PEOPLE & BUSINESS
Tuesday 13 January 1998
After all, the UK's liquidators have got sweet fanny adams to do over here at the moment, since company receiverships in the UK are at their lowest since the mid 1980s. In contrast, most observers expect Peregrine to be just the first of a rich crop of corporate casualties out East.
Big names in British bankruptcy that sprang to prominence in our last recession, and who have been spotted in various part of the Far East recently, include Colin Bird of Price Waterhouse, Stephen Adamson of Ersnt & Young, Murdoch McKillop of Arthur Andersen and Gordon Stewart of Allen & Overy.
It makes sense. They all have loads of experience of cross-border crashes, and the current Asian crisis has been sparked off by cross-border lending to places like Thailand and Indonesia.
Neil Cooper, a partner with Buchler Phillips in London, who has spent a long career specialising in multinational company collapses, said: "These days there's a wealth of [insolvency] talent in Hong Kong, which will be supplemented by shipping in more talent from London and Sydney."
"In the early 1980s it relied on immigrant labour, with people like me flying into Hong Kong to do the biggest jobs. I did three receiverships in Thailand once," Mr Cooper added, with a hint of nostalgia in his voice. Buchler Phillips is opening an office in Thailand via its associate Ferrier Hodgson specifically to deal with the expected avalanche of insolvency and restructuring work, Mr Cooper said.
It's an old saying that timing is everything. I've just received a report from the Hong Kong Economic and Trade Office on the six months after reunification with China, which starts: "1997 was a momentous year for Hong Kong. There were sceptics who thought that it would bring changes to Hong Kong that would fundamentally alter its nature. How wrong they were." Stick around. They might be right in 1998.
Just to put Hong Kong's problems into perspective, how about this sound bite yesterday from Japan's Ministry of Finance: "Japan's bank bad debts now total 76.7 trillion yen." Even in yen that's a lot of money.
A "totally bald" lawyer is to run a marathon in the Sahara this year for charity under the banner: "Fat cat turns desert rat."
The self-deprecating chap in question is Robin Spencer, a partner in the insolvency group at Lovell White Durrant. The barrister turned solicitor will run the145-mile Marathon des Sables this March, and aims to raise pounds 50,000 for the Variety Club Children's Hospital at King's College Hospital, London.
The run will take six days and will cross the sand dunes, river beds and palm groves of southern Morocco, where temperatures can reach 120 degrees Fahrenheit.
Mr Spencer, 39, is anything but a health nut, having only taken up running seriously last April. Since then he has been running 30 to 50 miles a week, a routine which has already brought his weight down from 13.5 stone to 11 stone and his resting heart rate down from 70 to under 50. Makes you sick, doesn't it.
He is also the only bald participant in the race. Mr Spencer's baldness is caused by the condition alopecia totalis - Duncan Goodhew, the swimmer, has the same condition. Mr Spencer believes it will be a positive advantage in the Sahara: "There are no hair washing facilities in the desert. Hirsute competitors may find this uncomfortable, given the heat and dust, whereas I will be restored by a quick wipe from a damp cloth."
The new money market rate for the euro, which will replace Libor if we ever get round to monetary union, will be called "Euribor", according to Paribas yesterday. How very appropriate. I think we all know a few Euribors....
As the graduate recruitment season begins, the questions asked at interviews seem to be getting more and more bizarre.
The Diplomatic Service appear short of jokes, asking young hopefuls what makes them laugh. Management consultants are getting a particular reputation for mind-bending posers. According to Nicki Henrion, head of consultant recruitment at Boston Consulting Group, "Each person is asked how many petrol stations there are in south-east London."
Surprisingly, Ms Henrion claims interviewers know the answers to this type of question and they expect reasonably accurate answers, too. Sounds to me like taxi drivers have a bright future in consulting.
Board creates magnetic field to achieve lift
Like Madonna, Sister Cristina Scuccia's video is also set in Venice
Singer says the track was 'force-fed down people's throats'
techThe original free dating app will remain the same, developers say
Endangered species spotted in a creek in the Qinling mountains
Trend which requires crisps, a fork and a strong stomach is sweeping Mexico's streets
Some experiencing postnatal depression don't realise there is a problem. What can be done?
- 1 Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
- 2 Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
- 3 Drink alcohol and eat meat to improve male fertility - but cut down on coffee, studies suggest
- 4 Former East 17 frontman Brian Harvey turns up at Downing Street and 'demands to speak to Prime Minister'
- 5 The inventor of the Facebook 'like' button says he never made a 'dislike' button because he feared the 'unfortunate consequences'
Ukraine crisis: Donetsk 'tactical missile' explosion at factory sends blast wave across rebel-held city
Jack the Ripper: Scientist who claims to have identified notorious killer has 'made serious DNA error'
Oscar de la Renta dead: Legendary US fashion designer dies after long cancer battle aged 82
Banksy arrest hoax: Internet duped by fake online report claiming artist's identity has been revealed
Super-sized ships arrive in Britain: How big can they get?
Cameron is warned 'no possibility' of UK reducing immigration and that bid to bring in quota on migrant workers would be illegal
Residents should throw a street party and mix with immigrant neighbours, councils told
Russell Brand threatened with arrest after filming outside Fox News headquarters
London bus driver 'kicks gay couple off for kissing'
Lord Freud: Tory welfare minister apologises after saying disabled people are 'not worth’ the minimum wage
Lord Freud hangs on as MPs of all parties 'call for his head' over disability comments
iJobs Money & Business
£23000 - £26000 Per Annum: Clearwater People Solutions Ltd: Our client is curr...
£25 - 30k: Guru Careers: A Corporate Actions Administrator / Operations Admini...
£18 - 23k + Benefits: Guru Careers: We are seeking a Customer Service Executiv...
£60 - 65k + Benefits: Guru Careers: We are seeking a ASP.NET Web Developer / ....