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The boss of more than 400 firms has been banned from being a company director after playing a key role in a scheme designed to undermine the UK insolvency system.
Neville Taylor, 57, was paid by a corporate rescue firm to become the sole director of 12 companies which had ceased trading but not yet entered liquidation.
The Insolvency Service, a government agency, said that when the firms eventually entered liquidation, more than £7.6m in assets was unaccounted for.
Dave Magrath, director of investigation and enforcement services, said Taylor, from Kington, Herefordshire, accepted his role in “a scheme designed to subvert and undermine insolvency legislation”.
When Taylor, who had correspondence addresses in Telford, Wakefield and…
Neville Taylor was listed as director of 196 companies run from Bridge Street in the town of Kington in Herefordshire
The boss of more than 400 firms has been banned from being a company director after playing a key role in a scheme designed to undermine the UK insolvency system.
Neville Taylor, 57, was paid by a corporate rescue firm to become the sole director of 12 companies which had ceased trading but not yet entered liquidation.
The Insolvency Service, a government agency, said that when the firms eventually entered liquidation, more than £7.6m in assets was unaccounted for.
Dave Magrath, director of investigation and enforcement services, said Taylor, from Kington, Herefordshire, accepted his role in “a scheme designed to…
Taylor – who has been banned from being a company director for nine years – had been paid more than £250,000 by Atherton Corporate (UK) Ltd to become the sole director of more than 400 companies in total, at least 196 of which were run from his address in Bridge Street, Kington.
He will now have to step down as director of those companies, as well as more than 250 more with correspondence addresses in Telford in Shropshire, Wakefield in Yorkshire and Dunfermline in Fife.
“Neville Taylor hampered efforts by liquidators to identify assets, caused a widespread loss to creditors and breached his duties as a director to act in the best interest of the companies and creditors,” said Mr Magrath.
Mumbai: Nirma Group-backed Nuvoco Vistas offered ₹1,800 crore to acquire Vadraj Cement, outbidding Adani Group at an auction under the court-monitored corporate insolvency process, said people aware of the matter.JSW Group, JK Cement and ArcelorMittal were among other bidders in the fray. Adani group-backed Ambuja Cement had partnered with Prudent ARC-backed RKG Fund to acquire the Gujarat-based cement company that has a 6 million-tonne grinding unit in Surat and a 3.5-million-tonne clinker capacity in Kutch. At the auction, Adani quit at the sixth round after giving its last offer of ₹1,750 crore, the people said.
Of the ₹1,800 crore offered by Nuvoco Vistas, ₹1,725 crore is for repaying financial creditors’ dues, and the…
Matt Damon is joining an effort launched by Kristen Bell and Internet celebrity Tommy Marcus to help pay medical bills for those in debt.
LOS ANGELES (KABC) — Matt Damon is joining the effort to help people pay their medical bills. The actor and his wife Luciana are matching donations up to $100,000.
This comes after Kristen Bell and internet celebrity Tommy Marcus said they were helping to raise money for families with high health care expenses.
On Marcus’ Instagram, one health related GoFundMe is being posted every day to help get people to donate. The fundraisers are for $100,000 each.
Once they reach the halfway goal, Bell and now Damon are donating the rest of what’s needed.
Going bankrupt or being declared bankrupt by a creditor -who is owed money that can’t be repaid- is a serious matter and has legal consequences.
Understanding what is bankruptcy
The journey into bankruptcy often starts with a small debt that wasn’t settled in time and then forgotten. But with late payment fees, penalty charges and high credit interest, that small debt can quickly become a crushing financial burden.
Add to that personal factors such as unemployment, relationship breakdowns or ill health and a difficult financial situation can quickly become desperate.
Ma’ata Solofoni, a senior solicitor at the Surry Hills Financial Rights Legal Centre, says she’s receiving a growing number of calls about bankruptcies.
After Paksoy was declared bankrupt, ANZ applied for a vesting order under s. 133(9) of the Bankruptcy Act 1966. The bank contended that it is just and equitable for the court to grant a vesting order in cases where neither the state nor any other interested property objected to the application. Further, ANZ asserted that if the court would not grant a vesting order, the bank could not enforce the mortgage agreement and would be deprived of its security.
The case reached the Federal Court, which ruled that an order vesting the property in ANZ must be granted. The court noted that a vesting order is proper if the applicant could show that the property’s trustees made a disclaimer over the property. The applicant…
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At the outset of 2021, the future looked bright for 2U.
The year before had disrupted higher education, and the entire world, with a global pandemic. As colleges scrambled to continue educating students, the online program manager was able to capitalize on a sudden shift to virtual learning the world over.
Over the course of 2020, the company’s revenue grew by more than a third, reaching $774.5 million.And by…
Keke Palmer is recalling a time of real financial stress.
During an appearance at the Building Wealth Today for Tomorrow financial literacy event in Chicago on Oct. 12, Palmer, 31, revealed that she declared bankruptcy at 18, per Afrotech.
“I was so spooked,” she said. “I was like, ‘What went wrong?’ ”
Palmer, who began her Hollywood career at age 9, said she and her parents hired a business manager in her teenage years. Although “that has helped me immensely,” she said, filing for bankruptcy later became essential.
Keke Palmer.
Rob Kim/Getty
Now, the Nope star invests and spends “way under” what she can afford. “I wanna invest in my business. So if I wanna invest in my business, then the…
SINGAPORE (The Straits Times/ANN): Former oil tycoon and Hin Leong’s founder, Lim Oon Kuin, and his two children were declared bankrupt on Dec 19, the electronic government gazette published on Dec 27 showed.
Better known in the oil trading industry as O.K. Lim, the 82-year-old, his daughter Lim Huey Ching, 57, and son Lim Chee Meng, 54, will have their bankruptcy estates managed by trustees Leow Quek Shiong and Seah Roh Lin of BDO Advisory.
The bankruptcy stems from the former Singapore oil tycoon and his two children having agreed in September to pay US$3.5 billion (S$4.76 billion) to the court-appointed liquidators of the company and top creditor…
