Rationale Asset Management PLC, Value Asset Management PLC and Merydion Corporation Limited were wound up in the public interest on 12 January before ICC Judge Prentis. The Official Receiver has been appointed liquidator of the companies.
During the proceedings, the court heard that Rationale Asset Management and Value Asset Management acted as property investment companies based in London and came to the attention of the Insolvency Service after concerns were reported about their business practices.
Confidential inquiries found that Rational Asset Management claimed to prospective clients that they purchased and developed businesses such as care homes, hotels and pubs to sell on for a profit
Investigators uncovered that Rational A…
Read the full article at: https://www.miragenews.com/property-investment-companies-wound-up/
Thecompanybehind a32m development, intended to help regenerate Kilburn High Street,has gone into administration afteryears ofdelays.
It has left buyers,who put hefty deposits intoapartments,in limbo aftertheir move-in dates were repeatedly delayed.
Others, who have moved in,sayhave spentmonthsliving on aconstruction site.
The Park Placeproject a ten-minute walk from West Hampstead train station wasmeant to house 60 luxury apartments fromdeveloperGodfrey London.
But the limited partnership set up to deliver the scheme has now been declared insolvent. Godfrey London and its associated companies are still trading.
The developer hasapologised,claimingthe projectsufferedunprecedented setbacks caused by Brexit and Covid-19.
Onefirst-time b…
Read the full article at: https://www.hamhigh.co.uk/news/housing/park-place-kilburn-developer-put-into-administration-6920794
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| Timothy Dunn |
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| Stephen Skorbinski |
As we promised in our first article in this series, we will now discuss the advantages available to municipalities if it is determined that they can rely upon Canadas insolvency legislation to restructure their affairs.
If applicable, the Bankruptcy and Insolvency Act (BIA) or the Companies’ Creditors Arrangement Act (CCAA) federal legislation that governs the restructuring of larger or complex corporate entities could provide municipalities with much needed flexibility to restructure their affairs and recover from the financial difficulties caused by the pandemic.
It is important to note that bankruptcy often confused with the concept of insolvency is a legal status carrying with it specif…
Read the full article at: https://www.thelawyersdaily.ca/business/articles/23894/the-pandemic-and-municipal-insolvency-part-two
Lotus Dining Group Pty Ltd is a dormant holding company which doesn’t trade or operate any restaurant and its voluntarily liquidation did not impact on the operation and trading of Lotus restaurants.
Lotus temporarily closed all but its Barangaroo restaurant in March due to lockdown laws imposed at the height of the pandemic.
“It is no secret that the hospitality group has taken a massive blow from the outbreak of the coronavirus, the group said on its Instagram account in March.
Chinese restaurants have been hit especially hard since the outbreak started three months ago. As with the rest of the industry, we have been devastated by the unprecedented drop in patronage.”
According to ASIC information, Saffron Felix Joop Investments, whi…
Read the full article at: https://www.afr.com/companies/retail/lotus-dining-still-trading-after-group-restructure-20210121-p56vx4
January 20, 2021
Global Restructuring Review listed Gibson Dunn in the GRR 100, the annual guide to the worlds leading law firms for cross-border restructuring and insolvency matters. The publication noted that, Gibson Dunn & Crutcher has long been considered a leading name in US bankruptcy litigation and out-of-court restructurings. The profile was published in November 2020.
The Business Restructuring and Reorganization Practice Group advises companies in financial distress, their creditors and investors, and parties interested in acquiring assets from companies in distress. We also guide hedge funds, private e…
Read the full article at: https://www.gibsondunn.com/gibson-dunn-recognized-in-2020-grr-100/
(Image: Shutterstock)As people struggle to hold their financial lives together during the COVID-19 pandemic, reducing or eliminating debt has become a critical area of concern. Debt reduction services are a way for advisors to tap into this trend and position their practices as more solution-focused and less about products.
(Related:Social Security COLA: Whats Working, Whats Not)
Handing your clients and prospects an understandable broad-spectrum debt reduction/elimination plan will go a long way toward increasing your marketings effectiveness and make you unique and memorable. Reducing client debt makes it easier for you to sell the products and services that will improve their lives.
No Magical Solutions
As an advisor, you are proba…
Read the full article at: https://www.thinkadvisor.com/2021/01/20/why-you-should-offer-debt-reduction-help/
Real estate firm The Agency has made a bid in court to fight an administration action brought by a former director over a disputed fee, winning a ruling that the administration will end on February 1.
The ruling is subject to the real estate group paying$400,000 into the court by January 22.
Investment group Magnolia said it appointed voluntary administrators BDO on Tuesday to pursue the real estate firm over a disputed debt of approximately $385,000, saying it had lost confidence in The Agency Groups board and its unknown financial position.
Magnolia previously said it bid for shares in The Agency.
The court ordered that the administration would stay in place until February 1 with a hearing scheduled on the same day to allow any cred…
Read the full article at: https://www.domain.com.au/news/real-estate-firm-the-agency-fights-administration-action-over-disputed-fee-1019579/