Bankrupt oil tycoon once worth 125m was caught squatting in office of struggling firm in sleeping bag and yellow pants after posing as investor and getting his MOTHER to cough up funds, tribunal hears Calum Melville agreed to invest 50k into I Need Pampering Ltd, worth 250k Took three months for Melville, on Times Rich…
Advertisement: Humans have been flying since the Wright Brothers took to the air in 1903. Of course, airlines started later with the first scheduled passenger flights in 1914 (across Tampa Bay, Florida). We take a look here at the 10 oldest. Note that some of the orders and listings could change depending on exact dates…
The global pandemic has devastated companies large and small, particularly in sectors such as travel, hospitality, and entertainment, but also in the blue-chip domains of manufacturing, retail, and energy. For many businesses, a sharp decline in revenue led to a liquidity crunch severe enough to threaten debt service and raise the specter of bankruptcy. Some…
A year back, the government had placed a moratorium on companies filing appeals because of the pandemic and resultant increase in corporate distress. But this moratorium has ended just last week. And experts now predict a flood of such cases coming before the tribunal. Pic: Pixabay The investigation and resolution of corporate disputes as well…
Government Covid-19 supports could be concealing many businesses financial woes, one expert warned on Thursday, as figures showed company insolvencies fell in the first three months of the year. Statistics published by accountants Deloitte show that 111 companies went through various insolvency procedures in the first quarter of this year, 30 per cent less than…
Credit Suisse has begun court action to push a $4bn trading business belonging to the metals magnate Sanjeev Gupta into insolvency, as it tries to recoup losses. Gupta is the founder of Liberty Steel and its holding company, GFG Alliance. The latter has vowed to fight the legal petition, which presents a fresh threat to…
On 26 March 2021, the Government passed the CIGA 2020 (Coronavirus) (Extensions of Relevant Period) Regulations 2021 (Regulations), extending some of the temporary relief measures under the Corporate Insolvency and Governance Act 2020 (CIGA 2020) until 30 June 2021. The Regulations bring further relief to companies, directors, and businesses, who would otherwise have faced a…
The accident-prone bank has certainly done a lot of damage to the reputation of Swiss bankers in the last few weeks. Swiss cheese has become a metaphor for the bank’s balance sheet. The walking disaster area that is is intending to recompense more investors burnt by the Swiss banks exposure to belly-up Greensill Capital. News…
The bankrupt Polish offshore wind foundation manufacturer, ST3 Offshore, has not found a buyer through a tender issued in the second half of February, and has now opened a new tender with a 10 per cent lower starting price. The new tender, open for bidding until 14:00 on 14 April, offers a starting price of…
Disgraced former Auburn deputy mayor Salim Mehajer has spent most of the past five months in segregation, held in his prison cell for 23 hours a day, and could face years more in prison for lying to the courts. The judge who will sentence him for two counts of perverting the course of justice and…
