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"The insolvency moratorium created longer-term risks by propping up zombie businesses, putting creditors at significant disadvantage, and threatening the future
Horse Racing Ireland could be called upon by the Public Accounts Committee to explain the loss of 389,000 that arose after the company that used to undertake its cash-in-transit services went into liquidation in 2019.
In August 2019, HRI was named as one of numerous creditors of Business Mobile Security Services, the holding company of Senaca, which was responsible for the transport of Tote takings, along with gate receipts and cash takings from Leopardstown, Fairyhouse, and Tipperary.
At the time, HRI was seeking the return of 539,000 in cash, and the final sum written off in the 2019 accounts came to 389,000.
On Friday, HRI’s chief executive Brian Kavanagh, who insisted the authority would be happy to explain the figures, said: “Dur…
“The insolvency moratorium created longer-term risks by propping up zombie businesses, putting creditors at significant disadvantage, and threatening the future of viable businesses,” Mr Dale said.
“That created an environment where businesses were racking up debt with an inability to pay it. That was never the appropriate business environment to carry into 2021.”
Since the COVID-19 crisis, emergency measures such as JobKeeper,JobSeeker, bank interest deferrals, insolvent trading relief and a more lenient Tax Office, have led to fewer bankruptcies and company failures, making it harder for debt collection outfits to recover debts.
Exposing an underlying truth
The government supports, particularly temporary insolvency relief, are estima…
LG Electronics can improve its corporate value by restructuring its money-losing mobile business, analysts here said on Saturday, as the South Korean tech giant can better focus on its future growth engines for the post-pandemic era.
LG Electronics on Wednesday announced that its mobile communications (MC) unit is open to “every possibility” for its future operations amid rumors that the company may sell the struggling mobile business.
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“We think LG`s announcement means they are going to either shut down or sell, or at least scale back on its mobile business,” Cho Chul-hee, an analyst at Korea Investment & Securities, said.
Analysts said LG`s decision to restructure its mobile business is …
SEOUL, Jan. 23 (Yonhap) — LG Electronics Inc. can improve its corporate value by restructuring its money-losing mobile business, analysts here said Saturday, as the South Korean tech giant can better focus on its future growth engines for the post-pandemic era.
LG Electronics on Wednesday announced that its mobile communications (MC) unit is open to “every possibility” for its future operations amid rumors that the company may sell the struggling mobile business.
“We think LG’s announcement means they are going to either shut down or sell, or at least scale back on its mobile business,” Cho Chul-hee, an analyst at Korea Investment & Securities, said.
Analysts said LG’s decision to restructure its mobile busi…
Brazilian miner Vale said Jan. 21 that it will exit the coal market as part of its commitment to become carbon-neutral by 2050 and reduce 33% of its Scope 1 and 2 emissions by 2030.
As a first step toward divestment of its coal business, Vale has signed a heads of agreement with Japanese company Mitsui, allowing both parties to structure Mitsuis exit from the Moatize coal mine in Mozambique, controlled by Vale, and the related Nacala Logistics Corridor (NLC), Vale said in a statement.
After a financial restructuring of these assets, Vale will seek a third-party buyer for them, it said.
Vale said the transaction was in line with its focus on its core businesses and ESG agenda. Vale currently vies with Rio Tinto for the position of the wo…
Credit cards are often necessary to bridge the gap between paychecks or account for unexpected expenses, but cardholders may only make minimum payments and never manage to get ahead.
Credit card debt settlement is one option to help get your finances back on track, as lenders are often willing to negotiate and help find ways to solve your current credit crisis. But what exactly is debt settlement, and what are your options? How do you start the processand is it the best fit for your finances?
Heres what you need to know about how to settle credit card debt.
What is a credit card debt settlement?
Credit card debt settlement is the process of negotiating with your lender to accept a lump sum settlement for your credit card debt.
A NEWCASTLE builder accused of leaving five Hunter families out of pocket and with unfinished or ‘defect-riddled’ homes has been declared bankrupt. Ben Geary, of BJG Builders, filed for bankruptcy just days after Charlestown MP Jodie Harrison launched a scathing attack on him using parliamentary privilege in November. Ms Harrison said Mr Geary, of Lake Macquarie, had left a string of defective work, failed to comply with rectification orders and placed “enormous pressure” and “financial strain” on his clients. She urged the government to “create the necessary protections” so homeowners can undertake the “big financial commitment” of building or renovating their homes “in good faith”. “With so much at stake, it is important that regulat…
Over the years, gambling in various forms has featured in major Hollywood movies. One of the most popular settings, particularly in the USA, is a casino (usually in Las Vegas). Often, watching these movies will inspire you to hit a casino too, but if you cant quite afford a trip to Nevada, you can always go to the live casino online from Novibet. With so many gambling movies out there, were asking the question what is the most famous?
The Gambler Released in 2014 as a modern remake of the 1974 classic, The Gambler follows the story of Jim Bennett, a literature professor from Los Angeles, California. Gambling is obviously illegal in the state of California, and so Jim must associate himself with underground illegal bookmakers, to whom he e…
Racing in front of the new Curragh, the holding company for which is still trading at a loss
Patrick McCann (racingpost.com/photos)
Horse Racing Ireland could be called upon by the Public Accounts Committee (PAC) to explain the loss of 389,000 that arose after the company that used to undertake its cash-in-transit services went into liquidation in 2019.
In August 2019, HRI was named as one of numerous creditors of Business Mobile Security Services, the holding company of Senaca, which was responsible for the transport of Tote takings, along with gate receipts and cash takings from Leopardstown, Fairyhouse and Tipperary.
At the time, HRI was seeking the return of 539,000 in cash, and the final sum written off in the 2019 accounts…
Amanda Young, a former Jirsch Sutherland partner, has pleaded guilty to one count of fraud relating to the liquidation of St Gregorys Armenian School Incorporated, and one count of dishonestly us…
The day I got the keys to my one-bedroom flat in central Leeds in April 2019 was the proudest moment of my life. Id spent four years saving a 10,000 deposit from my salary as a marketing and PR executive. I had just become single, and I thought my life would be about going out in Leeds, meeting people and enjoying being in my 20s. Independence.
Becoming a homeowner, at 28, was a huge deal for me and my family. My dad is a retired electrician and my mum is an admin assistant. Theres no family wealth behind me I saved up on my own, and bought my flat for 102,000 through an affordable housing scheme, designed to help people on low incomes. Under the terms of my agreement, I wasnt allowed to rent the flat out, or sell it to a cash buyer, but…
The first month-on-month rise in the number of corporate insolvencies for almost a year should spur North East business owners with concerns about their own firms financial situations to seek advice now.
Thats the view of Alexandra Withers, North East chair of insolvency and restructuring trade body R3, after the publication by the Insolvency Service of Decembers official corporate insolvency statistics for England and Wales.
The number of corporate insolvencies increased by 37.8% from 891 in November to 1,228 last month, and was 9.2% higher than for December 2019s figure of 1,125.
And with corporate insolvency numbers expected to keep rising this year, Alexandra Withers, who is an associate solicitor in the insolvency d…
