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 dire…
Read the full article at: https://www.miragenews.com/plumbers-bankruptcy-restrictions-extended-for-621382/
West Australian buildingcompany Jaxon Construction is entering liquidation, with operations within the group ceasing.
Key points:
- The liquidator says it’s assessing six entities in the group
- The union says builders are taking contracts with too low margins
- It follows the recent collapse of another major builder Pindan
The move affectsfour sites in Western Australia.
Alarm bells were raised earlier this month when it was revealed subcontractors at the University of Western Australia’s (UWA) Forrest Hall had notbeen paid.
The Construction, Forestry, Maritime, Mining and Energy Union’s (CFMEU)state secretary Mick Buchan said Jaxon’s liquidation was nota surprise.
“It’s very disappointing,” he said.
“It’s the developers that are getting away w…
Read the full article at: https://www.abc.net.au/news/2021-08-27/jaxon-construction-enters-liquidation-ey-assessing-finances/100413428
GLENN JEFFREY/Stuff
Quinn Lewis Moore robbed the Big Barrel liquor store in Waiwhakaiho, New Plymouth, on December 27.
On his way home after losing a large quantity of money on the pokie machines, a meth-addicted man with a $2000 drug debt to pay stopped at a Taranaki liquor store and robbed it at knifepoint.
With the hood of his jersey pulled up, a bandanna covering his face and sunglasses on, Quinn Lewis Moore entered the Big Barrel liquor store in Waiwhakaiho, New Plymouth, around 5pm on December 27.
The 27-year-old walked behind the counter and pointed a knife at the sales attendant, New Plymouth District Court heard on Friday.
Where is the money, Moore asked the victim.
READ MORE:
* Offenders avoid jail time following plea f…
Read the full article at: https://www.stuff.co.nz/national/crime/300392844/doomed-and-amateurish-knifepoint-robbery-fueled-by-gambling-loss-and-drug-debt
Thursday, August 26, 2021
Opening the door for the SME market, Sir Alistair Norris has sanctioned the first ever restructuring plan for a mid-market company. The plan sanctioned in Amicus Finance PLC (in administration) is also the first restructuring plan proposed by insolvency practitioners and the first to cram down a secured creditor.
The sanction judgment is short, but the adjourned convening hearing that was dealt with by Mr Justice Snowden (the first hearing was before Mr Justice Trowers) gives some insight into the plan.
There were, so it seems from the convening judgment, a few bumps in the road, but with a helpful steer from the court the bumps were flattened, creditors meetings were ordered and the restructuring plan sanction…
Read the full article at: https://www.natlawreview.com/article/uk-court-sanctions-first-mid-tier-company-restructuring-plan
KOLKATA: The National Company Law Appellate Tribunal (NCLAT) has admitted the appeal of McLeod Russel chairman Aditya Khaitan that challenged the order of the National Company Law Tribunal (NCLT) for starting a corporate insolvency resolution process for the company. However, NCLAT has not stayed the NCLT order for now, but asked the respondent Techno Electric & Engineering to file a reply on Khaitans appeal. The next hearing is on September 8.
Appearing for Techno Electric, senior advocate Kapil Sibal opposed the admission as well as stay application. Abhishek Manu Singhvi had appeared on behalf of the Khaitans.
NCLT had earlier given the go-ahead to start insolvency proceedings against the debtridden tea maker McLeod Russel, a group comp…
Read the full article at: https://timesofindia.indiatimes.com/business/india-business/nclat-to-hear-mcleod-appeal-on-nclt-order/articleshow/85676103.cms
Four individuals have been charged in the District of Massachusetts with conspiring to deceive banks and credit card companies into processing more than $150 million in credit and debit card payments on behalf of merchants involved in prohibited and high-risk businesses, including online gambling, debt collection, debt reduction, prescription drugs, and payday lending, according to an indictment unsealed today in Boston. Three of the four individuals charged were arrested today. The fourth defendant has not yet been arrested and is a fugitive on separate federal charges.
According to court documents, Ahmad Andy Khawaja, 49, of Los Angeles, California, and Thomas Wells, 74, of Martin County, Florida, are charged with conspiracy to commit…
Read the full article at: https://www.justice.gov/opa/pr/four-charged-alleged-150-million-payment-processing-scheme
(Bloomberg) — Johnson & Johnson defeated an effort to stop it from using the so-called Texas two step bankruptcy strategy to rid itself of tens of thousands of asbestos poisoning lawsuits.
U.S. Bankruptcy Judge Laurie Silverstein refused to block the consumer products giant from taking corporate restructuring actions related to its asbestos liabilities and indemnity contracts given to the companys former talc supplier.
Asbestos victims, who claim they were made ill by tainted talc in J&Js baby powder, had accused the company of plotting to restructure itself using a Texas law that allows so-called divisive mergers. Under the Texas two-step bankruptcy strategy, a company reincorporates in Texas into two separate units. One unit gets mos…
Read the full article at: https://finance.yahoo.com/news/j-j-defeats-effort-block-214205157.html
MELBOURNE, Australia, Aug. 26, 2021 /PRNewswire/ — Although it is common to juggle a personal loan with a mortgage, credit card debt, and even perhaps another type of loan, such as a boat loan, managing multiple debts can become challenging over time. Consolidating these debts can seem like a quick fix that can help save on interest or get a loan paid off sooner, but it may not be the solution for every borrower. Loan experts Positive Lending Solutions explain both the benefits and drawbacks of consolidating a personal loan on a mortgage.
Consolidating a personal loan on a home loan can have significant benefits. This process can lower interest rates as home loans typically offer mo…
Read the full article at: https://www.prnewswire.com/news-releases/positive-lending-solutions-explain-the-risks-and-benefits-of-consolidating-personal-debt-on-a-home-loan-301363463.html
The department said the for-profit chain steered students into predatory private loans that were portrayed as grants and also lied about the state of its finances. ITTs malfeasance drove financial resources away from educating students to keep the chain in business for longer than the department says it should have been, resulting in the decision to expand relief.
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For years, ITT hid its true financial state from borrowers while luring many of them into taking out private loans with misleading and unaffordable terms that may have caused borrowers to leave school, Education Secretary Miguel Cardona said in a statement Thursday. Todays action continues the Departments efforts to improve and use its ta…
Read the full article at: https://www.washingtonpost.com/education/2021/08/26/itt-tech-debt-forgiveness/
A South West construction firm which went into liquidation leaving buildings unfinished has also left debts of more than 10m, it has been revealed.
Henry W Pollard and Sons Ltd, which had been in business for 161 years, ceased trading in June 2021, leaving buildings such as Plymouths 13m Teesra House apartment block in limbo.
Now joint liquidators at South West accountancy and business consultancy Bishop Fleming LLP have revealed that more than 300 creditors have made claims totalling 10,093,692 against the firms assets.
But most of them will not receive any cash as it is estimated the pot will be millions of pounds short, and non-preferential creditors will find themselves out of pocket. Those …
Read the full article at: https://www.business-live.co.uk/enterprise/south-west-construction-firm-pollard-21409972
Despite fears the pandemic would lead to mass businessfailures, the number of Australians running businesses has actually shot up.
Key points:
-
The Australian Bureau of Statistics reports an increase in the number of registered businesses during the pandemic
-
Julie Kay says starting a business means she can set her own goals
- The Australian Restructuring, Insolvency and Turnaround Association says while many businesses appeared shut, they remain registered
A trained architect, Julia Kay was earning enough to pay the billsbut she felt like she was not getting ahead.
“I worked with a company for almost seven years, since I studied my masters,” she told the ABC’s PM program.
“I think over the course of my employment of seven years,my pay rate went u…
Read the full article at: https://www.abc.net.au/news/2021-08-27/new-business-registrations-increase-through-the-pandemic/100409330
California-based ML data pipeline company Splice Machine has begun insolvency proceedings, according to a statement on its website.
The startup which counted bank Wells Fargo, retailer Kroger, and optical networking company Infinera among its customers specialised in building a database for feature engineering which it hoped would ease machine learning data pipelines.
Based around Jupyter Notebooks, the product suite featured a native Spark data source, an “enhanced” version of MLflow, and its own relational database. It said its technology would improve the efficiency of machine learning lifecycles.
The outfit’s HQ is a few blocks away from San Francisco’s Oakland Bay Bridge
But a notice on its website dated 28 July said that Spl…
Read the full article at: https://www.theregister.com/2021/08/26/splice_machine_insolvency/