Insolvency Guardian Media Centre
Police raided Sergej Popov’s three-bed semi-detached home on Cotswold Grove at 8.15am on February 25, 2019, after neighbours reported smelling cannabis, said prosecutor Mark Knowles.
They found 18 large plants in a tent in a bedroom and 36 smaller plants in a second tent, which had been grown over a two-month period.
“He said he had lived there for 11 years with his family and had a mortgage,” Mr Knowles said. “He was in debt due to his gambling and hoped to sell the drugs for 4,000.”
Farid Chisty, mitigating, said Popov had no previous convictions, made full and frank admissions and cooperated fully with the poli…
Read the full article at: https://www.chad.co.uk/news/crime/mansfield-cannabis-farmer-tried-to-pay-off-gambling-debts-3286674
We asked insolvency experts Tyrone Courtman and Mike Jervis to talk about the issues facing businesses that have survived the pandemic but remain in financial distress.
What are the options for businesses that have been hanging on by a thread during the pandemic, but now face the prospect of failure as government support is scaled back?
Its critical to ask for help as quickly as possible – the early that directors speak to a trust individual, the better the options available to them.
We asked Tyrone Courtman, a partner at RSM Restructuring Advisory LLP, along with Mike Jervis, partner at PwC, to have a talk about the challenges facing businesses, and how they can help.
Read the full article at: https://www.icaew.com/insights/insights-specials/business-rescue/support-for-directors-if-their-business-is-in-difficulty
Earlier this year, Black farmers were slated to receive billions of dollars in federal aid to wipe away their U.S. Department of Agriculture loans. The chance of actually getting that money however is starting to wither.
That’s because two federal judges have blocked Black, Brown and other farmers of color from getting the debt-relief payments. Judges in recent weeks have granted temporary injunctions on the debt subsidies after lawsuits from White farmers surfaced, claiming that the funding is racially discriminatory.
U.S. District Judge Marcia Morales Howard of Jacksonville, Florida, set an injunction Wednesday, one month after White farmer Scott Wynn of Jennings, Florida, filed a lawsuit arguing that he couldn’t apply for the debt…
Read the full article at: https://www.cbsnews.com/news/black-farmers-usda-debt-florida-judge-discrimination-four-billion/
On June 24, another employee of the defunct Nagaon Paper Mill in Assam died due to a cardiac arrest, after reportedly failing to arrange money for treatment because of non-payment of salary for over four and half years.
NPM is one of the two paper mills of the government-owned Hindustan Paper Mill Corporation (HPCL), the other being the Panchgram Paper Mill in Cachar district, which have been unable to resume operations despite the central governments repeated assurances for the last five years.
According to the president of the Joint Action Committee of Recognised Unions, Manabendra Chakraborty, the death of the 58-year-old employee of the Nagaon Paper Mill has taken the death toll of the two mills to 90, including four suicides within…
Read the full article at: https://www.newsclick.in/assam-paper-mills-not-paid-salary-over-54-months-employee-dies-due-lack-money-treatment
Dive Brief:
- BBQ Holdings will acquire family dining brand Village Inn and Bakers Square from owner VIBSQ, LLC, for $13.5 million, according to an SEC filing.
- Village Inn, which has 21 company-owned units and 114 franchised restaurants, 13-unit Bakers Square will become wholly owned subsidiaries of BBQ Holdings.The transaction is expected to close by the end of July.
- This deal marks BBQ Holdings’first acquisition since it bought Granite City Food & Brewery and independent restaurant Real Urban in 2020.
Dive Insight:
BBQ Holdings’latest purchase is the next step in its acquisition strategy.In April, it said it intended to buy more companies and was evaluating multiple opportunities. Its targets are legacy brands with franchise syste…
Read the full article at: https://www.restaurantdive.com/news/bbq-holdings-to-buy-village-inn-bakers-square-for-135m/602438/
Many retail REITs had been struggling long before the COVID-19 pandemic, so it isn’t surprising that some of the weaker players in the space ended up declaring bankruptcy in 2021. Washington Prime Group (NYSE:WPG) is the latest one to do so, and in thisFool Live video clip,recorded on June 14, Fool.com contributor Matt Frankel, CFP, andIndustry Focus host Jason Moser discuss whether other mall REITs could be headed for a similar fate.
Jason Moser: Matt, we like to talk about REITs on the show, real estate investment trusts. I know that you love digging into the space for your services with Millionacres, Real Estate Winners, etc. There was a headline here, mall owner Washington Prime, one of the latest REITs to file …
Read the full article at: https://www.fool.com/investing/2021/06/25/this-mall-reit-just-went-bankrupt-will-others-foll/
Member Article
CORPORATE insolvencies are on the rise as the country emerges from the Covid-19 pandemic.
The latest official figures show that corporate insolvencies increased by 8.8 per cent to 1,011 in May, a rise of 6.9 per cent as compared to the same period last year.
And Sheffield expert Deborah Lockwood, of business turnaround and insolvency practice Graywoods, warns that the numbers could continue to grow as companies struggle to find their feet again without government pandemic support.
A rise of just about two per cent over the past year might not seem so bad but the reality is most certainly that these remain very challenging times for many businesses, Deborah said.
The governments package of support has almost certainly dam…
Read the full article at: https://bdaily.co.uk/articles/2021/06/24/challenging-times-as-corporate-insolvency-numbers-rise
South Shore Holdings is facing the loss of its primary asset, THE 13 Hotel in Macau, plus delisting from the Hong Kong Stock Exchange should the Macau court officially declare the company bankrupt.
After applying to the court this week for voluntary liquidation of its wholly-owned subsidiary New Concordia Hotel Limited, the sole beneficial owner of THE 13 Hotel, South Shore issued a supplementary announcement overnight in which it confirmed the court would first appoint a liquidator and one or more creditors to assist the liquidator, to provide an opportunity for the company to avoid liquidation via approved liquidation preventative measures.
These, it said, could include a debt restructuring plan or a business continuation agreement …
Read the full article at: https://www.asgam.com/index.php/2021/06/25/likely-macau-bankruptcy-decision-to-see-south-shore-lose-control-of-the-13-hotel-delisted-from-hong-kong-stock-exchange/
(The Jakarta Post)
PREMIUM
Jakarta Fri, June 25 2021
National flag carrier Garuda Indonesia is leaning toward two options to extricate itself from a debt crisis without placing additional burden on government finances.
Garuda president director Irfan Setiaputra said the airline’s board was considering four major options in negotiations with creditors but was learning tothe second or third. The first option a loan or capital injection from the government was not preferredas it would weigh on the state budget.
The second option would involve a debt postponement petition (PKPU) to restructure Garudas liabilities, such as debt, owed lease and owed salaries. Should Garuda choose t…
Read the full article at: http://www.thejakartapost.com/paper/2021/06/24/facing-bankruptcy-garuda-weighs-options.html
Antenna, an audio guide supplier to some of the UK’s biggest museums and galleries, has been bought by ATS Heritage after going into liquidation.
The international technology firm provided tour solutions and technology such as apps, multimedia and audioguides for clients including Blenheim Palace and the National Gallery.
A voluntary winding up notice was issued for the company in May and liquidators appointed on 21 June. ATS Heritage, which specialises in visitor experience and engagement, has been named as the preferred company to assume control of Antennas business and assets.
In a jiscmail to members of the Museums Computer Group last week, ATS Heritage managing director Spencer Clark said: The pandemic has had a profound effect on…
Read the full article at: https://www.museumsassociation.org/museums-journal/news/2021/06/antenna-bought-by-ats-heritage-in-liquidation/
PANDEMIC costs and the high price of cattle have been named as key impacts leading to the placing of prominent live cattle exporters the North Australia Cattle Company, and its southern counterpart, into voluntary administration.
The company, once the live export logistics business of Elders, has accumulated debts owed to trade creditors of approximately $3.6 million.
Western Australia’s Jimmy Trpcevski and Melissa Lau have been appointed as voluntary administrators on behalf of insolvency company Jirsch Sutherland.
A statement from Jirsch Sutherland said it was early days in the process and the administrators were undertaking investigations, assisted by the company’s directors.
“The company was impacted by COVID, due to delays in …
Read the full article at: https://www.farmweekly.com.au/story/7280466/live-exporter-nacc-in-voluntary-administration/
STADIO ENNIO TARDINI, PARMA, ITALY – 2020/12/19: Gianluigi Buffon of Juventus FC looks on during … [+]
LightRocket via Getty Images
Age is just a number for 43 years-old Italian soccer legend Gianluigi Buffon, who is still going strong and showing no signs of hanging up his gloves.
After winning the Coppa Italia in his last season at Juventus, everybody was expecting him to issue a press conference to call it a career.
Instead, the former Italy international stunned everyone announcing his move back to his boyhood club Parma, moving down to Serie B – Italys s…
Read the full article at: https://www.forbes.com/sites/giacomogalardini/2021/06/24/iconic-goalkeeper-gianluigi-buffon-returns-to-boyhood-club-parma/