Michael Martin (44), from Erith in Kent, has been banned from acting as a director or directly or indirectly becoming involved, without the permission of the court, in the promotion, formation or management of a company after he failed to provide records to account for 1.14m in payments.
ADM Skips was incorporated in June 2017 and Michael Martin became director in February 2018.
The company was involved in disposing of non-hazardous waste. ADM Skips, however, experienced difficulties and ceased trading in July 2019 before a liquidator was appointed to wind up the company.
The liquidator reported to the Insolvency Service that Michael Martin had refused to co-operate with them during the process and didnt produce any accounting reco…
Read the full article at: https://www.miragenews.com/skip-company-boss-fails-to-explain-1m-expenses/
GJES London Ltd, an electrical contracting company, was incorporated in October 2011 and Grzegorz Jarnot became the sole director on the same day.
The company traded for over seven years before going into creditors voluntary liquidation in April 2019 as it was unable to pay its debts.
A subsequent investigation by the Insolvency Service found that from November 2017 to April 2019 more than 952,000 had been paid into GJES Londons bank account, with almost 958,000 paid out.
However, Jarnot failed to provide any accounting records to prove whether the bank deposits accounted for all GJES Londons income and whether the payments made out were legitimate expenditure.
Further enquiries found that GJES London was trading to the detriment of the…
Read the full article at: https://www.accountancydaily.co/ps1m-unaccounted-expenses-sparks-ban-electrician
A private hire taxi driver who was caught with almost 300,000 of cocaine hidden in his car was yesterday jailed for three years.
Gordon Mitchell, 37, was snared near Gorbals Leisure Centre in Glasgow on December 2, 2019.
Police had spotted him doing three-point turns in his Volkswagen Passat and stopped him.
The High Court in Glasgow heard that Mitchell was couriering the drug in order to pay off part of a gambling debt.
Prosecutor Lindsey Dalziel said the car was searched and two mobile phones were found one which appeared encrypted.
Miss Dalziel added: A trained dog handler was contacted. The dog then gave a strong indication at the centre console of the car.
The compartm…
Read the full article at: https://www.dailyrecord.co.uk/news/scottish-news/scots-cab-driver-gambling-debt-23300976
According toDaniel Kaplan of The Athletic, San Jose Sharks forward Evander Kane has filed for bankruptcy, totaling $26.8 million of debt. He reportedly filed for Chapter 7 bankruptcy in California.
The filing includes $10.2 million in assets, including three homes.
Kaplan noted that Kane’s monthly income is minus-$91,131.13 and the 29-year-old lost $1.5 million gambling over the last month. He also notes that seven dependents live with Kane.
Recently,Centennial Bankfiledan $8.3 million lawsuit in Florida federal court against Kane and the Sharks over pending debt.
According to the filing, there is a chance Kane does not play in the upcoming NHL season. He has been spotted at camp and has not made any public comments a…
Read the full article at: https://www.cbssports.com/nhl/news/sharks-evander-kane-files-for-bankruptcy-totally-26-8-million-worth-of-debt-per-reports/
Nearly two-thirds of Americans have already received the government’s second round of stimulus checks as part of the latest $900 billion Covid relief bill.
The payments up to $600 per individual or $1,200 per married couple and an additional $600 per child under 17 help cash-strapped Americans get by during these uncertain times. But the money is also helping people meet other financial goals.
According to a New York Federal Reservepoll, a majority plan to use this second windfall of cash to pay down debt or save. If you can meet your basic needs, using the money to lower debt or build a savings is a smart financial move but it can be hard to decide which one to choose.
Here’s how to know if you should put your stimulus money into…
Read the full article at: https://www.cnbc.com/select/pay-down-debt-or-build-emergency-fund-with-stimulus-check/
The nation’s number two carrier collapsed into administration in April last year after the COVID-19 pandemic and associated border closures led to steep falls in domestic and international travel.
The VAIH shell company also went voluntary administration but was revived shortly after US-headquartered Bain took control of Virgin in November following a fierce bidding war for the group.
Reviving VAIH also confirms Virgin’s plan to restart international flying after Bain originally said it would be focused on the domestic market.
While all shareholders in the ASX-listed Virgin entity were wiped out in the administration process, Virgin said there was “no change” to the VAIH ownership structure which “continues to operate in a legally co…
Read the full article at: https://www.smh.com.au/business/companies/virgin-to-use-shell-company-loophole-to-sidestep-foreign-ownership-cap-20210108-p56spl.html
London Angola has secured three years of payment relief from Chinese creditors and expects to get more than $700m in its next tranche of International Monetary Fund (IMF) financing in the coming days, its finance minister said on Monday.
Africa’s second-largest oil exporter has been seeking payment relief as it strives to overcome the hit from the coronavirus pandemic, heavy debt service requirements and volatility in the oil sector.
Angola owes more than $20bn to a number of Chinese entities, including $14.5bn to the China Development Bank and nearly $5bn to the Export-Import Bank of China. It has also borrowed from China’s largest lender, ICBC, according to analysts’ calculations.
We’ve got three years of breathing space and we w…
Read the full article at: https://www.businesslive.co.za/bd/world/africa/2021-01-11-angola-has-secured-three-year-debt-relief-deal-with-chinese-creditors/
NEW DELHI : Unviable companies liquidated under the Insolvency and Bankruptcy Code (IBC) far outnumbered those rescued since the new bankruptcy framework came into force four years ago, indicating the challenges facing the economy.
Official data showed that almost in every quarter since January 2017, the number of businesses that were ordered to be liquidated was three to four times the companies that could find a fresh lease of life.
The highest number of liquidation orders of 155 came in the second quarter of FY20, against 33 resolution plans cleared by tribunals, data from the Insolvency and Bankruptcy Board of India (IBBI) showed. In the second quarter of FY21, 68 companies faced liquidation against 22 businesses stitching toget…
Read the full article at: https://www.livemint.com/news/india/liquidation-far-exceeds-cos-rescued-under-ibc-11610385656853.html
A German group has turned its attention to the outlets of the recently declared bankrupt retailer Mega World. Negotiations with the trustees are starting today.
Piocheur
According to the liquidator Thierry Lammar, the potential buyer is a major German player “who wants to take advantage of this opportunity to expand on the Belgian market.” Kanaal Z, a Belgian channel reports this. The company would be interested in all of Mega World’s 119 premises.
Yet it is far from certain that they will all end up at one party. Three-quarters of the leases are with Piocheur, another holding company of Mega World owner Dirk Bron. Piocheur is also in bad shape. At the end of this month, a judge will decide on bankruptcy, writes Belgian newspaper De …
Read the full article at: https://www.retaildetail.eu/en/news/property/german-prospective-buyer-mega-world
In the Square, Chloe tells Brady that Philip is laundering money for the mob and they need his help. Philip tries to deny it, but Chloe continues to make her case. Brady offers his help for Chloes and their familys sake. Philip relents and tells Brady his story about his gambling debt and laundering money through Titan to pay it off. Chloe adds that Philip is working for Ava Vitali. Brady suggests getting Victor involved, but Philip doesnt want to disappoint his father. When Chloe steps away to take a call from her mother, Brady agrees to try and help Philip if he stays away from Chloe. Philip asks if hes going after Chloe again. Brady calls Philip toxic. He needs to stay away from Chloe to keep her safe. Philip agrees as she returns.
M…
Read the full article at: https://soaps.sheknows.com/days-of-our-lives/recaps/588968/days-of-our-lives-brady-help-philip-stay-away-chloe/
The nation’s number two carrier collapsed into administration in April last year after the COVID-19 pandemic and associated border closures led to steep falls in domestic and international travel.
The VAIH shell company also went voluntary administration but was revived shortly after US-headquartered Bain took control of Virgin in November following a fierce bidding war for the group.
Reviving VAIH also confirms Virgin’s plan to restart international flying after Bain originally said it would be focused on the domestic market.
While all shareholders in the ASX-listed Virgin entity were wiped out in the administration process, Virgin said there was “no change” to the VAIH ownership structure which “continues to operate in a legally co…
Read the full article at: https://www.brisbanetimes.com.au/business/companies/virgin-to-use-shell-company-loophole-to-sidestep-foreign-ownership-cap-20210108-p56spl.html