irish party Solidarity told protesters that “An Post’s vision is for one mail centre using just a small number of staff, doing parcels and letters mainly by automation and with only a small number of staff”. |
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GAM Holdings finalises sale of ARBF assets |
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Following the commencement of liquidation proceedings in September 2018, the investment firm GAM Holdings has finalised the sale of its absolute return bond funds (ARBF) assets. According to Investment Europe, the proceeds from the sale will go towards paying clients whose funds were liquidated. Four funds were liquidated in the process: GAM Multibond, which is regulated in Luxembourg, and the Ireland-regulated GAM Star funds, as well as the Cayman master funds and the associated Cayman and Australian feeder funds. The majority of the repayments have now been processed, with the final round due to clients by the end of July. A statement from GAM Holdings said: “We are very pleased that we will be making the final payment to our ARBF investors over the coming weeks… We are fully focused on further stabilising the business for future growth, executing our restructuring programme.” |
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Belgian airline declared bankrupt |
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Aviation24 reports that the Belgian airline VLM Antwerp, one half of VLM Airlines, was officially declared bankrupt on 16 July. This follows the suspension of operations in August 2018, when VLM Antwerp had to cancel several of its routes and ultimately entered liquidation. The airline was put up for sale in September 2018, but efforts to secure an investor or buyer for its remaining assets failed to come to fruition. By December last year, it was apparent that it did not have a future. This occurred at the same time as the other half of VLM Airlines, based in Brussels and purchased by Harm Prins in February 2018, filed for insolvency. It has not been revealed at this stage how many staff are affected by VLM Antwerp’s bankruptcy, or whether they will receive compensation as a result of their redundancy. |
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Steven Brown Art enters liquidation |
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The Scotland-based Steven Brown Art, known for its McCoo range, has gone into liquidation, according to The Scotsman. All 21 staff working for the firm have been made redundant, as it ceased trading as of 15 July. Both the gallery and warehouse owned by Steven Brown Art have closed, and the company has also halted sales of its artworks online. Liquidators have been appointed, with the intention of selling off as many assets as possible to recoup the funds needed to pay off the firm’s debts. A statement from the liquidators said: “Although the company grew rapidly it had been suffering from serious cash flow problems and creditor pressure. As such the only option was to place the company in liquidation. We will now be selling all the remaining stock and would encourage interested parties to register their interest.” |
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Polish firm Walcownia Rur Silesia enters liquidation |
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Kallanish reports that the Polish pipe mill Walcownia Rur Silesia has entered liquidation, citing poor financial performance and cash flow difficulties in recent months. The move is a divergence from the proposals set out by the company in 2017, in which it hoped to double its revenue and reach a point of sustainable profits by 2022. It even invested in a new pipe bending unit in 2018. However, the company, which is owned by state-operated investment firm Towarzystwo Finansowe Silesia, has faced financial instability for over 10 years, due to high production costs and falling orders, alongside a limited distribution network that impacted sales. Reports reveal that it has not been profitable since 2008. It is unknown how many staff have been affected by the liquidation, but efforts will be made to support displaced employees in finding new jobs. The liquidators will also aim to sell suitable assets in a bid to repay creditors. |
