Patrick Olusoji Ekundayo (66), from Edmonton in London, was the sole director of Peaches Limited. The company, incorporated in August 2010, provided catering services and managed social events.
At its most successful trading period, Peaches Limited hosted up to 60 functions per year and took an average of 10,000 to 15,000 per event.
By March 2013, Patrick Ekundayos company turnover had significantly exceeded the VAT registration threshold and in January 2014 the caterer was advised to register for VAT by his accountant.
Patrick Ekundayo, however, failed to register the catering company and this caused the tax authorities to compulsorily register Peaches Limited for VAT in November 2017, backdating registration to March 2013.
Despit…
Read the full article at: https://www.miragenews.com/7-year-ban-for-caterer-who-failed-to-pay-511185/
LONDON Boohoo has bought the last batch of Arcadias high-street brands Dorothy Perkins, Wallis and Burton in a deal that marks the end of an era for Sir Philip Greens once-mighty, and now bankrupt, British retail group.
Boohoo, which had been in exclusive talks to buy the three names from Arcadia, is paying 25.2 million pounds in cash for the e-commerce and digital assets, intellectual property rights, customer data, and inventory of the three brands.
The purchase comes a week after Asos bought Topshop, Miss Selfridge and other brands from Arcadia Group, which declared bankruptcy last November, for 330 million pounds.
The Boohoo transaction excludes the store network which comprised 214 physical sites. Those stores will shut, accordi…
Read the full article at: https://wwd.com/business-news/business-features/boohoo-buys-last-arcadia-brands-dorothy-perkins-wallis-burton-1234725778/
Read the full article at: https://australianaviation.com.au/2021/02/kpmg-believes-soar-aviation-was-insolvent-a-year-before-administration/
This week, in South Australias first executive appointments column,InDaily tracks the movements of those driving the states public and private sectors. Plus the latest executive recruitment opportunities.
OReilly steps in to Helping Hand
Former Nova Entertainment Group GM Neil OReilly has be…
Read the full article at: https://indaily.com.au/news/business/2021/02/08/corporate-ladder-your-weekly-guide-to-executive-appointments-36/
The Insolvency and Bankruptcy Code, 2016 was enacted to resolve the stress of companies. Some, however, argue that because the corporate insolvency resolution process (CIRP) rescues only about 25 per cent of companies and leads to liquidation for the rest, the code is not delivering on its mandate. These numbers do tell a story, but not the entire story. Let me tell the story as I comprehend.
First, the CIRP enables the market to attempt to resolve stress through a resolution plan whereby the company survives. When it concludes that there is no feasible resolution plan to rescue the company, the company proceeds for liquidation. The market usually rescues a viable company and liquidates an unviable one. Take the examples of Ghotaringa M…
Read the full article at: https://indianexpress.com/article/opinion/columns/insolvency-and-bankruptcy-code-corporate-debt-resolution-process-7178980/
Ai Group has not requested the government extend the program in its present form and has instead suggested industries and businesses directly affected by the pandemic are given extra support including restructuring and business advice.
Many businesses linked to inbound tourism, international students, entertainment venues, and passenger transport among others continue to struggle and, in the absence of new measures will face a heightened risk of retrenchments, insolvency from late March when JobKeeper comes to an end, it says.
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Even with extended support the government may face a steep bill to cover workers unpaid entitlements from the collapse of even one large business, the group says.
The Fair Entitlements Guarantee safety net…
Read the full article at: https://www.brisbanetimes.com.au/politics/federal/limit-generous-redundancy-payouts-or-nation-will-face-steep-bill-employer-group-20210207-p570bh.html
Big Four accounting and consulting firm PwC has at the dawn of this year appointed 53 fresh partners, with almost half of the new leaders working in its Financial Advisory division.
Operating alongside the Assurance and Consulting divisions, PwCs Financial Advisory business provides a range of multifaceted services grounded in financial and economic disciplines. One of the arms key services is mergers & acquisitions support PwC provides full lifecycle support thought its Corporate Finance, Mergers & Acquisitions, Valuations and Transaction Services practices.
The Corporate Value Advisory service line provides strategic guidance to clients on value creation from acquisitions, restructuring and investments, while the Debt and Capital Advi…
Read the full article at: https://www.consultancy.com.au/news/2948/24-new-partners-for-pwc-australias-financial-advisory-division
There have been a couple of noteworthy pronouncements by the Supreme Court relating to the Insolvency and Bankruptcy Code 2016. These go to strengthen the Code, which an important measure, meant to prevent insolvency by reviving ailing businesses. The Code however, is not a recovery tool for creditors but a resolution mechanism to breathe life into stressed assets of the corporate debtor.
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Financially bleeding allotees in the real estate sector got respite when the three-judge bench of the Supreme Court in 2019 ruled that the home buyers rights would remain at par with the lenders. They upheld their ability to take up bankruptcy proceedings against the real estate developers. Home buyers thereafter got classified as financ…
Read the full article at: https://www.thehindubusinessline.com/business-laws/sc-has-made-noteworthy-pronouncements-on-the-insolvency-code/article33775414.ece
The Personal Insolvency Act can be used by farmers to restructure debt and retain the family home and land.
But many farmers are not aware of these mechanisms available to them, that were established by the Personal Insolvency Act 2012.
Its a game-changer, says personal insolvency practitioner (PIP) Gary Digney, who addressed the recent Irish Creamery Milk Suppliers Association (ICMSA) webinar on debt resolution.
What has come out of that is the personal insolvency arrangement (PIA) which can help farmers to restructure debt and, critically, retain the land.
How do farmers get into debt in the first instance?
ICMSA president Pat McCormack says the reasons are varied.
Theres no doubt that making the kind of investments in new equipment and…
Read the full article at: https://www.irishexaminer.com/farming/arid-40221164.html
Faced with the prospect of dramatic rise in stressed assets of public sector banks (PSBs), about which the RBI warned in its recent report, the government is setting up yet another resolution mechanism. It proposes a bad bank under the ARC (Asset Reconstruction Company) and AMC (Asset Management Company) model in which ARC will aggregate all stressed assets and transfer them to AMC for resolution.
Post-2014, the government has tried three debt resolution mechanisms: (i) Strategic Debt Restructuring (SDR) scheme of 2015 which allows creditors to take over firms unable to pay and sell them to new owners (ii) Sustainable Structuring of Stressed Assets (S4A) of 2016 which lets creditors take 50% haircut to restore the financial viability o…
Read the full article at: https://www.businesstoday.in/opinion/columns/rebooting-economy-65-ibc-has-failed-will-a-bad-bank-succeed/story/430537.html
A company with close links to John Delaney, and which has been the subject of inquiries by the Office of the Director of Corporate Enforcement (ODCE), is being wound up.
John Flynn and Tom Finnan, directors and joint owners of Pillarview, are friends of Delaney, former chief executive of the Football Association of Ireland (FAI). The firm was put into voluntary liquidation on December 22 last year.
Mchal Leydon of Outlook Accountants was appointed as liquidator after a declaration of solvency that was confirmed by Eamonn Garvey of Ecovis, the auditors of Pillarview since it was founded in 2014.
The company refinanced debt that Delaneys building partnership, which ran a firm called JMPHE, held on property in at least two developments in…
Read the full article at: https://www.thetimes.co.uk/article/john-delaney-s-pillarview-pals-put-firm-into-liquidation-t6bqsz6ps
In the centre of Florence, near the Uffizi gallery and Cathedral of Santa Maria in Fiore, Pasquale Naccari has serious doubts about whether the seafood and pizza restaurant his family has run for more than 50 years can survive much longer.
We are in a desperate situation, said Mr Naccari. My bank account balance is almost zero for the first time in years and my business is on the verge of collapse; state funding is inadequate, badly distributed and delayed.
The plight of the Il Vecchio e il Mare restaurant epitomises the existential crisis facing thousands of Europes small and medium-sized companies that have had much of their income wiped out by the coronavirus pandemic and the curbs to contain it.
The eurozone economy fell into a dou…
Read the full article at: https://www.ft.com/content/f769f70b-f6e8-485f-892b-435d3ec125b7