Insolvency Guardian Media Centre
Lee John Palmer (41), a plumber from Knapton, was declared bankrupt on 28 January 2021 before the Official Receiver was appointed as Trustee.
While reviewing Lee Palmers assets, the Official Receiver uncovered that Lee Palmer had bought a van on hire purchase but sold the vehicle without the permission of the hire purchase finance company.
The hire purchase meant the van wasnt his property to sell and the finance company suffered a loss of over 16,000.
The Official Receiver sought to extend Lee Palmers bankruptcy restrictions further because of the risk he posed to creditors.
Lee Palmers bankruptcy undertaking extends his restrictions for 6 years. This means he is limited to what credit he can access and cannot act as a company director…
Read the full article at: https://www.gov.uk/government/news/plumbers-bankruptcy-restrictions-extended-for-abusing-finance
Released
17 September 2021
Next release
15 October 2021
Media enquiries
Steven Fifer
+44 (0)30 3003 1568
Statistical enquiries
Stacey Witchell (author)
Kate Palmer (responsible statistician)
1. Main Messages for England and Wales
The number of registered company insolvencies in August 2021 was 1,348:
- 71% higher than the number registered in the same month in the previous year (788 in August 2020), and
- similar to the number registered two years previously (pre-pandemic; 1,366 in August 2019).
In August 2021 there were 1,256 Creditors Voluntary Liquidations (CVLs), which is the highest level seen in the series since January 2019. The number of registered company insolvencies was similar to pre-pandemic lev…
Read the full article at: https://www.gov.uk/government/statistics/monthly-insolvency-statistics-august-2021/commentary-monthly-insolvency-statistics-august-2021
Well, the dreaded scenario is finally upon us. Derby County have given notification that they intend to appoint administrators. The club is already staring down the barrel of a nine-point deduction over their unorthodox accounting practices, with a further three points suspended until January on condition that they pay their players on time every month until then. How likely is that going to be now, with the club in administration? Derby could be deducted 21 points, with a further three hanging over them. They already hold the record for the Premier Leagues lowest seasonal points total with 11, in 2007/08. They could quite plausibly end up holding the record for the Championship by the end of this campaign, too.
But at times like these,…
Read the full article at: https://www.football365.com/news/derby-county-administration-failure-opinion
After working in the cafes for a few months, I gained the confidence to contact a previous manager Id worked for in the financial services industry, and, to my delight, he went onto offer me a creatively satisfying role at one of Australias largest banks.
With the role came a competitive salary, and I was finally able to put a firm plan in place to get out of $45,000 in debt by:
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Negotiating a good salary with my employer;
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Paying a significant amount of money back on the credit card with the highest interest rate each pay cycle;
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Getting a housemate to live with my boyfriend and I as well as renting out the space in the garage to a lovely guy who wanted to store his kayak;
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Doing away with luxuries for a long time (no overseas trip…
Read the full article at: https://www.mamamia.com.au/getting-out-of-debt/
The number of companies in England and Wales falling into insolvency has hit its highest level since the first pandemic lockdown.
Last month there were 1,348 registered company insolvencies, the highest since the first UK lockdown in March 2020, according to figures from The Insolvency Service. The August increase was up from 1,094 in July, indicating that some companies are failing despite the easing of Covid-19 restrictions earlier this year.
The latest data include 1,256 Creditors Voluntary Liquidations (CVL), where companies wind themselves up, which is the highest level seen in the series since January 2019. There were only 35 compulsory liquidations.
For individuals, there were 1,714 debt relief orders in England and Wales in Aug…
Read the full article at: https://www.thetimes.co.uk/article/insolvencies-at-highest-since-first-lockdown-sr67w39lw
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Read the full article at: https://www.benzinga.com/money/accredited-debt-relief-review/
One of the most significant estates on the lower north shore long owned by the late travel industry doyenne MaryRossiis set to hit the market for the first time in 60 years with a guide of $20 million.
The last time the almost 5000 square metre waterfront estate traded was 1961 when Mary and her late husbandTheoRossipurchased it for 16,500 on the recommendation of their friend and fellow Northwood local, acclaimed artist Lloyd Rees.
In the decades that followed, theRossifamily became widely known among the old Catholic families of the lower north shore thanks not only to the couples 10 children, but alsoMarys pioneering work founding MaryRossiTravel in 1970, championing the rights of women to work outside the home while raising a fam…
Read the full article at: https://www.domain.com.au/news/rossi-home-puts-northwood-on-trophy-map-with-20m-guide-1088563/
Spring has well and truly sprung. And while this may have you turning your attention to dusting off drawers, clearing out your winter wardrobe or tending to the garden, now could be the time to spring clean your finances as well!
And whats a big part of many Aussies personal finances? Loan and credit card debt.
So weve spoken to the experts.
Combining the knowledge of Mozos banking expert Peter Marshall, Athenas chief marketing officer Natalie Dinsdale, Nano Digital Home Loans chief executive officer Andrew Walker and Alexs chief financial and product officer Craig Fenwick, here are three top tips on helping you pay down your debt this spring!
1. Refi…
Read the full article at: https://mozo.com.au/personal-loans/articles/expert-tips-3-ways-to-spring-clean-your-loan-and-credit-card-debt
International Finance Service Centre (IFSC) at Gujarat International Finance Tec (Gift) City, a Special Economic Zone (SEZ), was conceptualised to create an offshore jurisdiction in India. The plan was to capture some of the business that was being carried out in Singapore, Mauritius, Dubai, Hongkong, London and similar centres of global finance.
A host of incentives have been provided in the last five years; waiver of security and commodity transaction tax, regulatory and tax benefits to alternative investment funds, tax neutral relocation of funds, exemption on long term capital gains, tax holiday for aircraft leasing, tax exemption for aircraft operators, relaxation in Companies Act norms for foreign companies etc.
In addition, announce…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/view-ifsc-can-act-as-a-stepping-stone-for-insolvency-reforms/articleshow/86282311.cms
Getty Images San Jose Sharks Evander Kane is expecting to be cleared in the NHL’s investigation into his wife’s accusations that he wagered on his own games and threw games to benefit his gambling. Anna Kane, his estranged wife, wrote on social media in July that Evander wagered on games “with bookies.”
She wrote, “How does the NHL let a compulsive gambling addict still play when he’s obviously throwing games to win money?”
Kane has denied betting on games or playing based on bets he made, but has said he had a gambling addiction.
On Thursday, Kane said, (via ESPN):
“Obviously [the accusations are] incredibly false. It’s unfortunate that transpired, and it’s unfortunate that those false allegations were made. I understood the …
Read the full article at: https://www.cbssports.com/nhl/news/evander-kane-expects-to-be-cleared-in-nhls-investigation-into-wifes-accusations-he-bet-on-threw-games/
The Supreme Court has held that moratorium under provisions of IBC which restrains initiation of any fresh proceedings applies only to the Corporate Debtor but does not protect the promoters
Topics
Supreme Court|IBC|Corporate growthThe Supreme Court has held that moratorium under provisions of Insolvency and Bankruptcy Code (IBC) which restrains initiation of any fresh proceedings or discontinuance of existing ones applies only to the Corporate Debtor but does not protect the promoters of the stressed company.
The top court observation came in an order related to builder-home buyers’ dispute arising out of non-completion of the housing project.
A bench of Justices DY Chandrachud, Vikram Nath and Hima Kohli allowed the home …
Read the full article at: https://www.business-standard.com/article/companies/moratorium-under-ibc-applies-only-to-corporate-debtor-not-to-promoters-sc-121091601418_1.html
In Short
The Situation: Following the signing of a record of a meeting between the Secretary for Justice of Hong Kong and the vice-president of the Supreme People’s Court (“SPC”) in May 2021, which set out a consensus on the mutual recognition of and assistance to insolvency proceedings between Mainland China and Hong Kong, an Opinion of the SPC and a Practical Guide of the Hong Kong Government were issued to implement the arrangement (“Pilot Measure”). The liquidators of a company recently applied to the Hong Kong High Court for the issuance of a letter of request, under the Pilot Measure, to the Shenzhen Court to facilitate the liquidators’ performance of their functions in Mainland China.
The Result: The Hong Kong Court agreed tha…
Read the full article at: https://www.jdsupra.com/legalnews/milestone-in-cross-border-insolvency-a-4018237/
