Former Telegraph owners resist bid to liquidate offshore company

The former owners of The Daily Telegraph are trying to delay a court hearing in the British Virgin Islands (BVI) that could put one of their main holding companies into insolvency proceedings. The Barclays want Lloyds Banking Group to postpone the hearing, which is scheduled to take place on Monday, as the two sides are in negotiations about the fate of a £1bn ($1.3bn) debt owed to the high street lender. The case is linked to the liquidation of Penultimate Investments Holding Company, which Lloyds wants to go ahead to facilitate the flow of funds from the sale of the newspapers.