She was once the wife ofmulti-millionaire businessman, Geoffrey Edelesten, 77.
But since their separation in 2014, Brynne Edelsten, 37, has chewed through all of her savings, been ‘living on a budget’ and even declared bankruptcy in 2016.
And now, the American socialite,who once flaunted her lavish lifestyle on reality TV show My Bedazzled Life, has adopted a reg…
Read the full article at: https://www.dailymail.co.uk/tvshowbiz/article-8959447/Brynne-Edelsten-reveals-normal-new-job-going-bankrupt-divorce-Geoffrey.html
MANCHESTER A company that handles business liquidations has listed the Sears store by Buckland Hills in Manchester as closing.
No timeline is included in the listing by SB360 Capital Partners, which includes six other Sears stores nationwide. A representative of SB360 could not be reached and Sears did not respond to requests for more information, but signs touting 70% off purchases are posted on the Manchester store at 190 Buckland Hills Drive.
Built in 1990, the 145,880-square-foot building was sold last year for $10.4 million to a group called TF Manchester CT LLC. Although Sears is an anchor at the Shoppes at Buckland Hills, the building is a separate property from the rest of the mall, town officials said.
…
Read the full article at: https://www.courant.com/community/manchester/hc-news-manchester-sears-20201117-ro4wgdgkorc6vfgcwhqmmhoram-story.html
Totalbrand Limited (the company) entered creditors’ voluntary liquidation on 28 July 2016. The liquidators of the company assigned certain rights of action to Cage Consultants Limited (CCL) under s.246ZD of the 1986 Insolvency Act (IA86). These rights of action included claims against the directors of the company for misfeasance, and claims under IA86 relating to fraudulent trading (s.213), transactions at an undervalue (s.238) and preferences (s.239). The company was dissolved on 24 September 2019. At the first hearing the district judge refused an application by the directors that proceedings against them by CCL should be dismissed or stayed.
On appeal, the High Court helpfully considered the background and policy objectives of the p…
Read the full article at: https://www.pinsentmasons.com/out-law/legal-updates/high-court-refuses-dismiss-proceedings-against-former-directors
The introduction of the Corporate Insolvency and Governance Act 2020 (CIGA) in June 2020 was one of the many preventative measures taken by the UK Government in an attempt to safeguard the economy in the wake of the global Covid-19 pandemic.
Its primary purpose is to provide breathing space to businesses during the pandemic as well as to support continued trading.
CIGA, which introduced significant changes to contracts for the supply of goods and services, has significant implications for businesses that supply construction and engineering services.
In this column I outline what those implications are, and what construction businesses can do to protect themselves.
What are the changes to contract law introduced by CIGA, and how does it…
Read the full article at: https://bmmagazine.co.uk/opinion/construction-suppliers-beware-new-corporate-insolvency-law-requires-ongoing-performance/
17 Nov
An Australian man has been jailed for 7 years for kidnapping a 12-year old child after claiming he had no other option to recover a $5.5million gambling debt he was owed.
55-year old Zhen Jie Zhang apologised to a Queensland court this week for the ordeal suffered by the young boy, stating through an interpreter:
“I want to say I’m deeply sorry. If you feel afraid please forgive me for that; your father was acting terribly [and] owed me a substantial amount of money.”
The background to the kidnapping began in 2010 when Zhang and the boys father met and gambled together.
The father, however, soon borrowed money from Zhang and owed a substantial amount to casinos, according to abc.news.au, which eventually led to Zhang extor…
Read the full article at: https://www.pokertube.com/article/seven-years-for-australian-man-who-kidnapped-boy-over-5-5million-gambling-debt
This round-up collates the information, analysis and guidance relating to insolvency issues shared by our Construction and Restructuring, Insolvency and Bankruptcy teams during the COVID-19 pandemic. For further information on any of the issues below, please get in touch with one of the Key Contacts.
Few construction projects have been left untouched by the effects of the coronavirus (COVID-19) pandemic. The first national lockdown and the need to comply with social distancing regulations reduced workforce capacity, disrupted supply chains and led to many site closures. The result was widespread disruption and, despite government measures such as furloughing, many in the construction industry are still struggling. Some have already s…
Read the full article at: https://www.jdsupra.com/legalnews/dealing-with-insolvency-in-the-92316/
Virgin Australia faces challenging business and aviation environments but is in the best possible place to meet those challenges, lead administrator Vaughan Strawbridge said as the airline officially changed hands late Tuesday.
Australias second carrier is now officially under the control of new US owners Bain Capital after the airlines shares and businesses were transferred over to complete a voluntary administration described as one of Australias most challenging.
Virgin was also delisted from the Australian Securities Exchange at close of trading Tuesday.
READ: Aussie fare battle heats up with Jetstar return free deals.
Strawbridge, the lead administrator with Deloitte Restructuring Services, said the life of Virgin Australia was no…
Read the full article at: https://www.airlineratings.com/news/virgin-changes-hands-well-placed-tackle-challenges-administrators-say/
The announcement, confirmed today by the designer’s spokeswoman, could signal the closure of some or all of the retailer’s 14 stores.
For now, all stores and Ms McCall’s online business will continue to trade.
Ms McCall said the downturn in business had hit her hard and it was with “a heavy heart” she had gone into administration.
“Due to the unprecedented effects that COVID-19 has had on our economy, as well as some unsustainable bricks and mortar rental obligations, I have had to make a necessary decision to …
Read the full article at: https://www.9news.com.au/national/alice-mccall-fashion-icon-driven-into-voluntary-administration-by-coronavirus/71f45ae8-b26d-40bb-b851-a9c33b56b08c
A 33-year-old man from Visakhapatnam took his own life after incurring huge debts in online gambling, according to his parents. The deceased was identified as M Sateesh, a resident of Kothapet in Gopalapatnam mandal. He was working as a fitter with the Naval Dockyard in Vizag. Though Sateesh died on Saturday, the incident came to light recently.
According to the police, Sateesh had a debt of Rs 15 lakh. Unable to repay the money, he allegedly took his own life. Sateeshs father said that they had already paid at least Rs 8 lakh by mortgaging his wifes gold and their house. Out of Sateeshs salary of Rs 35,000, Rs 30,000 went towards interest, his father told the media. The family said that despite their intervention, Sateesh was addicte…
Read the full article at: https://www.thenewsminute.com/article/despite-ban-online-gambling-andhra-man-dies-suicide-after-incurring-debts-137757
Victims of the Federal Government’s controversial Robodebt system are welcoming a settlement that includes $112 million in compensation.
Key points:
- The Federal Government made a late settlement before the trial began
- The class action’s lead plaintiff, Katherine Prygodicz, said the settlement was a “relief”
- The deal now needs the approval of the Federal Court
A class action trial was due to begin on Monday, but the Commonwealth settled at the last minute.
The total value of the deal is $1.2 billion $721 million was announced in May when the Federal Government agreed to repay debts it illegally clawed back from 327,000 Australians.
It also agreed to waived $398 million in debts it was still pursuing and coughed up $112 million in compensation…
Read the full article at: https://www.abc.net.au/news/2020-11-17/robodebt-victims-welcome-government-1.2-billion-settlement/12889380