Mumbai/Chennai: Corporate restructuring is a common practice. Assets or shares are transferred by one company to another group company for various business reasons. Such a transfer can even be done by way of a ‘gift’, which mitigates tax liability. It is this mode that the Budget proposals now seek to plug. Currently, taxation of gifts…
Picture shows: Adrian Berry, chair of R3 in Yorkshire and restructuring partner at Deloitte LLP Email to a friend. Finance Posted by Melanie Rice on 01 Feb 2017 … Read the full article at: https://bdaily.co.uk/finance/01-02-2017/2016-insolvencies-up-from-2015-r3-comments/
HIGH-end Australian fashion labels David Lawrence and Marcs have been placed in voluntary administration, throwing the futures of more than 1100 staff into limbo. The brands, both staples on the catwalk, operate a combined 52 stores in Australia, with 260 fulltime, 230 part-time and 640 casual staff. Sole director Malcolm Webster said the move was…
The collapse of national fashion brands Marcs and David Lawrence has added another 1130 workers to the retail rout that claimed close to 2000 jobs in the sector before Christmas. And retail insiders claim the rot that took down Payless Shoes and Pumpkin Patch in December has spread to Australia’s upmarket, national fashion chains and there warn of…
Office administrator Natalie Akinola diverted cash into her own bank 93 times 32-year-old began stealing two days after being authorised to access accounts Russ Blackburn started firm 12 years ago, now has £70k debt and tax bill of £37k By Amie Gordon For Mailonline Published: 22:24 +11:00, 1 February 2017 | Updated: 22:46 +11:00, 1…
Corporate insolvencies The corporate insolvency numbers have been skewed by a wave of personal service companies being closed in the last quarter. It may have been just the closure of a handful of companies run by an umbrella provider which led to the spike. When you look beyond that though, 2016 had more or less…
DCL Advisory is a professional insolvency consultation firm that offers Voluntary Administrator services. Voluntary Administration Voluntary Administration offers relief to an insolvent company so it can determine its future. Protections include: unsecured creditors cannot pursue claims against it without the administrators or courts approval secured creditors cannot impose charges non-perishable property owners or those who…
Fairfax Media The companies behind fashion brands David Lawrence and Marcs have been placed in voluntary administration. Vision courtesy ABC News 24. It’s business as usual at fashion stores David Lawrence and March, administrators say, as they get the struggling businesses ready for sale. Poor sales and market conditions led to the decision to voluntarily…
High-profile Australian fashion labels Marcs and David Lawrence have collapsed under debts of close to $30 million, including close to $3 million in worker entitlements and a $700,000 debt to the tax office. The appointment of voluntary administrators to two of the country’s best-known fashion brands leaves close to 1200 workers facing the the loss of their livelihoods as insolvency specialist Rodgers Reidy reviews…
Pretoria – The attempted business rescue of RBA Holdings appears to have failed and the company is set to be liquidated. Trevor Glaum, RBAs business rescue practitioner, confirmed on Tuesday that he would be applying to the Western Cape High Court today, or as soon as possible thereafter, to discontinue RBAs business rescue proceedings and…