A former Dundee City Council supervisor stole smoke alarms and other equipment and sold them to try to pay off a 65,000 gambling debt, a court heard.

Iain Gardyne spent almost four years stealing thousands of pounds worth of items before selling them on eBay.

He was caught after another user of the site recognised the local authority-approved equipment.

Gardyne, who subsequently resigned from his post, was sentenced to an eight-month 20:00 to 07:00 curfew.

Dundee Sheriff Court was told the former electrical contracts supervisor stole more than 200 separate items, which had an estimated value of between 5,000…

Read the full article at: https://www.bbc.com/news/uk-scotland-tayside-central-56280339

LONDON–(BUSINESS WIRE)–H.I.G. Capital, LLC (“H.I.G.”), a leading global alternative investment firm with over 35 billion of equity capital under management, is pleased to announce that one of its affiliates has signed a definitive agreement to acquire KPMGs UK restructuring business, a leading provider of insolvency, financial restructuring and turnaround services in the UK and globally. Terms of the transaction, which is expected to complete in April 2021, were not disclosed.

KPMG UK Restructuring is a leading multidisciplinary practice of approximately 22 partners and 528 staff located across the full breadth of the UK. The group advises companies, lenders, equity holders and a wide range of other stakeholders including Government, …

Read the full article at: https://www.businesswire.com/news/home/20210304005512/en/H.I.G.-Europe-to-Acquire-KPMG’s-UK-Restructuring-Business-Rebranded-to-Interpath-Advisory

BDO Consulting Group announced that Nick Welch recently joined the firms Business Restructuring and Turnaround Services practice as a Director in the firms Miami, Florida office and will primarily cover the Southeast regional markets.

Nick, a seasoned financial advisor, has more than 20 years of experience in professional services and has spent the last nine advising lenders, investors and management teams on debt and operational restructuring strategies as well as on transaction services such as diligence, quality of earnings, sell-side advice and valuation.

Nick has helped senior lenders, private equity groups, family offices and management teams to navigate business challenges and release or create cash flow through debt restructuring,…

Read the full article at: https://www.abladvisor.com/news/30478/bdo-consulting-adds-welch-to-business-restructuring-and-turnaround-services-pract

ON THE MORNING of November 13th last year Zambias vice-president told parliament, This country will not default. Hours later the inevitable happened. Having destroyed its relationship with the IMF, struggled to provide clear data on its borrowing from China and failed to win a reprieve from bondholders, Zambia missed a deadline to pay interest and defaulted on its debt. Lenders could only shake their heads in bemusement.

For some poor countries like Zambia, a debt crisis has always been the story of a chaotic and corrupt government that has borrowed carelessly. But in the more complex creditor landscape of today, defaults can also, more than ever, be about struggling nations stuck in the web of diplomatic feuds that bind their credito…

Read the full article at: https://www.economist.com/international/2021/03/06/poor-countries-struggling-with-debt-fight-to-get-help

Creditors have allegedly been cheated in a complicated scam involving a registered trustee, an insolvency advisor and a bankrupt person. A series of properties were raided across South East Queensland on Wednesday with records seized in relation to suspected fraudulent behaviour. During the bankruptcy, a registered trustee and a pre-insolvency advisor are alleged to have helped the bankrupt person manipulate the outcome of a creditors’ meeting, leading to the annulment of the bankruptcy. Some debts claimed appear to be illegitimate and there are allegations of false statements in official documents as well as the disposal of property before the start of the bankruptcy, according to the Australian Financial Security Authority investigati…

Read the full article at: https://www.bellingencourier.com.au/story/7152942/creditors-hit-by-alleged-bankruptcy-ruse/?cs=9676

The world is completely rethinking the assumptions that have been underpinning high-growth companies, and this is having severe implications for their market valuations.

The best measure of this change in market sentiment is the performance this month of Tesla and Afterpay.

Tesla is the high-growth proxy in the United States, while Afterpay fills a similar role in Australia.

But this month Tesla has plunged in value by a quarter and lost $US22 billion ($28 billion) in market capitalisation. Afterpay has also fallen in value by about a quarter and lost $10 billion in market value.

Fundamental questioning

This is being driven by investors revisiting various assumptions, including total addressable markets, likely growth in market shares, …

Read the full article at: https://www.afr.com/chanticleer/local-fundies-dodge-greensill-insolvency-20210304-p577vx

KPMG has signed an unconditional agreement to sell its restructuring practice to Interpath Advisory, a newly-formed company backed by private equity firm HIG Europe.

The sale will see 22 partners and around 528 staff currently employed in KPMGs restructuring practice transfer to Interpath Advisory, making it the largest independent restructuring and turnaround business in the UK.

Read more: KPMG splits chief exec and chair roles following stop moaning controversy

KPMG did not release the numbers on what the deal is worth, but it has long been rumoured to be in the region of 400m.

KPMGs restructuring practices pensions advisory practice, which provides independent advice to trustees and sponsoring employers of pension schemes, will also…

Read the full article at: https://www.cityam.com/kpmg-unit-sale-creates-new-restructuring-behemoth-interpath-advisory/

Creditors have allegedly been cheated in a complicated scam involving a registered trustee, an insolvency advisor and a bankrupt person. A series of properties were raided across South East Queensland on Wednesday with records seized in relation to suspected fraudulent behaviour. During the bankruptcy, a registered trustee and a pre-insolvency advisor are alleged to have helped the bankrupt person manipulate the outcome of a creditors’ meeting, leading to the annulment of the bankruptcy. Some debts claimed appear to be illegitimate and there are allegations of false statements in official documents as well as the disposal of property before the start of the bankruptcy, according to the Australian Financial Security Authority investigati…

Read the full article at: https://www.tenterfieldstar.com.au/story/7152942/creditors-hit-by-alleged-bankruptcy-ruse/?cs=9676

A South Australian butcher who could not secure a bank loan to repay a large business debt has escaped jail for money laundering a man’s superannuation funds “in desperation”.

Thirty-year-old Michael Kevin Cheney pleaded guilty to knowingly engaging in money laundering after his Paralowie butchery fell into debt in December 2018.

The District Court of South Australia heard he could not repay the debt or secure a bridging loan so he placed an advertisement for a loan on popular buy and sell site, Gumtree.

“You were carrying abou…

Read the full article at: https://www.abc.net.au/news/2021-03-04/butcher-escapes-jail-after-laundering-mans-superannuation/13215418

Creditors have allegedly been cheated in a complicated scam involving a registered trustee, an insolvency advisor and a bankrupt person. A series of properties were raided across South East Queensland on Wednesday with records seized in relation to suspected fraudulent behaviour. During the bankruptcy, a registered trustee and a pre-insolvency advisor are alleged to have helped the bankrupt person manipulate the outcome of a creditors’ meeting, leading to the annulment of the bankruptcy. Some debts claimed appear to be illegitimate and there are allegations of false statements in official documents as well as the disposal of property before the start of the bankruptcy, according to the Australian Financial Security Authority investigati…

Read the full article at: https://www.theislanderonline.com.au/story/7152942/creditors-hit-by-alleged-bankruptcy-ruse/?cs=9676

Photo by Tim Mossholder on Unsplash

Abstract Entertainment is winding up after entering voluntary liquidation.

The promoter and event planning business owes close to $700,000 to 95 individual creditors spanning ticketing companies, musicians, radio networks, venues and promoters.

Its related entity, Abstract Touring, is still trading, and recently announced the Belinda Carlisle Tour of Australia for February 2022.

Abstract Entertainment largely blamed COVID-19 for its deteriorating financial performance and position which led to the self-imposed wind up.

In the Report to Creditors, seen by TMN, the company noted that under normal circumstances, it would receive royalty fees and commissions from its related entity Abstract Touring. In th…

Read the full article at: https://themusicnetwork.com/abstract-entertainment-liquidation/

The founder and CEO of an Australian restructuring advisory is urging struggling travel companies to urgently seek financial advice before JobKeeper is wound back.

Last month, Mackay Goodwin was appointed to handle the voluntary administration process of JMW Travel, which traded as Victorian travel agencies Helloworld Monbulk and Helloworld Bentleigh, as well as Nexus Business Travel.

Mackay Goodwin chief Domenic Calabretta is worried the company is only the first of many in the travel industry who will find themselves in a similar situation by 28 March, which is when the federal governments JobKeeper payments are scheduled to end.

Sadly, we know there will be more travel businesses experiencing hard times, but acting now and seeking he…

Read the full article at: https://www.travelweekly.com.au/article/collapse-of-helloworld-agencies-prompt-urgent-warning-from-business-restructuring-expert/