By Solarina Ho TORONTO (Reuters) – Sears Canada Inc (SCC.TO: Quote) said on Thursday it plans to cut jobs and close about a quarter of its stores as it restructures its operations after a steady decline in sales due to competition from big-box retailers and online merchants. Like many department stores, the Toronto-based company has…
ROBERT KITCHIN/FAIRFAX NZ The bistro ceased trading on June 9. A well-known Wellington restaurant is in liquidation owing more than $300,000 to creditors, after only 18 months under new ownership. Tinakori Bistro, owned by Good Root Co, closed its doors on June 9, after failing to pay back a long list of unsecured creditors. The restaurant, at…
In December 2016, a parcel arrived at a house owned by Australian Tax Office deputy commissioner Michael Cranston, addressed to his son Adam. Unbeknownst to Michael, it was a key belonging to an orange Porsche 911 that his son had purchased, allegedly with the proceeds of tax fraud that police would later describe as “unprecedented”. Over…
by Solarina Ho Sears Canada plans to cut jobs and close about a quarter of its stores as it restructures after steady sales declines because of online merchants and big-box retailers. News of the lay-offs and closures comes two weeks after Toronto-based Hudson’s Bay Co, which owns Saks Fifth Avenue and Lord & Taylor, said…
Introduction Measures to prevent insolvency warning signs Existing restructuring options Bankruptcy reform: what to expect Comment Introduction Luxembourg recently adopted a number of legislative reforms aimed at modernising the rules applicable to commercial companies. In relation to the restructuring and insolvency of Luxembourg-based entities, Parliament is discussing the long-awaited Bill 6539 (the so-called ‘Insolvency Bill’).…
Former German tennis star Boris Becker says he is surprised and disappointed after being declared bankrupt by a court in London for failing to pay a substantial long-standing debt. Lawyers for the three-time Wimbledon champion pleaded with a Bankruptcy Court registrar to allow Becker a last chance to pay off the debt, which dates back…
By: ENS Economic Bureau | Mumbai | Published:June 23, 2017 1:16 am According to a banker, Bhushan Steel, Electrosteel Steels and Essar Steel cases were taken up at a meeting of bankers and they decided to start the insolvency proceedings. (Source: File) Related News Banks have decided to initiate insolvency proceedings against three steel companies,…
Lenders led by the State Bank of India on Thursday decided to begin insolvency proceedings against Bhushan Steel, Essar Steel and Electrosteel Steels by referring them to the NCLT for recovery under the Insolvency and Bankruptcy Code (IBC). The decision was taken at a marathon meeting chaired by SBI. While Bhushan Steel is in default…
Founder Dan Houston Scandal-hit aid charity gave just 13p in every pound to charity 22nd June 2017 by Robert Armour A controversial charity has been declared bankrupt after spending just 13p in every pound on charitable activities. Uddingston-based Scotia Aid Sierra Leone was reported to the charity regulator in 2015 by a whistleblowing trustee who…
Leslie Tayne, Credit.com 1:00 p.m. ET June 22, 2017 Debt can help a business thrive. It can be used to your advantage if you know how to manage it. Here are four tips for using debt to help grow your business.(Photo: Getty Images/iStockphoto) Many business owners run in the other direction when they hear the…