The numbers, taken from notices in the London Gazette, show that 1,174 companies, or groups of companies, entered into administration across the UK during 2016, compared with the 15-year low of 1,111 in the previous year. The peak was seen in 2009, following the financial crisis, when 3,376 companies went into administration. Blair Nimmo, KPMGs…
McAleese chief Mark Rowsthorn will try to restore the transport group’s reputation after it was renamed “Rivet” Cole Bennetts Collapsed transport group McAleese has emerged from administration and has been renamed Rivet with chief executive Mark Rowsthorn staying at the helm after equity holders were wiped out. Rivet will specialise in mining, energy and aviation fuelling…
UPDATE 5PM: BY the end of the week, administrators expect to have a firmer grasp on the assets, jobs and debts tied up in the CQ Leagues Club. Worrells Solvency and Forensic Accountants were appointed administrators of the troubled club yesterday and issued a statement before noon. One of the administrators, Paul Nogueira, spoke with…
Western Australian PC components distributor Softline Australia Distribution has entered liquidation after being unable to pay debts in excess of $200,000. Domenico Calabretta and Grahame Ward of Mackay Goodwin were appointed liquidators on December 20, 2016. Documents lodged with corporate regular ASIC revealed the company sank among a number of debts, including an undisclosed debt…
(THINKSTOCK) Health Republic of New Jersey, the co-op insurance company created in response to the Affordable Care Act marketplace that was put into rehabilitation late last year, is now in liquidation, according to documents filed by the state Department of Banking and Insurance last month. The document calls for a termination of the rehabilitation process…
Rental, hiring and real estate services were among the industries that fared worst as external administrations jumped 14 per cent in Western Australia for the September quarter, as insolvency experts warn that an economic rebound has not yet clearly emerged. Around 260 WA businesses entered administration in that three month period, up from 228 in…
UPDATE, WEDNESDAY: A decision on the future of the CQ Leagues Club is likely to be made within “20 to 30 business days, the club’s administrator says. A statement issued shortly after midday today by Worrells Solvency & Forensic Accountants has confirmed the board of the CQ Leagues Club Limited appointed Morgan Lane and Paul…
A COMPANY director from Bolton has been banned for five years after his firm arranged employment for illegal workers. Zamirahmed Munshis company, Dankart Limited, which has now gone into liquidation, was issued with a £60,000 fine after Home Office Immigration Officers (HOIE) discovered 12 people working illegally. Their employment had been organised by Dankart. Officials…
Axon Energy Products has placed its Gateshead subsidiary business into liquidation after attempts to lower costs failed. Axon Energy Products (UK), which is based on the Team Valley trading estate, was placed into liquidation on December 20 2016. The closure of the business has affected nine members of staff who worked in the Gateshead office.…
We need a speedy bankruptcy code to resolve distress while maintaining the priority structure of claims. The bankruptcy code will give creditors more ability to resolve distress and help strengthen the corporate bond market, which is so essential to infrastructure financing. Raghuram Rajan, former Governor, Reserve Bank of India, in September 2015. Fifteen months later,…