• Repeat offender Leslie Crossland again breached the rules of his director disqualification by managing two companies when he was not allowed to do so 
• He also committed a bankruptcy offence in 2020 during the course of interviews with Insolvency Service officials 
• Crossland was assisted in breaking his director ban by his son, Richard Crossland, who was given a suspended sentence at the same hearing 

A Yorkshire electrical engineer who continued to manage his businesses while he was disqualified as a company director has been jailed. 

Leslie Crossland, of Netherfield Croft, Shafton, Barnsley, was sentenced to 16 months in prison when he appeared at Sheffield Crown Court on Friday 21 February. 

The 75-year-old had…

(Bloomberg) — Creditors of Austrian motorcycle maker KTM AG have approved a restructuring plan that will write off 70% of what they’re owed. The company now has three months to secure about €800 million ($840 million) of cash to finance the turnaround.

Citigroup Inc. is leading the fundraising effort and KTM parent Pierer Mobility has reported interest from several potential investors last month. 

Management has spent the last three months since KTM filed for insolvency trying to convince creditors that the company-led plan proposing a 30% payout, job cuts and a temporary production halt is a better option than bankruptcy. 

The company built by entrepreneur Stefan Pierer filed for insolvency after struggling to navigate the volatile…

Mechanical engineering company Manz: Tesla subsidiary buys part of insolvency

A subsidiary of the electric car manufacturer Tesla wants to take over more than 300 employees from the insolvent mechanical engineering company Manz as well as corresponding facilities in Reutlingen near Stuttgart in Swabia. A corresponding purchase agreement between Tesla Automation GmbH and the insolvency administrator has been signed, insolvency administrator Martin Mucha announced.

No information was given about the sales price in the announcement. It will be added to the insolvency estate.

Mucha said that they were happy to have successfully concluded the negotiations with Tesla, to have saved many jobs and thus to…

Yair Lapid, the Israeli opposition leader and former prime minister, laid out a plan on Tuesday for Egypt to take temporary control of Gaza for eight to 15 years after the war in Gaza, in cooperation with various other regional powers, in exchange for international relief of its foreign debt obligations.

Under the plan, after the end of the three-phase cease-fire and hostage-release deal between Hamas and Israel, Egypt, backed by a United Nations Security Council resolution with some partnership from the Gulf and others in the international community, would take “temporary guardianship” of Gaza, Lapid said in an event at the Foundation for Defense of Democracies.

Lapid said that, based on the completion of “measurable…

A man who was caught with two separate large hauls of cocaine and cannabis at his home within one year has been jailed for 10 years.

Robert Cummins (45) of Cushlawn Park, Tallaght, pleaded guilty at Dublin Circuit Criminal Court to possession of cannabis herb valued at €196,540 and cocaine valued at €68,327 for sale or supply at his home on August 24th, 2023.

He further pleaded guilty to possession of cocaine valued at €55,695 and cannabis valued at €12,912 for sale or supply at his home on July 18th, 2024 while on bail for the first offence.

Cummins came forward to Dublin Circuit Criminal Court on signed pleas from the District Court in relation to the second find.

The drugs were found after confidential information led to a…

In a significant development, the National Company Law Tribunal (NCLT), Kochi Bench, has ordered the liquidation of Greenlace Builders and Developers Private Limited, a real estate and construction company based in Kochi, Kerala. The decision came after the Committee of Creditors (CoC) voted in favor of liquidation, citing the company’s inability to continue operations and the absence of a viable resolution plan.

The tribunal, comprising Member (Judicial) Shri Jyoti Kumar Tripathi and Member (Technical) Shri Ravichandran Ramasamy, passed the order under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016. The CoC, led by Piramal Trusteeship Services Private Limited, which holds 89.31% of the voting rights, had…

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(Bloomberg) — GPS Hospitality LLC, which operates networks of fast-food chains Burger King and Popeyes Louisiana Kitchen, is huddling with advisers about how to manage a shrinking cash pile amid revenue headwinds, according to people with knowledge of the discussions.

The Atlanta-based franchisee tapped law firm Paul Hastings and investment bank Houlihan Lokey Inc. for help managing its debt load and the risk of breaching some of its terms, said the people, who asked not to be identified discussing private conversations. A group of creditors to GPS is working with lawyers at Paul Weiss Rifkind Wharton & Garrison for advice on options and to protect their interests. 

GPS Hospitality’s stores are of a model that typically performs well…