Yue Chang Dai (56), from Dartford, Kent, was the sole director of Good View Da Ltd. The company was incorporated in April 2016 and traded as the Good View takeaway on Watling Street in Dartford.
Good View Da, however, was unable to pay its debts and the company was placed into creditors voluntary liquidation in October 2019 before Yue Chang Dais conduct was referred to the Insolvency Service for further enquiries.
Investigators found that Yue Chang Dai had deliberately concealed the true amount of take away orders to avoid paying tax worth just under 265,000.
In total at liquidation, Yue Chang Dai owed the tax authorities almost 364,000, including penalties and interest.
On 21 December, the Secretary of State accepted a disqualific…
Read the full article at: https://www.miragenews.com/ban-for-takeaway-boss-who-hid-sales-to-avoid-tax/
Nicola Bentley was the sole director of Stephensons (National Window Cleaning), which was incorporated in January 2017 and provided window cleaning services, predominantly for bookmakers.
The company traded for two years but in January 2019 entered into creditors voluntary liquidation.
A subsequent investigation by the Insolvency Service found that from February 2018 until the company went into liquidation, Bentleys company had spent almost 1.7m.
However, Bentley had failed to preserve accounting records and investigators could not determine if the amount was for legitimate business expenditure.
The investigation discovered that almost 640,000 had been transferred out of the company bank account to three unknown bank accounts. Bentley h…
Read the full article at: https://www.accountancydaily.co/banned-director-failed-account-ps17m
An Italian subsidiary of the Melite retail group has entered into voluntary administration in a bid to restructure debts incurred after the COVID-19 lockdown in Italy hit hard its 26 retail fashion stores.
Melite Italia is the sub-lessee of 21 out of 26 stores owned by Melite Properties Srl.
Melite Properties is now seeking new tenants for its stores, a process that is dampened by the imposition of a second lockdown in Italy.
Managements expectation is that, until such time as the outcome of the Christmas period and the rate of distribution of approved COVID-19 vaccines become clear, it is unlikely that Melite Properties will be successful in sub-leasing further stores at the frequency that had been previously anticipated by management…
Read the full article at: https://www.maltatoday.com.mt/business/business_news/106808/malta_franchisers_place_italy_company_in_voluntary_administration
EXCLUSIVE: Adelaide-based fashion company Australian Fashion Labels, which employs 57 staff and opened a flagship Los Angeles storefront with the help of a multimillion-dollar State Government guarantee, has gone into voluntary administration, with the Treasurer now warning that some taxpayer funds are at risk.
Read the full article at: https://indaily.com.au/news/2021/01/07/adelaide-based-fashion-house-goes-into-administration/
Express News Service
KOCHI: Over the past few months, two persons died by suicide owing to the mounting pile of debts caused by online gambling, a dangerous addiction.Experts highlight the loopholes in the Betting and Gaming Act of 1960 and the vulnerable population that falls prey to such games
29-year-old man from Thiruvananthapuram recently took his life to escape from the debts he incurred due to his addiction to online gambling. Identified as a contract labourer at Vikram Sarabhai Space Centre, he was found hanging in a rubber plantation near his house in Kuttichal.On enquiry, the youths family informed the police that he spent his time and money playing online rummy (a card game). When he ran out of money, he would borrow more fr…
Read the full article at: https://www.newindianexpress.com/cities/kochi/2021/jan/07/gamblingwith-lives-2246427.html
Troubled businesses looking to access the new simplified debt restructuring process should be wary of a potential cash-flow squeeze, says an insolvency partner.
Since 1 January, business with liabilities of less than $1 million and are up to date with their tax lodgements and employee entitlements have been able to access a simplified debt restructuring process.
Hall Chadwick insolvency partner Blair Pleash said that while the new option would open up restructuring to SMEs for whom voluntary administration costs would be too prohibitive, he believes most directors are not fully aware that cash-flow problems may be exacerbated by taking up the new restructuring option unless they can access sufficient funding throughout the restructurin…
Read the full article at: https://www.accountantsdaily.com.au/business/15223-smes-cautioned-on-cashflow-pressure-as-insolvency-reforms-kick-in
The new year is always a good time to evaluate your finances. One of the first things you can do is take a look at your credit cards.
Credit cards are known for their high-interest rates, and this can waste a lot of money over time. The BBB suggests you see if you can use a balance transfer offer to switch to a card with a lower rate. Do your research on the BBB’s website first. Consumers nationwide filed more than 8,933 complaints against credit card companies in 2019. Make sure to read the terms and con…
Read the full article at: https://abc11.com/the-debt-credit-getting-out-of-card-score/9348175
The Democratic Republic of the Congo, a major producer of cobalt and copper, has attracted billions of dollars in investment from Chinese firms in recent years.
China has granted some debt relief to the Democratic Republic of the Congo (DRC) to help it overcome economic fallout from the coronavirus pandemic, the Congolese foreign ministry said on Wednesday.
As a result, the DRC will not have to repay its interest-free loans from China that matured at the end of 2020. The ministry did not say how much this amounted to.
China has extended debt relief worth over $2bn to developing countries under a Group of 20 (G20) framework aimed at giving those hammered by the COVID-19 crisis some financial breathing space.
The latest deal was announ…
Read the full article at: https://www.aljazeera.com/economy/2021/1/6/china-extends-debt-relief-to-dr-congo-amid-covid-19-crisis
KINSHASA – China has granted some debt relief to Democratic Republic of Congo to help it overcome economic fallout from the coronavirus pandemic, the Congolese Foreign Ministry said on Wednesday.
As a result, Congo will not have to repay its interest-free loans from China that matured at the end of 2020. The ministry did not say how much this amounted to.
China has extended debt relief worth over $2 billion to developing countries under a G-20 framework aimed at giving those hammered by the COVID-19 crisis some financial breathing space.
The latest deal was announced at a joint press conference in Kinshasa with Chinese Foreign Minister Wang Yi.
“As Congo’s most reliable friend, China wishes to continue to make its contribution to Congo…
Read the full article at: https://www.voanews.com/africa/democratic-republic-congo-says-china-has-granted-pandemic-linked-debt-relief
iGaming operators have been keeping a close watch on the fast growing Indian online gaming market which has become bigger with every passing year. The COVID-19 lockdown worked well for Indian online gaming operators as they witnessed a significant boost in new player registrations and player traffic during the 2020 lockdown.
However, the sudden increase in online gaming during the lockdown has also had a negative impact on the iGaming industry.
A number of young Indians have become addicted to gambling during the lockdown and have gotten heavily into debt. They have borrowed money from friends, family and even stolen to finance their gambling addiction.
Many of the young Indian players found themselves trapped in gambling debt with no w…
Read the full article at: https://www.legalgamblingandthelaw.com/news/gambling-related-suicides-may-force-indian-state-of-kerala-to-ban-igaming/
KINSHASA (Reuters) – China has granted some debt relief to Democratic Republic of Congo to help it overcome economic fallout from the coronavirus pandemic, the Congolese foreign ministry said on Wednesday.
As a result, Congo will not have to repay its interest-free loans from China that matured at the end of 2020. The ministry did not say how much this amounted to.
China has extended debt relief worth over $2 billion to developing countries under a G20 framework aimed at giving those hammered by the COVID-19 crisis some financial breathing space.
The latest deal was announced at a joint press conference in Kinshasa with Chinese Foreign Minister Wang Yi.
As Congos most reliable friend, China wishes to co…
Read the full article at: https://in.reuters.com/article/congo-china-debt/democratic-republic-of-congo-says-china-has-granted-pandemic-linked-debt-relief-idINKBN29B1VG
Statistics released by the Insolvency Service show that even before the financial effects of Covid-19 hit peoples incomes, Scarborough recorded the highest level of personal insolvencies of any local authority across England and Wales.
There were 453 cases of bankruptcy in the borough in 2019 – a rate of 50.8 per 100,000.
That number was up from 426 the previous year and a rate of 47.8 per 100,000.
![](data:image/svg+xml;charset=utf-8,%3Csvg%20height="1079"%20width="1438"%20xmlns="http://www.w3.org/2000/svg"%20version="1.1"/%3E)
The average rate for Yorkshire and Humber was 29.5 per 100,000.
Eleanor Temple, chair of insolvency trade body R3 in Yorkshire, warned the pandemic is likely to have exacerbated Scarborough’s rate.
The latest statistics once again show a picture of w…
Read the full article at: https://www.thescarboroughnews.co.uk/lifestyle/scarborough-top-bankruptcy-england-and-wales-pandemic-likely-make-it-worse-3087183