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Scottish Coal: Liquidators ‘in talks with interested parties’

By | Business news | No Comments

Liquidators handling the collapse of one of Scotland’s biggest coal-mining firms have confirmed they are in talks with parties who have expressed interest in parts of the business.

Scottish Coal went into liquidation earlier this month, with the loss of almost 600 jobs.

KPMG said it was assessing the interest shown and continuing discussions with various unnamed parties.

It added, however, that the likely final outcome was “far from clear”.

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Insolvencies at new five-year low

By | Insolvency | No Comments

The number of people becoming insolvent has fallen to its lowest level for five years, according to government figures.

In the first quarter of 2013, 25,000 people in England and Wales were granted insolvency, a fall of 12.9% on the same quarter in 2012.

That is the lowest figure reported by the Insolvency Service since the beginning of 2008.

Company liquidations also continued to fall to levels last seen five years ago.

They were down by 15.8% in the first three months of 2013, as compared with the same period in 2012.

Official figures for Scotland suggest conditions there are improving even faster than in the rest of the UK.

Two weeks ago, it was announced that personal insolvencies in Scotland had fallen by 28%, while company insolvencies there are down by 22%.

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By | Uncategorized | No Comments

The UK’s largest coal mining company, UK Coal Operations, is reportedly seeking voluntary liquidation, putting 2,000 jobs, and the value of 6,800 workers’ pensions at risk.

In order to avoid falling into insolvency, UK Coal Operations is seeking voluntary liquidation, as reported by the Financial Times.

A fire at the Daw Mill Colliery in February 2013, one of the three deep mines it operated, resulted in the loss of 650 jobs.

Kevin McCullough, chief executive for UK Coal Mine Holdings said: “There has been some further unhelpful and inaccurate speculation. Our main focus has been on preserving 2,000 jobs and securing the future of UK coal mining.

“We continue to work closely with our employees, government, pension funds, the Pensions Regulator, suppliers and customers.”

“As with all deals of this complexity there are many moving parts but I hope we are close to securing a way forward for our remaining mines.

“There will undoubtedly be some difficult decisions as we have had to look at all possible options. We will be able to announce more news in the coming days.”

UK Coal Operations’ two remaining deep mines, Kellingley in Yorkshire, Thoresby in Nottinghamshire, and its six surface mines, are “performing well” says McCullough.

A voluntary liquidation would allow a new subsidiary to continue the operations of the mines.

UK Coal Operations’ deep and surface mines yield 7.3m tonnes of coal a year, providing 5% of the UK’s electricity.

Last month the UK coal industry took another hit as Scottish Coal made 600 staff redundant during its liquidation process.

By John Brazier