On 23 November 2017, the president of India exercised his special powers and issued an ordinance to amend the relatively new Insolvency and Bankruptcy Code, 2016, by introducing section 29A. An ordinance is used to address urgent issues when parliament is not in session. The urgency in this case was to provide for the prohibition…
Today has been the last day of Doughnut Time, Victoria state manager Vanessa Gaddi-Chmielewski wrote in an email supplied to the ABC. I just received news from Dan [Strachotta] that the deal with the new company has been blocked by Damian. As a result, the entire company will go into liquidation including the stores that…
When a key client sues you in court, there’s a lot to lose regardless of the outcome. Which is the situation McGrathNicol finds itself in. The insolvency company is being sued by the Department of Employment over its receivership of Hastie Services, one of several companies within the collapsed Hastie engineering group. The case, filed in October, resumes in…
Doughnut Time is going into liquidation despite its new chief executive saying he would buy the company and “turn it around”. Its workers, who are owed more than an estimated $200,000 in unpaid wages, have also been kept in the dark. None of the workers were told that the troubled dessert chain went into voluntary…
HNA chairman Chen Feng may be seeking a second opinion on the companys overseas investments Global real estate consultancy JLL is teaming up with HNA Group to advise the conglomerate on sound investments, as the indebted Chinese firm looks to sell up to $6 billion in overseas real estate assets. The strategic partnership announced today…
Christians Against Poverty (Jersey) Limited is being launched by local accountant Malcolm Lewis along with States employee Graeme Stoats and the Rev Martyn Shea, of St Marks Church. Mr Lewis confirmed that it would be run as a limited company and non-profit organisation with charitable status and, similarly to CAP UK, would operate through a…
Policymakers have been struggling to identify ways to deal with America’s staggering student loan debt. As of January 2018, Student Loan Hero estimated total outstanding student loan debt at $1.48 trillion, affecting 44 million Americans. Thanks to this debt burden, young Americans are having difficulty achieving typical financial milestones such as home ownership. Here’s a…
by Madison Marriage Global accounting watchdogs identified serious problems at 40 per cent of the audits they inspected last year, raising fresh concerns about the quality of work being done by the world’s largest accounting firms. According to the International Forum of Independent Audit Regulators, accounting lapses were identified at two-fifths of the 918 audits…
DETROIT (Reuters) — General Motors Co President Dan Ammann said on Monday the automaker’s troubled South Korean operations can be a “sustainable, profitable business,” if unions and the South Korean government agree quickly on a restructuring. GM has warned Korean officials the unit faces a “cash crisis” in the first quarter without new funding. Nearly…
As part of the restructuring, CEO Patrick Coveney is to take a direct role in the strategic, organisational and commercial leadership of Greencore US. Earnings per share at Greencore for the year are now expected to be between 14.7p-15.7p, with approximately two thirds of that contribution delivered in the second half of the year. This…