Josephine Cumbo, Pensions Correspondent January 18, 2018 Carillions 27,500 member pension scheme was placed on a risk list by UK authorities in autumn last year, as the troubled construction company was still being awarded government contracts. Carillion entered insolvency on Monday with the Pension Protection Fund, the industry scheme that pays compensation to pension plan…
Last assets of Masakeni to be auctioned today It is the end of the road for a Port Elizabeth construction company, with its last remaining assets going on auction today. Masakeni Construction, previously based in Markman, was declared insolvent in May and had to let go 300 employees in July. The companys former director,…
Interest rates have been low for so long that we forget the good things happening when they rise. In a massively indebted place like Canada, rising rates can fairly be described as trouble waiting to happen for both households and governments. But higher rates are caused by positive economic developments like a firming job market…
Bonus payments to directors and former executives of collapsed construction company Carillion have been stopped and an agreement has been reached on safeguarding thousands of private sector jobs, the UK governments Insolvency Service said on Wednesday. Any bonus payment to directors, beyond the liquidation date, have been stopped and this includes the severance payments which…
Questions over Cardiff Seafood Shack restaurant closure By Jenny Johnson BBC News 17 January 2018 Image caption Darryl Kavanagh set up the Seafood Shack restaurant in Cardiff’s High Street last year A Cardiff restaurant which reportedly closed after a cyber attack in December may have become insolvent two months earlier, it has been claimed. The…
Image caption Darryl Kavanagh set up the Seafood Shack restaurant in Cardiff’s High Street last year A Cardiff restaurant which reportedly closed after a cyber attack in December may have become insolvent two months earlier, it has been claimed. The Seafood Shack shut on 29 December, six months after it opened, blaming a “malicious internal”…
Resolution professionals said they had submitted their suggestions on the issue to a government panel formed to address concerns around the IBC. Photo: Mint Mumbai: Resolution professionals (RPs) appointed to manage companies taken to the bankruptcy court have sought clarity on how to proceed when these companies refuse to cooperate with them, two RPs working…
The state-backed Royal Bank of Scotland has been accused of scuppering an 11th-hour deal to save Carillion. Keith Cochrane, the interim chief executive of Carillion, has claimed that the bank took unilateral action that in the companys view undermined the groups efforts to conserve cash. He made the claim in a witness statement submitted to…
MUMBAI: Employee buyouts or participatory managements are not commonplace in India, but the model could be explored for some companies hauled before insolvency courts, where affected staff-members at units without hopes of a revival have urged tribunals to liquidate the entities as ‘going concerns.’ “There is a growing tendency among employees and workers to save…
Handsome dividends paid to Sears Canada shareholders even as the company was faltering and its employee pension fund was running a deficit are being reviewed by the court-appointed monitor handling the companys insolvency. The monitor is carrying out a review of certain material transactions, according a new report on the insolvency by the monitor, FTI…