Nick Leeson, 51, is best known as the infamous banker who brought down Barings Bank. He is one of the contestants in the Celebrity Big Brother house 2018. But what is his net worth? At his peak in the early nineties, Nick is believed to have earned bonuses of £130,000 on a salary of £50,000.…
A $2.4 MILLION debt has thrust the future of one of Bundaberg’s oldest hotels into uncertainty. Formerly trading as the Grand Hotel Bundaberg, Tomik Pty Ltd was ordered to be wound up by the Federal Court earlier this month after the Australian Taxation Office made an application for it to be put into liquidation in…
IN a sliding doors moment, Nathan Tinklers former right-hand man, Troy Palmer, has been declared bankrupt with debts of more than $21 million, just as word emerges that his former one-time billionaire boss has had his personal bankruptcy annulled. The Herald can reveal that retail giant Gerry Harvey has bailed Mr Tinkler out for a second time, loaning…
Contrary to the old saying; when it comes to financial education less will never be more. As a society, our expectations of what constitutes an acceptable standard of living for our children has risen exponentially. In fact, in the last 10 years child-rearing costs have gone up by 45 per cent, while our household incomes…
The proposals were set out in a consultation document designed to seek views on how to tackle “those who own or manage” companies who cause the companies to engage in “tax avoidance, evasion or repeated non payment of taxes” and then use the insolvency process so that the company avoids paying the tax. In some…
17 August 2018 17:11 (UTC+04:00) 345 By Trend Sino plant producing refrigerators in Uzbekistans Samarkand city was declared bankrupt upon the court decision, the Uzbek media reported citing the Uzbek plant. The plant with the capacity of 250,000 refrigerators per year opened in 1973. During the times of the Soviet Union, the plant produced “Pamir”, “Samarkand”,…
Author: Ken Teegardin. Licence: Creative Commons, Attribution-ShareAlike 2.0 Generic. BELGRADE (Serbia), August 17 (SeeNews) – Serbia’s Bankruptcy Supervision Agency is inviting bids for the purchase of assets of insolvent iron casting company FAP Livnica, the agency said on Friday. The estimated value of the assets of FAP Livnica for sale stands 461.1 million dinars ($4.5…
This is a poignant question in the light of the wave of recent administrations and liquidations on the High Street. The general position is that a holding company is only liable to pay any amount not paid up on its shares in the subsidiary company. However, there are some situations where a holding company or…
Steinhoff International [JSE:SNH] moved to appoint insolvency expert Paul Copley to its supervisory board as the troubled global retailer seeks to strengthen management and add expertise following an accounting scandal. A former partner at PwC, Copley worked as an administrator of Lehman Brothers, one of the highest-profile corporate collapses of the financial crisis of 2008.…
The Supreme Court ruled that creditors can proceed against personal guarantors of a corporate debtor even while insolvency proceedings are on. The top court said the moratorium envisaged under Section 14 of the Insolvency and Bankruptcy Code will not apply to the personal guarantors. The provision places a moratorium on any suits or proceedings against…