Avacade directors banned after pocketing £1.4m ahead of insolvency – FT Adviser

The directors behind Avacade have each received six-year directorship disqualifications after the Insolvency Service found they had paid themselves 1.4m during a tax investigation. Craig Lummis and his son, Lee Lummis,were banned by Judge Halliwell in Manchesters High Court on August 27, due to the fact they repaid themselves 1.37m despite their company being under…

Company insolvencies jump 71% in August – Accountancy Today

Registered company insolvencies across England and Wales spiked 71% year-on-year to 1,348 in August 2021. The figure, which was slightly below August 2019s 1,366 insolvencies, consisted of 1,256 CVLs, 35 compulsory liquidations, two CVAs, and 55 administrations. Related Articles This represented a year-on-year climb of over 50% for both CVLs and compulsory liquidations, while administrations…

Andrew Left warned about Evergrande’s looming insolvency 10 years ago – Markets Insider

Andrew Left called Evergrande insolvent in 2012. Citron Research The looming debt crisis faced by China’s second largest property developer was on Andrew Left’s radar nearly 10 years ago. The famed short-seller said China’s Evergrande would be “severely challenged from a liquidity perspective” in a 2012 report. Hong Kong subsequently imposed a five-year ban on…