The bankruptcy application from US fund Cerberus to have independent TD and former property developer Mick Wallace placed in bankruptcy adds a new layer to what is already a complex relationship. Mr Wallace has used his position as a public representative to relentlessly attack the State-owned National Asset Management Agency (Nama) and how it has…
The High Court has adjourned for a month an application to bankrupt Independent TD Mick Wallace. The application arises out of a 2m judgment obtained earlier this year against him by a company called Promontoria (Aran) Ltd which took over the TDs debt to Ulster Bank. Edward Farrelly BL, for Promotoria, told Ms Justice Caroline…
UK household debt has swollen to £1.5trn in the UK for the first time, with indebtedness growing at the fastest rate since before the credit crunch of 2007, according to new research. Before the peak of the financial crisis in 2008, personal debt in the UK reached £1.4trn. Following a recent low of £1.36trn in…
West Midlands-based furniture manufacturer Ashcraft Furniture Limited has entered insolvency for the second time. James Martin and Mark Newman, of CCW Recovery Solutions, were appointed as joint liquidators on 13 October 2016 after the company, formerly known as AFL International Ltd, racked up a creditor bill over £460,000. Details of the insolvency has been revealed…
The number of business closures have risen since the Brexit vote, according to the Q3 insolvency statistics released by HMRC last week. Business insolvencies are up by 2.2% and voluntary liquidations are up by 5.5%, showing that more businesses are choosing to close. Simon Underwood, partner and business recovery specialist at Menzies, commented on Brexit…
New Delhi: It is unlikely that the draft regulations for insolvency professionals, once finalized, will see many changes, despite concerns many practitioners have raised. A ministry of corporate affairs official, declining to be identified, said that the draft rules are well thought out and incorporate concerns outlined by the industry, an indication that these rules…
Datuk Seri Azalina Othman said the Bankruptcy Act 1967 will be amended to enable a more realistic approach in addressing bankruptcies. Picture by Choo Choy MayKUALA LUMPUR, Nov 7 The Bankruptcy Act 1967 will be amended to include an escape clause for debtors declared insolvent over unpaid debts, de facto law minister Datuk Seri Azalina…
A British barrister who was previously jailed three years for tax fraud has been disbarred. According to The Law Society Gazette, a disciplinary tribunal handed down the order on October 28 in relation to the barristers offense of dodging £274,000 (about $447,000) in taxes. Roberts, who previously worked for New Square Chambers before setting up his own…
By Aneeta Bhole For Daily Mail Australia Published: 00:04 +11:00, 6 November 2016 | Updated: 00:10 +11:00, 6 November 2016 e-mail View comments Brynne Edelsten, the ex-wife of Melbourne businessman Geoffrey Edelsten, has shared an emotional Instagram post after being declared bankrupt earlier this year. The 33-year-old socialite was previously reported to owe $70,000 in unpaid…
A Dundee woman who embezzled money to fund her extravagant lifestyle has been hit with a 10-year Bankruptcy Restrictions Order (BRO). The order prevents Karen Reid aka, Cromar, aka Taylor, of St Martin Avenue Dundee, from becoming a company director. She will also have to notify lenders of the order if she seeks credit of…