May 2019

Thousands of jobs on line as British Steel goes into liquidation – Belfast Telegraph

LiquidationBy Insolvency Advisory Accountants May 23, 2019

Business Secretary Greg Clark Thousands of jobs on line as British Steel goes into liquidation BelfastTelegraph.co.uk British Steel has gone into liquidation, threatening thousands of job losses amid revelations that it would have run out of cash by the end of the week. https://www.belfasttelegraph.co.uk/business/northern-ireland/thousands-of-jobs-on-line-as-british-steel-goes-into-liquidation-38138933.html https://www.belfasttelegraph.co.uk/incoming/article38139952.ece/ee772/AUTOCROP/h342/P35ClarksteelPOLITICSC7.jpg Email British Steel has gone into liquidation, threatening thousands of…

Individual insolvency: Relief from usury for the poor soon – The Financial Express

BankruptcyBy Insolvency Advisory Accountants May 23, 2019

In a crucial move, the government is preparing individual insolvency regulations under the Insolvency and Bankruptcy Code (IBC) that will provide for debt waiver up to `35,000 to the poorest of the poor, who have borrowed money from not just banks but also informal sources like village money lenders.Once the regulations are in place, the…

The Growing Trend Of Retiree Student Loan Debt – Forbes

Debt HelpBy Insolvency Advisory Accountants May 23, 2019

By now, youre probably well aware that student loan debt has become a national crisis. Over 44 million borrowers owe more than $1.5 billion collectively at last count, and the student loan delinquency rate (loans 90+ days rate) remains relatively high at 11.4%. Worse, more than 609,000 souls owe more than $200,000 on their student…

Why British Steel is hoping to avoid scrapheap – Financial Times

LiquidationBy Insolvency Advisory Accountants May 23, 2019

During a ceremony to celebrate the resurrection of British Steel almost three years ago, a flag bearing its new logo was proudly raised at the entrance to the Scunthorpe steelworks. In not too long, it may be flying at half-mast. The company entered insolvency on Wednesday after talks failed between its lenders, private equity owner…

British Steel goes bankrupt, threatening 25000 jobs – World Socialist Web Site

BankruptcyBy Insolvency Advisory Accountants May 23, 2019

British Steel goes bankrupt, threatening 25,000 jobs By Robert Stevens 23 May 2019 Nearly 5,000 steelworkers jobs and another 20,000 in supply industries could be wiped out after Tuesdays announcement that British Steel is insolvent. The company, owned by vulture fund Greybull Capital, is the second largest steel producer in the UK after Tata. Its…

Thousands of jobs at risk as British Steel goes into liquidation – Gazette

BankruptcyBy Insolvency Advisory Accountants May 23, 2019

British Steel has gone into liquidation after talks with the Government failed to secure its future, dealing a huge blow to the industry and threatening thousands of job losses. Workers at the companys plants now face weeks of uncertainty as efforts are made to rescue the business. The grim news was given to employees after…

Is Burger King offering to pay off student loans? – The Mercury News

Debt HelpBy Insolvency Advisory Accountants May 22, 2019

Early this morning, Burger King sent a mysterious tweet that has debt-burdened Americans on social media all atwitter. It reads simply: got student loans? whats ur $cashtag? Since then, more than 51,000 responses have come in, many from graduates young and old with heavy college debts to pay off. The folks at Cash App, who…

What went wrong at British Steel? – The Guardian

BankruptcyBy Insolvency Advisory Accountants May 22, 2019

British Steel has entered insolvency after the government refused to provide it with a 30m loan, saying the terms the company and its private equity owner Greybull Capital were asking for would have amounted to unlawful state aid. Here are the answers to some key questions. What has gone wrong at British Steel?When Greybull Capital…

British Steel compulsory liquidation – Mirage News

BankruptcyBy Insolvency Advisory Accountants May 22, 2019

With your permission Mr Speaker, I would like to make a statement about British Steel. It was announced this morning that the court has granted an application by the Directors of British Steel to enter an insolvency process. Control of the company will now pass to the Official Receiver an employee of the Insolvency Service…

Sir Philip Green pumps £100m into Arcadia pension fund to win backing for radical revamp – Telegraph.co.uk

RestructuringBy Insolvency Advisory Accountants May 22, 2019

Sir Philip Green and his wife have offered to pump 100m into Arcadias pension scheme in a desperate bid to win backing for a radical restructuring of their retail empire that will include 23 shop closures and a complete retreat from America. Arcadias restructuring plans follow weeks of fraught wrangling with landlords and the pensions…

Monthly Archives: May 2019