Two key enablers of a scheme designed to undermine insolvency legislation by allowing business owners to keep their assets and drop debts have been banned as company directors. Sisters Karen Mortimer and Joanna Seawright put the creditors of 138 companies at risk of financial loss after taking control of the businesses which were referred to…
Officials also warned that disincorporation or bankruptcy each carry major long-term implications. ISLETON, Calif. — It has been more than a year since the Isleton financial crisis began, and there is still no end in sight. City leaders met Tuesday evening for a presentation on the few paths available to climb out of debt, but…
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REVEALED: Latest business liquidations in Brisbane The Courier Mail Read the original article here
Anthony Lamprell, 52, was declared bankrupt in July 2019 but continued to be listed as a director of the five companies until September 2021. Bolton Crown Court heard how in one of the company’s cases, Rubysol Ltd, he resigned as a director in August 2019. Prosecutor Louise Cowan said: “But he admitted to running Rubysol…
But that figure is still well short of the £150m the authority needs to make through asset sales to help stave off bankruptcy. Properties that have been sold include a former village hall, an outdoor activity centre, a petrol filling station, car parks and a former recycling centre. Early last year Bradford Council was granted…
The Business Recovery and Insolvency Practitioners Association of Nigeria (BRIPAN) has trained the staff of the Nigeria Deposit Insurance Corporation (NDIC) on personal insolvency, liquidation procedures, and corporate restructuring mechanisms. Speaking at the three-day training session held in Lagos, BRIPAN President, Chimezie Ihekweazu, explained that the programme was designed to enhance NDIC’s capacity in debt…
While AI may arguably be the most significant change in the accounting world, the continual increase in corporate insolvency is where accountants should focus their attention, writes Trevor Withane. Corporate insolvency on the rise Australian corporate insolvency appointments have almost tripled since the 2021–2022 financial year, with the highest numbers occurring in NSW. The hardest-hit…
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