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Officials from the Communication Workers Union (CWU) and the Communications Electrical Plumbing Union (CEPU) are attempting to stifle mounting opposition
Throughout the coronavirus crisis, CBS is providing weekly updates on the number of bankruptcies pronounced by Dutch courts. The weekly updates are normally released on Thursdays at 12.00 p.m.
Not including sole proprietorships, there were 40 bankruptcies in week 42, 6 fewer than in week 41. In addition, 6 sole proprietorships were declared bankrupt, the same number as in the previous week.
Number of bankruptcies of businesses and institutions (including sole proprietorships), weekly
On 8 October 2020, the UK Government’s Insolvency Service issued a report on the state of pre-pack sales following the administration of insolvent UK companies (Pre-Pack Sales) and published draft regulations to require enhanced scrutiny of Pre-Pack Sales to connected parties during the administration process (the Draft Regulations). If the Draft Regulations are adopted, a Pre-Pack Sale will require consent of the companys creditors or the submission of an independent evaluators report.
Introduction
Pre-Pack Sale is a term used to describe the sale of all or substantially all of a company’s assets to a third-party purchaser immediately or shortly after the company goes into the UK rescue procedure called administrat…
Officials from the Communication Workers Union (CWU) and the Communications Electrical Plumbing Union (CEPU) are attempting to stifle mounting opposition to a pro-business restructure at Australia Post (AP), which threatens thousands of jobs and is already sharply increasing workloads.
In recent weeks, Shane Murphy, the national president of the CEPUs communications division, has held meetings with workers at several facilities of the government-operated postal service, including in the Sydney suburb of Kingsgrove and the regional New South Wales town of Tweed Heads.
Workers who attended one of the Sydney meetings told the World Socialist Web Site that Murphy feigned concern over safety issues and declared that the purpose of his visit …
Industrialist Pramod Mittal, who reportedly spent 60 million Euros (about Rs 505 crore) on his daughter’s wedding, has claimed that he owes 2.5 billion pounds. This would make the steel tycoon, the younger brother of UK-based steel magnate Lakshmi Mittal, Britain’s biggest bankrupt.
Mittal, 64, was declared bankrupt this summer by the Insolvency and Companies Court in London with debts of over 130 million pounds, reported The Times. The scion of the steel dynasty now claims that he owes 2,549,089,370 pounds, including more than 170 million pounds to his 94-year-old father, as per the report. He also owes 1.1 million pounds to his wife, Sangeeta, 2.4 million pounds to his son Divyesh and another 1.1 million pounds to his brother-in-law…
You have been the victim of a deliberate violent offence in the European Union (EU), but the offender cannot compensate you? Did you know that you can obtain compensation from the State for the injuries you have suffered[1]? In the Grand-Duchy, the Law of 12 March 1984 regulates the national scheme compensation. How does it work?
In which cases can you be compensated?
You must meet the following conditions to qualify for compensation in Luxembourg.
Firstly, you must be a victim of a deliberate violent offence. It is considered a deliberate violent offence any crime that results from intentional acts, causing physical injury and not just material damage (which excludes, for example, compensation for simple theft), or constitutes the cri…
New Zealand Super Rugby franchises the Crusaders and the Hurricanes have won their bid to have the company behind Ticket Rocket liquidated.
As reported by the Stuff website, Fortress Information Systems Ltd which traded as Ticket Rocket, was not represented in the High Court of Dunedin this morning.
Lawyers acting on behalf of the Hurricanes had sought to have the company be liquidated, over a debt of $186,000, which had not been paid.
A lawyer acting on behalf of Crusaders had no objection over the liquidation, with the franchise owed $155,000, and was also seeking costs of $4000.
The teams are separate plaintiffs in a case against Ticket Rocket, formerly known as TicketDirect.
The Crusaders served the struggling Dunedin-based company …
“We recommend opening up the restructuring practitioner role for small businesses beyond the domain held by registered liquidators.
“It has gone so far as to recommend that the best people to help restructure a small business are likely to be senior accountants and even lawyers particularly in suburban and regional Australia who are closest to the business in distress. In farming, even rural debt counsellors may be appropriate.”
Currently there are just over 600 registered insolvency practitioners in Australia. But come January, thousands of companies could begin to fail.
“Australia doesnt have enough registered liquidators to cope with the forecast volumes of SMEs failures and without this change, the new proposed legislation may be in…
GOVERNMENTS IN MANY poor countries have faced a sickening choice this year, between spending to support their populations through the covid-19 crisis and paying creditors. On October 14th finance ministers of the G20 group of countries offered a temporary salve for 73 of the worlds neediest countries, by saying they would extend their Debt Service Suspension Initiative (DSSI) to halt debt-service payments until July 2021. That should free up funds to fight the pandemic (see chart). But a lasting solution will take more dramatic action.
Public debt in poor countries rose from 29% of GDP in 2012 to 43% in 2019, according to the IMF, and is expected to jump to 49% this year. Collapsing tax revenues and swollen deficits make it harder to …
The company was directed by Canadian businessman Matthew Davey out of Dunedin but he is understood to have returned to Canada. Photo by Peter McIntosh.
The embattled company behind Ticket Rocket is now in liquidation, owing nearly $350,000 to two Super Rugby franchises.
Fortress Information Systems Ltd was called before the High Court at Dunedin this morning but a no-show by the firm meant the hearing was brief.
Lawyers for both the Crusaders and the Hurricanes confirmed there remained an unpaid debt and there had been no steps taken by Ticket Rocket to oppose liquidation.
Associate Judge Kenneth Johnston made an order winding up the company and ordered liquidators costs would be paid from its assets.
Vrgin Australia is expected to remove free food and drinks from economy class and potentially adopt a ‘buy on board’ model when new owners Bain Capital reveals its plans for the rescued and rebooted airline next month
The move is part of a sweeping push to lower Virgin’s cost base and reduce ticket prices framed around the airline’s new ‘value’ proposition while also ensuring a solid margin for the company.
Sources inside the airline with knowledge of the plans tell Executive Traveller that “more unbundling and add-ons” would follow as Bain works to “reset” Virgin from aping Qantas towards a more flexible mid-market position.
“There’s clearly a low-cost carrier element in all of this,” they said, “with Bain stripping out previo…
Thomas Knowles was born in 1782 in Hythe, Kent, and went on to work as a servant in London. He was declared insolvent in 1819 and 1825, before finally being admitted to debtors prison for several months in 1829. William Hole, who was also born in Hythe, in 1793, worked as an apprentice before moving to London to set up his own shop. Like Knowles, he also faced personal financial problems and was declared bankrupt in 1827. In 1836 the pair teamed up with two other bankrupts to form the Independent West Middlesex Fire and Life Assurance Company (IWM).
How did the scam work?
IWM offered annuities and life insurance at rates that were far more generous than the competition, supposedly backed up by 1m in capital. They claimed the Duke of Wel…
PUDUCHERRY: The Puducherry government has urged the Union government to ban online gambling platforms and apps. Chief minister V Narayanasamy told reporters that he has written a letter to the Union communications, electronics & information technology and law & justice minister Ravi Shankar Prasad urging him to ban online rummy and other online gambling platforms and applications. The plea comes in wake of a man from Villianur in Puducherry committing suicide after losing more than Rs 30 lakh in online gambling and falling into a debt trap. He set himself on fire after posting a WhatsApp audio urging the government to ban all online gambling platforms. Narayanasamy said he received representations from vari…
