A Christchurch takeaway and restaurant business with sushi outlets under the Hachi Hachi brand has folded owing staff holiday pay and a hefty tax bill.

The seven companies owned by Hachi Hachi founders and directors Titi Khemarangsan and Bundit Kijpalakorn were placed in voluntary liquidation on March 25.

Initial liquidator reports for the businesses amounted collectively to a total estimated shortfall of $2.54 million, including $1.37m owed to Inland Revenue in income tax for employees’ wages (PAYE) and goods and service tax.

This included nearly $130,000 in holiday pay owed to out-of-pocket staff.

The liquidator noted Inland Revenue had begun recovery action, the directors placing the companies in voluntary liquidation after…

The works went up for sale in February just a matter of weeks after companies associated with the operation went into liquidation.

Black Origin Meat Processors (Gore) Ltd was put into liquidation by a shareholders’ resolution in December.

The plant is owned by Blue Sky Meats (Gore).

The company was put into liquidation just five days after the plant operator went into liquidation.

Blue Sky Meats and Black Origin Meat Processors share the same shareholders.

Blue Sky Meats allowed Black Origin Meat Processors Ltd to operate and remove any stock remaining on site until December 27 when the site was…

If you owe a significant amount of debt, it can feel tough to get ahead. Inflation is still above its ideal target, taking a bite out of your purchasing power. Interest rates are also still relatively high, adding to the cost of borrowing. For example, credit card interest rates are above 20%. If you’re behind on payments, you could be hit with an even higher penalty APR.

Whether you have…

A Russian court declared former presidential hopeful Boris Nadezhdin bankrupt over past campaign debt, the Kommersant business newspaper reported Thursday.

Nadezhdin, 61, sought to challenge President Vladimir Putin in the March 2024 presidential race on an anti-war platform but was barred from running. Though unsuccessful, his short-lived campaign drew support from Russians opposed to the invasion of Ukraine despite a wartime crackdown on dissent.

In May 2024, Rosenergobank — which itself went bankrupt in 2017 — petitioned a Moscow arbitration court to declare Nadezhdin bankrupt. The politician resigned as a municipal deputy in the Moscow region the following month.

The court ruled that Nadezhdin owed Rosenergobank 77.4…

Cosmetics and beauty retailer The Body Shop’s operations in New Zealand have entered liquidation, resulting in the cessation of all storefront operations…

Does debt consolidation affect your credit?

Schoolchildren and campaigners from across the UK visited Parliament this week to urge MPs to address the global debt crisis which is engulfing many poor countries around the world.

They’re calling for a new Debt Justice Law, to create a fairer global system for low-income countries facing insurmountable levels of debt. The aim is to target irresponsible, ‘loan-shark’ behaviour – seen in some private creditors over the years – who are able to avoid accountability but rake in profits from unfair lending to poorer countries, burdening them with debt that can never be repaid.

The result is what’s being called a ‘global debt crisis’, where some of the world’s poorest countries are forced to spend more on payments to big banks and hedge…

Microbiome health company Biome Australia (ASX:BIO) has announced that its wholly owned subsidiary, Biome Australia Trading, has entered into a $5 million secured debt facility with National Australia Bank (NAB).

The company said the new facility would replace the existing debt facility with Tradeplus24 at a significantly improved interest rate.

Biome said it will use the new facility to optimise inventory management and support the growth of the business both locally and internationally as volumes continue to increase. 

The company said the facility has two components. The first is a $3.5 million facility for invoice funding for its Australian accounts receivables. It said the 7.75 per cent interest rate is a significant…

Bergen, Norway – Norwegian deep sea mining company, Loke Marine Minerals, has declared bankruptcy.[1] Loke had dreams of becoming the world’s largest deep sea mining company, holding licenses in the Pacific as well as setting their eyes on the Arctic. Now, their deep sea mining dreams have been shattered. Loke also owns UK Seabed Resources, which holds the UK’s two deep sea mining licenses in the Pacific.

In November last year, Loke Marine Minerals, pleaded for new investors, but recognised that they were struggling.[2] The reason: their potential investors “were not immune” to the strong resistance against deep sea mining. Today’s news comes as protestors disrupted a deep sea mining conference in…

The National Company Law Appellate Tribunal (NCLAT) New Delhi bench of Justice Ashok Bhushan (Judicial Member), Mr. Arun Baroka (Technical Member) and Mr. Barun Mitra (Technical Member) has held that the Adjudicating Authority cannot suo moto amend the date of default mentioned in the insolvency application unless an amendment application is filed; otherwise, it would tantamount to exceeding its jurisdiction, which is not permissible in law.