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business20h ago
Barclay brothers avoid bankruptcy after deal with HSBC over £143m debt
- Barclay brothers settle with HSBC, avoiding bankruptcy after a debt repayment plan is agreed.
- HSBC withdrew proceedings after the debt agreement, which includes covering HSBC’s legal costs.
- The Barclays faced potential bankruptcy and asset seizures if the case had gone in HSBC’s favor.
- Background: Telegraph ownership shifted in 2023 after the Barclays’ financial difficulties.
- Axel Springer’s £575m Telegraph takeover was completed this month.
- Background asset moves include the Ritz hotel sale as part of asset disputes.
- Barclay brothers faced potential director bans if bankruptcy occurred.
- Logistics Group collapse linked to the Barclays prompted HSBC’s legal action.
- The Barclays’ debt totaled £143.5m with personal guarantees backing loans.
- HSBC and Barclays declined to comment on the settlement.
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