Insolvency Guardian Media Centre
A payroll services boss has been banned for orchestrating a multi-million pound tax avoidance scheme.
Leicester-based Scott Rooney was appointed sole director of Magnetic Push Limited in February 2017.
The company provided payroll services, trading from an office in Liverpool, and was previously known as The Knowledgeshares Limited and My PSU Subcontractors Limited.
Magnetic Push operated for just 11 months before it went into liquidation and was voluntarily wound up.
But the liquidator told the Insolvency Service that Rooney refused to co-operate and failed to provide the companys books and records.
The Insolvency Service launched an investigation andfound that Magnetic Push was playing an active role as an umbrella company in a …
Read the full article at: https://www.ftadviser.com/companies/2021/06/11/director-banned-over-role-in-tax-avoidance-scheme/
KUALA LUMPUR (June 11): The Inland Revenue Board today denied at the High Court here that there was any malice on its part in filing a bankruptcy notice against former prime minister Datuk Seri Najib Razak for owing RM1.69 billion in taxes to the government.
Senior tax counsel Norhisham Ahmad said since obtaining the court’s judgement on July 22, 2020 to recover the tax arrears from Najib, the agency had waited about six months to file the bankruptcy notice on Najib, which it served him in April this year.
It took almost eight months from the July 22 High Court order for us to enforce it, and there had been no (attempts on Najib’s part to initiate) discussions with the IRB on his means to settle the sum. It is a normal situation when …
Read the full article at: https://www.theedgemarkets.com/article/irb-denies-malice-political-interference-behind-its-bankruptcy-filing-against-najib
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Read the full article at: https://www.cbs.nl/en-gb/news/2021/23/slightly-more-bankruptcies-in-may David Bradford, 64, spent years living a secret double life. On April 11, 2014, everything came crashing down when, on his wifes birthday, father-of-three David was jailed for fraud. He had hidden his problem gambling from his family, even as he went to court, stole 50,000 from his employers, racking up loans and 500,000 of debt, and remortgaging the home. His wife, Denise, and three sons Alex, Ryan, and Adam, found out what was going on thanks to a solicitor ringing them up to say David had been jailed at Mold Crown Court. David, who lost his 70,000-a-year job as a finance controller, went on to serve eight months before his release from HMP Altcourse in Liverpool… Read the full article at: https://metro.co.uk/2021/06/11/man-who-racked-up-500000-in-gambling-debts-sets-up-service-to-help-addicts-14753206/ published : 11 Jun 2021 at 07:45 writer: AFP  WASHINGTON: US Treasury Secretary Janet Yellen said Tuesday she was concerned that Chinese lenders could benefit from an international debt relief initiative aimed at poor countries. In April, G20 countries including the United States agreed to extend until December a moratorium on debt interest payments for the poorest nations, amid fears they will lag behind in the global recovery from the coronavirus pandemic. Chinese financial institutions are among the top lenders to lower-income countries, and Yellen told a House Appropriations subcommittee that she aims to ensure the relief — mea… Read the full article at: https://www.bangkokpost.com/business/2130735/yellen-says-concerned-debt-relief-could-aid-chinese-lenders A carer who’d racked up gambling debts claimed over 3,000 in travel costs from the South Tees Hospitals NHS Foundation Trust. Although being eligible to claim the costs, Michael Davies still made over 70 false claims at James Cook University Hospital before he admitted what he’d been doing as staff became suspicious. The 47-year-old claimed a total of 3,235.43 between September 27, 2017 and November 8, 2019. Davies, of Jubilee Road, Eston, appeared at Teesside Magistrates’ Court on Wednesday to be sentenced for fraud by false representation. Alan Davidson, prosecuting, said that certain patients are eligible to be reimbursed for their travel costs if they attend the hospital by public transport or in their own vehicle. He said Davie… Read the full article at: https://www.gazettelive.co.uk/news/teesside-news/carer-racked-up-gambling-debts-20778279 published : 11 Jun 2021 at 07:45 writer: AFP WASHINGTON: US Treasury Secretary Janet Yellen said Tuesday she was concerned that Chinese lenders could benefit from an international debt relief initiative aimed at poor countries. In April, G20 countries including the United States agreed to extend until December a moratorium on debt interest payments for the poorest nations, amid fears they will lag behind in the global recovery from the coronavirus pandemic. Chinese financial institutions are among the top lenders to lower-income countries, and Yellen told a House Appropriations subcommittee that she aims to ensure the relief — mea… Read the full article at: https://www.bangkokpost.com/world/2130735/yellen-says-concerned-debt-relief-could-aid-chinese-lenders Published by The Law Society, the handbook provides a radical overhaul of the content, which is reflective of the huge number of changes to insolvency law and practice in that time. This new edition is particularly pertinent as it was developed and then published, April 2021, during a period of great uncertainty for businesses. Covid-19 has acted as an accelerator of change in a huge number of social-economic areas and continues to have a profound effect upon business activity. The government responded by providing the greatest level of peacetime support ever seen, pumping the economy through government-backed loan schemes, grants and protecting employment through job retention schemes. In addition to these macro-economic measures, in… Read the full article at: https://www.creditstrategy.co.uk/news/the-law-society-publishes-fourth-edition-of-insolvency-law-handbook- Despite the efforts of administrators to keep it afloat, a company that operated two Helloworld Travel agencies has been wound up. JMW Travel, which traded as Victorian travel agencies Helloworld Monbulk and Helloworld Bentleigh, as well as Nexus Business Travel, collapsed in February and appointed Mackay Goodwin to handle the voluntary administration process. At the time, JMW Travel director Jennifer Watson said the company was continuing to operate while in voluntary administration, and was focused on getting back into the business of sending our valued customers on the holidays they have been missing. We are looking forward to the post-pandemic future, she said. However, Mackay Goodwin has since confirmed that the company has been pl… Read the full article at: https://www.travelweekly.com.au/article/company-behind-helloworld-agencies-placed-into-liquidation/ Law360 (June 10, 2021, 5:43 PM EDT) — Willkie Farr & Gallagher LLP announced it has hired an attorney from DLA Piper who has significant experience helping clients with investments and debt reorganizations and will be the first finance and restructuring partner based in the firm’s year-old Chicago office. Melainie Mansfield joined Willkie’s business reorganization & restructuring department on Tuesday, bringing a depth of experience representing private equity firms, hedge funds and many other types of clients with direct investments, as well as distressed investment restructurings negotiated both in and out of bankruptcy. Mansfield told Law360 on Thursday that moving to the firm feels “sort of like a going… Read the full article at: https://www.law360.com/illinois/articles/1392528/willkie-adds-ex-dla-piper-restructuring-partner-in-chicago Armed police officers patrol in Falmouth, England, June 10, 2021, ahead of the G7 summit in Cornwell. Debt relief for poor countries is only way for G7 leaders to succeed in their plans to promote global recovery from the COVID-19 pandemic and address the climate crisis, Caritas Internationalis said. (Credit: Phil Noble/Reuters via CNS.) ROME The world cannot recover from the health and economic crises of the COVID-19 pandemic and tackle climate change without debt relief for the worlds poorest countries, said the secretary-general of Caritas Internationalis. As the leaders of the worlds wealthiest nations prepared to meet for the G7 summit in Cornwall, England, Caritas insisted their agenda could not possibly succeed without canceling … Read the full article at: https://cruxnow.com/vatican/2021/06/caritas-tells-g7-leaders-debt-relief-is-key-to-global-covid-19-recovery/ US Treasury Secretary Janet Yellen said Tuesday she was concerned that Chinese lenders could benefit from an international debt relief initiative aimed at poor countries. In April, G20 countries including the United States agreed to extend until December a moratorium on debt interest payments for the poorest nations, amid fears they will lag behind in the global recovery from the coronavirus pandemic. Chinese financial institutions are among the top lenders to lower-income countries, and Yellen told a House Appropriations subcommittee that she aims to ensure the relief — meant to help poor countries spend to revitalize their economies after the pandemic — doesn’t end up in China’s hands. “We have spoken with China about their participat… Read the full article at: https://au.news.yahoo.com/yellen-says-concerned-debt-relief-214619717.html |
