Interest rates have been low for so long that we forget the good things happening when they rise. In a massively indebted place like Canada, rising rates can fairly be described as trouble waiting to happen for both households and governments. But higher rates are caused by positive economic developments like a firming job market…
Bonus payments to directors and former executives of collapsed construction company Carillion have been stopped and an agreement has been reached on safeguarding thousands of private sector jobs, the UK governments Insolvency Service said on Wednesday. Any bonus payment to directors, beyond the liquidation date, have been stopped and this includes the severance payments which…
Questions over Cardiff Seafood Shack restaurant closure By Jenny Johnson BBC News 17 January 2018 Image caption Darryl Kavanagh set up the Seafood Shack restaurant in Cardiff’s High Street last year A Cardiff restaurant which reportedly closed after a cyber attack in December may have become insolvent two months earlier, it has been claimed. The…
Image caption Darryl Kavanagh set up the Seafood Shack restaurant in Cardiff’s High Street last year A Cardiff restaurant which reportedly closed after a cyber attack in December may have become insolvent two months earlier, it has been claimed. The Seafood Shack shut on 29 December, six months after it opened, blaming a “malicious internal”…
Resolution professionals said they had submitted their suggestions on the issue to a government panel formed to address concerns around the IBC. Photo: Mint Mumbai: Resolution professionals (RPs) appointed to manage companies taken to the bankruptcy court have sought clarity on how to proceed when these companies refuse to cooperate with them, two RPs working…
The state-backed Royal Bank of Scotland has been accused of scuppering an 11th-hour deal to save Carillion. Keith Cochrane, the interim chief executive of Carillion, has claimed that the bank took unilateral action that in the companys view undermined the groups efforts to conserve cash. He made the claim in a witness statement submitted to…
MUMBAI: Employee buyouts or participatory managements are not commonplace in India, but the model could be explored for some companies hauled before insolvency courts, where affected staff-members at units without hopes of a revival have urged tribunals to liquidate the entities as ‘going concerns.’ “There is a growing tendency among employees and workers to save…
Handsome dividends paid to Sears Canada shareholders even as the company was faltering and its employee pension fund was running a deficit are being reviewed by the court-appointed monitor handling the companys insolvency. The monitor is carrying out a review of certain material transactions, according a new report on the insolvency by the monitor, FTI…
TUC boss calls on government to establish group to share knowledge on collapsed firm Unions are worried about the impact of the firms collapse on sub-contractors and Carillion staff. Photograph: Darren Staples/Reuters Trade unions have demanded that a taskforce be set up to help deal with the fallout from the Carillion collapse and accused ministers…
Those payments as well as several others stretching back to 2005 were met with consternation by industry observers at the time Sears Canada gave up the ghost this year after more than a decade of pundits calling for its demise. Leah Hennel/Postmedia TORONTO Sears Canadas bankruptcy monitor is investigating more than a half billion dollars…