Insolvency Guardian Media Centre
Firm attracted attention over its business practices which included fake online reviews
The FBA Brand Builder offices close to Ballymena. Inset: Darren Campbell
Liquidators have been appointed for a controversial NI brand building company whose CEO announced its closure more than a month ago.
The FBA Brand Builder, run by Darren Campbell (34), previously charged clients for guidance in launching their own online selling business through Amazon.
Read the original article here
The sheer number of cannabis insolvencies in Canada over the last five years has resulted in a number of unique issues being considered, not least of which is directors’ liability to the Crown for unremitted excise taxes.
Section 295 of the Excise Act, 2001 (Canada) (“Excise Act”) imposes liability on corporate directors for a corporation’s unpaid duties and interest. If a corporation fails to remit required duties or interest, its directors at the time of the failure can be held jointly and severally liable with the corporation for these amounts.
This provision is similar to Section 227.1 of the Income Tax Act (Canada) (“ITA”) and Section 323 of the Excise Tax Act (Canada) (“ETA”). The policy rationale…
Read the original article here
Sigma Finance Corporation – RNS Announcement Business Wire
Read the original article here
Bhushan Steel and Power: SC rejects JSW Steel’s resolution plan, orders liquidation MSN
Read the original article here
A bankrupt landlord has been handed a suspended sentence after he “took advantage” of a taxpayer-backed Covid loan scheme by applying for tens of thousands of pounds – despite his pub closing before the pandemic.
Gary Wright, 46, was given a £25,000 bounce-back loan on behalf of his Talbot Ale House in St Helens, Merseyside, in June 2020.
The bounce-back scheme was introduced to help small businesses through the pandemic by allowing applicants to borrow up to £50,000 at a low interest rate.
But Wright’s pub closed down in September 2019,…
Read the original article here
Dutch household goods retailer Blokker, which was declared bankrupt last year, is planning to reopen 30 to 40 shops in the Netherlands, sources have told business broadcaster RTL Z.
Blokker was declared bankrupt almost six months ago. Four months later, businessman Roland Palmer bought the brand name in a bankruptcy sale. Palmer, a nephew of the Blokker brothers who previously ran the company, is reportedly aiming to revive the chain.
Some 40 Blokker stores, which were franchise operations and not affected by the bankruptcy, are still open, and some of them plan to expand as well, RTL Z said.
Meanwhile, the Dutch arm of interior design retailer Casa has been declared bankrupt and all its shops in the…
Read the original article here
Getty Images 
If you’ve found yourself struggling to afford your debt payments recently, you’re far from alone. A significant percentage of borrowers are facing increasing financial strain in today’s unusual economic climate, and there are a few big reasons for that. One is that credit card rates are closing in on an average of 22% currently, making it easy for balances to spiral despite your best efforts. And, when you add in the…
Read the original article here
At the time, the company owed over Rs 47,000 crore to financial creditors and more than Rs 780 crore to operational creditors. Its financial woes were further exacerbated by a high-profile investigation by the Enforcement Directorate (ED) into alleged loan diversion of Rs 4,025 crore by its former promoters. In October 2019, the ED provisionally attached BPSL’s assets under the Prevention of Money Laundering Act (PMLA), citing them as proceeds of crime.
JSW Steel had emerged as the successful resolution applicant in 2019, offering over Rs 19,000 crore to financial creditors. The plan was approved by the National Company Law Tribunal (NCLT) in September 2019 and subsequently upheld by the National Company Law Appellate Tribunal…
Read the original article here
New Delhi, May 2 (PTI) In a significant verdict, the Supreme Court on Friday set aside a resolution plan submitted by JSW Steel Limited for Bhushan Steel and Power Limited (BSPL), holding it illegal and in violation of the Insolvency and Bankruptcy Code (IBC).
A bench comprising Justices Bela M Trivedi and Satish Chandra Sharma ordered the liquidation of BSPL under the IBC.
The top court criticised the conduct of all key stakeholders in the resolution process — the resolution professional, the Committee of Creditors (CoC) and the National Company Law Tribunal (NCLT) — for enabling what it termed a “flagrant violation” of the IBC.
Writing a 105-page judgment for the bench, Justice Trivedi criticised…
Read the original article here
Liquidation order to be appealed by director Post Wellington
Read the original article here
Liquidation order to be appealed by director Stuff
Read the original article here
Jennyfer, a French fast-fashion chain catering to teens and young women, has filed for court-ordered liquidation after four decades in business. The ruling came on April 30 from the Bobigny commercial court, following a request from company management due to persistent financial hardship. The decision had already been shared with employee representatives the evening prior, as reported by FashionNetwork.com. Operations will continue until May 28, with interested buyers invited to submit partial or full acquisition offers by May 13.
Founded in 1985, Jennyfer gained popularity across France for its trend-driven, affordable…