Executives whose pensions were slashed after an UK industry lifeboat fund took over payment of their company benefits are to receive an income boost following a landmark European Court ruling. On Thursday, the European Court of Justice upheld a challenge lodged by a UK pensioner whose retirement income was cut by two-thirds when his company…
When Andrew Fastow, the former chief financial officer of Enron, finishes a public-speaking gig these days, a dozen or so people from the audience are typically waiting to talk to him. Some ask about his role in the scandal that brought down the energy company. Others want to know about his six years in prison.…
By David Hargreaves They are young, footloose, fancy-free…and broke. The latest credit figures from illion (formerly Dun & Bradstreet) have shown a sharp rise in the number of people under 25 in this country filing for bankruptcy. And it’s a rise that is occurring at a time when the overall bankruptcy figures are falling. According…
With more than $30 million in debt and owning little more than a house, two old cars and a stray cat, former Olathe home builder and banker Donald H. Bell Sr. has declared bankruptcy. Bell and his wife, Faith, had built Don Bell Homes in Olathe into one of Johnson Countys most prolific builders in…
TBL (UK) Ltd (TBL) was incorporated in March 2016 and traded as UK Business Locator, a derivative of its business directory: www.ukbusinesslocator.com. However, TBL shared a common director and continued similar business to that previously carried out by a linked company, Movette Ltd (Movette), which was wound up on 28 July 2017 on the grounds…
The rate of personal insolvencies in Herefordshire has increased by more than a third over the last two years, official data has revealed. In 2015, 16.8 adults per 10,000 were declared insolvent in Herefordshire, according to Insolvency Service figures. However by 2017 that figure had risen to 22.6, an increase of 34.5%. Insolvency is when…
Scores of debt-ridden young people in Birmingham are declaring themselves insolvent before they reach their mid-twenties. New data shows a total of 1,512 people in the city either went bankrupt, took on a debt relief order (DRO) or accepted an individual voluntary arrangement (IVA) to manage their debts in 2017. Of those, 88 were aged…
One of the issues that has not yet caught the attention of the government or the IBBI is the treatment of MSMEs under the resolution plan. The Insolvency and Bankruptcy Code (IBC) is in its second year of operation; it has, at best, been a roller-coaster ride where the application of the said law has…
photo: Gibson Brands, Inc. Gibson Brands, Inc. declared bankruptcy in May, but the company is soldiering on with a brand-new electric guitar line-up. Dont expect to find fancy add-ons or tech-related doodads in this simplified range. And thats on purpose. Just recently, Gibson asked a federal bankruptcy judge to absolve the company of a $60…
The closure of Carillion and worldwide giant, Toys R Us, only highlighted the financial issues plaguing many businesses. The latest insolvency statistics have also suggested the effects regarding company insolvency can run much deeper than originally thought. Business Rescue Expert, a leading insolvency practitioner firm based in the North East, are sharing the knock-on impacts…