Category Archives: Bankruptcy

Draft law to reform insolvency procedures: group-wide pre-bankruptcy agreements – International Law Office (registration)

Introduction Group-wide pre-bankruptcy agreements Rordorf Commission draft proposal Comment Introduction The Rordorf Commission was established by the minister of justice on January 28 2015, with the aim of developing draft legislation to reform the existing Insolvency Act.(1) On February 10 2016 the commission finalised its draft legislation and recommended a new approach to safeguard financially…

Ex-dance studio owner who stole $19M from credit union gets prison – MLive.com

DETROIT, MI – An ex-dance studio owner who pleaded guilty to stealing nearly $19 million from an Oakland County credit union has been sentenced to spend the next 11 years in federal prison. An orange Livingston County jail jumpsuit hung loosely from Michael LaJoice’s frame as he appeared in Detroit U.S. District Court before Judge…

Gujarat NRE Coke files for bankruptcy – Business Standard

Gujarat NRE Coke has filed for insolvency with the National Company Law Tribunal. The company is a producer of coke, which is used by industries such as the steel sector.  The company, listed on both BSE and National Stock Exchange, owes Rs 3,200 crore to a group of lenders that include the…

Advisers paid 21000 average for helping struggling debtors – Irish Times

Personal insolvency practitioners were paid 557,807 for advising people struggling with overall debts that totalled 397 million under the State-funded Abhaile financial aid scheme for the final three months of 2016. A previously unpublished analysis of the scheme, run through the Money Advice and Budgeting Service (Mabs), shows that the average payment made to the…

Accountant jailed for defrauding friend of £5m – economia

News Julia Irvine 23 Mar 2017 04:36pm A disgraced Huntingdon-based accountant has been jailed for eight years after stealing more than £5m from a charitable foundation set up by a lifelo… Read the full article at: http://economia.icaew.com/en/news/march-2017/accountant-jailed-for-defrauding-friend-of-5m

Advisers paid 21000 average for aiding struggling debtors – Irish Times

Personal insolvency practitioners were paid 557,807 for advising people struggling with overall debts totalling 397 million under the State-funded Abhaile financial aid scheme for the final three months of 2016. A previously unpublished analysis of the scheme, run through the Money Advice and Budgeting Service (Mabs), shows that the average payment made to the personal…

Exclusive – Liberty House mulls stake in troubled Italian steel mill: sources – euronews

By Clara Denina and Maytaal Angel LONDON (Reuters) Liberty House, the industrial and commodities group that is buying up steel assets around the world, is considering investing in the troubled Italian Piombino mill as the global market picks up from a slump, two sources close to the matter said. The mill is owned by Algerias…

Exclusive – Liberty House mulls stake in troubled Italian steel mill: sources – Yahoo Finance

By Clara Denina and Maytaal Angel LONDON (Reuters) – Liberty House, the industrial and commodities group that is buying up steel assets around the world, is considering investing in the troubled Italian Piombino mill as the global market picks up from a slump, two sources close to the matter said. The mill is owned by…

Dundee businessman declared bankrupt after firm collapses with £500000 debts – Evening Telegraph

A prominent Dundee businessman whose firm collapsed with the loss of dozens of jobs has been declared bankrupt after running up debts of more than £500,000. Hermann Twickler, 47, was placed into full administration following an action by the Accountancy in Bankruptcy service. Mr Twickler, a German national, ran companies including PressureFab an offshore container…

Quarter Of North East Adults Feel Impact Of Personal Finance Concerns On Mental Health – North East Connected (press release) (subscription)

Over a quarter of adults in the North East say the state of their personal or household finances is having a negative impact on their mental health and wellbeing. New research by insolvency and restructuring trade body R3 and ComRes found that 27% of adults living across the region selected money issues as a cause…