Gavin Daly Filan ran for Renua in 2015JAMES CONNOLLY Finbarr Filan, a brother of former Westlife singer Shane Filan, and a candidate for Renua Ireland in the last general election, is seeking an insolvency deal to restructure his personal debts. Filan, who owned a Sligo-based building company with his brother, has been issued with a…
ONE-hundred-and-thirty-eight people in the Sunshine Coast and Noosa region have filed for bankruptcy or started personal insolvency activity in the December quarter of 2016. Of those 138, 66 filed for bankruptcy and 59 started a debt agreement and personal insolvency with debtors. A further 13 in the Sunshine Coast hinterland were counted in the total…
Phoenixing companies, which costs the Australian economy billions of dollars a year, is too easy, cheap, lucrative and is largely invisible, according to a new report into the practice. What is phoenixing? When a director strips cash and assets before hiding them and liquidating the company, then restarting Usually restarted under a different…
The Act specifically excludes this requirement for residential apartment buildings over three levels in height. The Home Building Compensation Fund (HBCF), like other mandatory home building warranty schemes that operate in other states, is meant to act as a last resort for homeowners if their builder fails to complete the works described under their contract…
The High Court has adjourned a bid by BHS administrators to take control of the company Dominic Chappell used to extract millions of pounds from the dying store chain. Duff & Phelps is calling for Retail Acquisitions to be wound up. Mr Chappell used the company to buy BHS for £1 from Topshop billionaire Sir…
Published: 23 Feb 2017 Author: Liz Sweeney and Sam Jadhav Applies to: England and Wales Restriction on disposal remains key as European Court of Justice (ECJ) gives its first ruling on the interpretation of the financial collateral arrangements directive in Private Equity Insurance Group SIA v Swedbank AS [2016] The ECJ recently delivered a judgment…
The main investigation into Corporate Commercial Bank (Corpbank), which collapsed in 2014, has been completed, the specialised prosecutors office announced on February 22. Prosecutors have charged 18 people after interrogating more than 400 witnesses. In June 2014 Corpbank, then Bulgarias fourth largest lender, suffered a bank run that deprived it of liquidity. It was put…
Indias corporate debt repayment rate is abysmally low: Only 25.7 cents to a dollar loaned (or Rs 17 on Rs 67 lent) ever returns to the lender after years of protracted recovery proceedings. The countrys debt recovery rates trail even the South Asia average (36.2 cents) and, obviously, the OECD average, says the World Bank.…
The collapse of Barings, Britain’s oldest merchant bank, was announced on this day in 1995, after one of its traders had run up trading losses of well over £800 million. It transpired that Nick Leeson had been making unwise speculative investments in futures contracts basically betting on market movements around the world while taking advantage…
Bus Éireann has warned that it could face insolvency by May and difficult decisions will have to be made urgently to avoid that prospect. Speaking at the Workplace Relations Commission after the breakdown of talks with unions, Acting CEO Ray Hernan said that losses had continue to increase in January by 1.5m. If that continued,…