Questions are starting to emerge about how exactly Birmingham city council ended up in a financial crisis, and whether the figures behind its problems actually stack up. Here is a rundown of how events unfolded. April 2022 – The council’s new IT system, its first major upgrade since 1999, goes live. Councillors say IT staff…
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Google Neville Taylor was listed as director of 196 companies run from Bridge Street in the town of Kington in Herefordshire The boss of more than 400 firms has been banned from being a company director after playing a key role in a scheme designed to undermine the UK insolvency system. Neville Taylor, 57, was…
Going bankrupt or being declared bankrupt by a creditor -who is owed money that can’t be repaid- is a serious matter and has legal consequences. Understanding what is bankruptcy The journey into bankruptcy often starts with a small debt that wasn’t settled in time and then forgotten. But with late payment fees, penalty charges and…
After Paksoy was declared bankrupt, ANZ applied for a vesting order under s. 133(9) of the Bankruptcy Act 1966. The bank contended that it is just and equitable for the court to grant a vesting order in cases where neither the state nor any other interested property objected to the application. Further, ANZ asserted that…
Listen to the article 13 min This audio is auto-generated. Please let us know if you have feedback. At the outset of 2021, the future looked bright for 2U. The year before had disrupted higher education, and the entire world, with a global pandemic. As colleges scrambled to continue educating students, the online program manager…
Keke Palmer is recalling a time of real financial stress. During an appearance at the Building Wealth Today for Tomorrow financial literacy event in Chicago on Oct. 12, Palmer, 31, revealed that she declared bankruptcy at 18, per Afrotech. “I was so spooked,” she said. “I was like, ‘What went wrong?’ ” Palmer, who began…
SINGAPORE (The Straits Times/ANN): Former oil tycoon and Hin Leong’s founder, Lim Oon Kuin, and his two children were declared bankrupt on Dec 19, the electronic government gazette published on Dec 27 showed. Better known in the oil trading industry as O.K. Lim, the 82-year-old, his daughter Lim Huey Ching, 57, and son Lim Chee…
2024 was shaping up to be a bad year for ramen shops. And it turned out to be pretty awful in the end, as Japan saw a record number of bankruptcies. The final numbers are in: 72 ramen shops shuttered for good in 2023 due to bankruptcy. “Bankruptcy” is here defined as having over 10…
A director who “repeatedly subverted the insolvency system’’ by helping owners of struggling businesses to drop debts has been banned from running companies for nine years. Neville Taylor, 57, is listed as a director of more than 400 companies and was paid almost £270,000 by the operators of a scheme that replaced the directors of…