Member Article Corporate insolvencies in England and Wales increased by 29% when compared to June 2020 but are 34% lower than in July 2019 Personal insolvency numbers in England and Wales decreased when compared to June 2020 (12% lower) and July 2019 (40% lower) Eleanor Temple, chair of the insolvency and restructuring trade body R3…
With household financial stress levels rising as a result of the economic impact of COVID-19, it would be a fair bet that debt management companies like FSA Group would be doing good business. But thats not the case. FSA released its 2019/20 financial report on Friday, disclosing a significant reduction in the number of consumers…
The former owner of Wigan Athletic, Au Yeung Wai Kay, sought to put the club into administration before he had even completed his controversial takeover, key documents reveal. A new timeline of the Wigan takeover is pieced together in the written reasons detailing the rejection of an appeal against the clubs 12-point deduction for insolvency,…
A former Ferrari-driving businessman has declared bankruptcy after his four companies collapsed within eight months owing about 200 creditors $13 million. Sunshine Coast businessman Gordon Smith, who last year promoted his investment company as being “solid as a rock”, is unable to pay back the creditors of his four property development and wealth businesses, liquidators’…
A former Ferrari-driving businessman has declared bankruptcy after his four companies collapsed within eight months owing about 200 creditors $13 million. Sunshine Coast businessman Gordon Smith, who last year promoted his investment company as being “solid as a rock”, is unable to pay back the creditors of his four property development and wealth businesses, liquidators’…
It has been a catastrophically bad year for shale, and few (if any) could have predicted the industrys struggles this year. The most notable of those struggles came in April when the West Texas Intermediate crude benchmark plunged below zero and into uncharted territory. The previously unthinkable price crash was spurred by a series of…
ANCHORAGE, Alaska (AP) – The largest rural airline in Alaska has declared bankruptcy and laid off more than 1,000 workers but wants $250,000 in bonuses to be awarded to its chief executive and other employees. Alaska Public Radio reported that RavnAir Group filed the request Tuesday in Delaware bankruptcy court. Lawyers for the company say…
In recent years, the lobby group for directors of large companies has been increasingly whingeing about various avenues for company directors to be held accountable. Its a bizarre position; highly paid people who hold themselves out as experts, demanding protection from the consequences when they fail to act reasonably. They have seized upon the Covid-19…
The privatisation of Malaysian clubs is expected to lead to harsher, more personal repercussions for the failure to pay players and staff. The club privatisation drive currently being pushed through by the Malaysian FA (FAM) will introduce several beneficial changes in Malaysian club’s operations, according to its general secretary Stuart Ramalingam. In a press briefing…
Allan Cadman of R3 Now residents with debt problems are being urged to seek advice at an early stage. More than 8 in 10 insolvency and restructuring professionals questioned in a survey by their trade body R3 say they expect personal insolvency numbers to increase within the next 12 months. Of these, the majority, 62…