Company in liquidation owes Inland Revenue over $1m

Christchurch company CProPainterPlaster has collapsed owing Inland Revenue an estimated unpaid tax value of over $1 million. The business working in the house construction industry went into liquidation under an application filed by the IRD at the Christchurch High Court on July 10 with the New Zealand Insolvency and Trustee Service appointed as liquidator. In…

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Key Differences & Benefits for Recovery

What Is a Receivership? Receivership and bankruptcy are often misunderstood mechanisms in the realm of financial recovery. While both aim to address financial distress, they serve distinct roles. Receivership allows a court-appointed neutral receiver to manage a company’s assets to prevent bankruptcy, aiding creditors and distressed companies alike. In contrast, bankruptcy offers debtor protection from…

U.K. Steelmaker Declared Insolvent | SupplyChainBrain

The U.K.’s third-largest steelworks has been placed under government control, creating an uncertain future for nearly 1,500 workers at the Speciality Steels UK (SSUK) operations in Rotherham and Stocksbridge in South Yorkshire, reports BBC News. The company, which uses scrap metal to manufacture steel, is owned by Liberty Steel, in turn owned by controversial tycoon…