Lee Thomas Hobson (34), from Sunderland, was a scaffolder and traded as LTH Scaffolding.
In December 2019, however, he stopped trading as LTH Scaffolding and began employment with a separate company.
But this did not stop him from applying for a government-backed Bounce Back Loan of 50,000 in the name of LTH Scaffolding which he received on 12 May 2020.
The money was then used to repay third parties rather than to meet ongoing business costs.
Lee Hobson was declared bankrupt on 26 October 2020. But due to his improper application for the Bounce Back Loan and the risk Lee Hobson posed to other creditors, the Official Receiver sought to extend his bankruptcy restrictions further.
Lee Hobsons bankruptcy undertaking extends his restrict…
Read the full article at: https://www.miragenews.com/scaffolders-bankruptcy-restrictions-extended-618968/
Narayan Rane
Mumbai: The state industry department has announced a special amnesty scheme for industrial units that have shut down and cannot be revived. The new scheme will be applicable for the period of the new industrial policy 2019.
The scheme, which is an attempt to restart the unit, is for industries that have availed of government loans and incentives, and whose dues make it impossible to transfer immovable assets to other industrialists. The scheme is applicable to industries shut for over a year or have been declared insolvent by the courts. Also, it will be applicable to industries that have shut prior to April 1, 2019, provided they pay a one-time settlement towards their dues. Industries that have shut prior to April 2010…
Read the full article at: https://timesofindia.indiatimes.com/city/mumbai/spl-amnesty-to-breathe-life-into-shut-units/articleshow/85578674.cms
The developers behind Kingdoms of Amalur are only getting a tiny amount of what theyre owed.
Rhode Island developers 38 Studios went bankrupt after making just one game: Kingdoms of Amalur: Reckoning. The game was an action RPG set in a high fantasy world from the minds of R. A. Salvatore and Todd McFarlane, and although it received good reviews and decent sales for a AAA title, the company’s financials were handled so incompetently that the studio went bankrupt shortly after releasing their first game.
What made the 38 Studios bankruptcy so spectacular was the $75 million loan it had taken out from the Rhode Island commerce department to convince the company to move from Michigan to Rhode Island. The loan…
Read the full article at: https://www.thegamer.com/38-studios-final-paycheck-kingdoms-of-amalur/
Investment bank PJT Partners Inc. has hired the formerU.S.head of restructuring athedge fundAnchorage Capital Group as a partner, said people familiar with the matter.
Charles Tauber, 50 years old, had a major role in the New York hedge funds investments in distressed companies including the Hollywood movie studio MGM Holdings Inc., PG&E Corp. and J.Crew Group. He is slated to start at PJT in September in its restructuring and special-situations group, one of the people said. Mr. Tauber left Anchorage in 2020 after more than a decade there.
Most recently, PJT worked with Mr. Tauber on J.Crew. PJT advisedAnchorage and other creditors on an ad-hoc committee formed to help shepherd J.Crew through its 2020 restructuring. J.Crew emerged from…
Read the full article at: https://www.wsj.com/articles/former-anchorage-restructuring-head-joins-investment-bank-pjt-11629730507
The government is considering objective and transparent guidelines for committee of creditors (CoC) mainly banks and financial institutions — signing off on resolution plans under Indias bankruptcy code, after some excessive haircuts agreed to by such CoCs were questioned by the National Company Law Tribunal and even a parliamentary panel, two people familiar with the matter said.
According to the two, who asked not to be named, there are legitimate concerns that need to be addressed especially in the light of the recent NCLT verdict in the matter of Shiva Industries and Holdings Ltd. CoC, made up of financial creditors, is the supreme decision-making body in the corporate insolvency resolution process (CIRP).
NCLT, Chennai, on August…
Read the full article at: https://www.hindustantimes.com/india-news/centre-mulls-new-rules-on-financial-resolution-plans-101629744386412.html
A RISING number of bosses have decided to close their businesses after spending well over a year trying to survive the pandemic, an insolvency expert says.
Corporate insolvencies fell slightly in July compared with the previous month, but year-on-year figures were up substantially for the third month in a row.
Southampton-based Mike Pavitt, immediate past chair of the insolvency and restructuring body R3 locally, said: The month-on-month fall in formal corporate insolvencies was not unexpected. Formal insolvency numbers in past years have often fallen off somewhat during holiday periods and away from recurring triggers such as rent quarter and tax demands.
He said the year-on-year rise for three consecutive months was potentially much mo…
Read the full article at: https://www.dailyecho.co.uk/news/19531287.directors-seeking-voluntary-liquidation-says-expert-r3/
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Interim resolution professionals (IRPs) and resolution professionals (RPs) have now got the formal recognition of income tax authorities for dealing with the tax matters of the corporates that are undergoing Corporate Insolvency Resolution Process (CIRP) of the Insolvency and Bankruptcy Code (IBC).
The Central Board of Direct Taxes (CBDT) in the Finance Ministry has made it clear that these professionals and liquidators appointed under IBC can now verify the income tax returns to be submitted by an LLP or a company undergoing CIRP.
Verification process
Under the income tax law, the verification process requires a declaration to be signed by such specific person confirming that information given in the return and schedule is correct and …
Read the full article at: https://www.thehindubusinessline.com/economy/tax-assessment-of-ibc-cases-irps-rps-and-liquidators-can-appear-before-taxman-rules-cbdt/article36056675.ece
Corporate insolvencies continue to rise year-on-year according to insolvency and restructuring trade body R3 in the South West.
Although the figures show a slight fall between June and July 2021, it was the third consecutive month in which year-on-year corporate insolvency levels have risen.
R3 said the month-on-month fall in corporate insolvencies was a result of a drop in compulsory liquidations, creditors’ voluntary liquidations (CVL), administrations and company voluntary arrangements (CVA). However, the year-on-year rise continues to reflect the effect the Covid pandemic has had on the business community.
The statistics for July 2021 from the Insolvency Service fo…
Read the full article at: https://www.business-live.co.uk/enterprise/covid-effect-causes-year-year-21379295
A number of people say they are still awaiting refunds up to as much as 500 after the venue closed its doors while the former owner of the Wood Street venue has denied he was involved at the time of its shutdown and says he has been helping people to get their money back.
Doncaster businessman Dominic Gibbs, who now runs a martial arts promotions firm in Doncaster called Caged Steel, has said he will call all those affected this week and claims he has been helping people with refunds.
But a number of brides …
Read the full article at: https://www.doncasterfreepress.co.uk/news/brides-fury-as-doncaster-wedding-venue-goes-bust-as-boss-pledges-to-help-refund-cash-3355962
(ANSA) – MILAN, AUG 23 – A 50-year-old pharmaceuticals manager accused of drugging and raping a 21-year-old female student in his luxury Milan flat last May has now been placed under investigation for suspected fraudulent bankruptcy, sources said Monday.
Antonio Di Fazio has been in prison custody since May Five young women who say they were drugged and raped by Di Fazio have come forward and spoken to prosecutors.
One of the girls has said she was held captive for four weeks, and another for several days, while a third said she managed to escape his clutches.
Sources said they had told “horror stories” to the prosecutors.
Police said they were investigating a suspected network of accomplices.
Prosecutors say they have found images of …
Read the full article at: https://www.ansa.it/english/news/general_news/2021/08/23/rape-drug-businessman-probed-for-bankruptcy_e606cf42-4022-4c1c-90ea-302b03e8ed1b.html
Lloyd Parker replaced the takings from the Cathedral Retail Park store with bits of cut-up newspaper after using the stolen cash to attempt to win back what he had lost, Leeds Crown Court was told.
The 30-year-old even spent his family’s Christmas savings money to claw back the deficit, but lost it all.
Prosecutor Emily Jenkins told the court this morning that Parker had joined the company in September 2018, and was promoted to shift manager in 2019.
He was in charge of cashing up and recording the money before dropping it off in a safe.
On December 14 last year, he sent an email to the restaurant’s business manager saying he was suffering from mental health problems and wa…
Read the full article at: https://www.wakefieldexpress.co.uk/news/crime/wakefield-mcdonalds-manager-stole-thousands-from-restaurant-to-pay-off-gambling-debts-court-is-told-3354069