Failed Mosgiel businessman Malcolm Burns has finally been declared bankrupt despite a last-ditch effort to delay the decision a fourth time. Associate Judge Dale Lester declared Mr Burns bankrupt in the High Court at Dunedin on June 12 after the previous week giving him “a last chance” to pay what his company Otago Excavation owes…
Construction director Mario Huiu failed to account for nearly £500,000 transferred out of his company’s accounts in a one-month period in 2020 Huiu also failed to verify more than £200,000 in cash receipts and explain why his Incentive Services Limited company failed with debts of over £160,000 Insolvency Service investigations have resulted in Huiu being…
Insolvency Plea Filed Against FirstCry Subsidiary GlobalBees Over Rs 65 Crore Dues BW Legal World Read the original article here
Somerset Council will go bankrupt in April 2026 without school funding reform Somerset Live Read the original article here
Mario Huiu’s failure to keep proper accounting records for Incentive Services Limited meant liquidators were also unable to verify cash receipts of more than £200,000 into the same bank account. The 39-year-old, of Ilford, was prosecuted for offences under the Companies Act 2006 and Insolvency Act 1986. Huiu was given a four-month prison sentence, suspended…
The recent Supreme Court decision in Bilta (UK) Ltd (in liquidation) & others v Tradition Financial Services Ltd, provides important guidance on those who may be caught within the scope of fraudulent trading under section 213 of the Insolvency Act 1986. Meaning of “any person” under section 213 Insolvency Act 1986 Section 213 enables the…
Former Victorian Liberal leader John Pesutto has expressed his gratitude to his Victorian Liberal colleagues after the party agreed to give him a $1.55 million loan to avoid bankruptcy. Mr Pesutto was ordered to pay fellow Liberal MP Moira Deeming $2.3 million in legal costs after she successfully sued him for defamation. He was unable…
A recent study has revealed that nearly a fifth (17 per cent) of Australian SMEs would collapse if they lost just one major client. As revealed in ScotPac’s SME Growth Index Report, if businesses lost a key client, there would be an average revenue loss of 22 per cent. Diversifying revenue streams is key to…
The UK Supreme Court recently handed down a judgment in Tradition Financial Services Ltd v Bilta (UK) Ltd & Others[1] in which it considered the scope of section 213 of the Insolvency Act 1986, specifically whether those beyond the small group of individuals with controlling or managerial functions of the liquidated company could be ‘party…
Urban Company turns profitable; GlobalBees faces insolvency MSN Read the original article here