A challenge to a judgment which found that one partner of a corporate insolvency firm ambushed the other to leave the business has been partially []
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Read the full article at: https://www.lawyerly.com.au/corporate-insolvency-partner-scores-partial-win-on-appeal-in-breakup-spat
Pop up Kitchen Limited was incorporated in June 2015 and Alan Vinnicombe (65) was appointed a director at the same time.
The company traded as a consultancy for the catering industry before taking over the licence and management of the kitchen at the Blue Ball Inn in Exeter.
By October 2018, however, Pop Up Kitchen entered into insolvency proceedings, which brought the company and the conduct of Alan Vinnicombe to the attention of the Insolvency Service.
According to Alan Vinnicombe, he suspended his directorship of Pop up Kitchen in March 2016 due to personal reasons and a third party took over the management of the company.
However, this was not recorded at Companies House and investigators were unable to verify Alan Vinnicombes …
Read the full article at: https://www.miragenews.com/weston-super-mare-restaurateur-banned-from-managing-companies/
German payments giant Wirecard has filed for insolvency in the midst of a major accounting scandal linked to a 1.9bn (1.7bn) hole in its finances.
The development comes just days after its former chief executive Markus Braun was arrested on suspicion of falsifying accounts at the company, which processes tens of billions of euros in credit and debit transactions every year. He was arrested after presenting himself to police, according to German media
Braun, 51, was bailed from police custody after posting a deposit of 5m on Tuesday.
A brief regulatory statement released by the company on Thursday said: The management board of Wirecard AG has decided today to file an application for the opening of insolvency proceedings for Wirecard AG w…
Read the full article at: https://www.theguardian.com/business/2020/jun/25/wirecard-files-for-insolvency-amid-german-accounting-scandal
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 72 bankruptcies in week 24. This is 18 up on the previous week. In addition, 12 sole proprietorships were declared bankrupt, 6 more than in the previous week.
| 2019 | 1 | 17 |
|---|---|---|
| 2019 | 2 | 74…
Read the full article at: https://www.cbs.nl/en-gb/news/2020/26/84-bankruptcies-in-week-25 The legalization of recreational cannabis in 2018 opened the doors for Canada to be a first-mover in what analysts predicted would be an exciting and lucrative industry. Although the cannabis industry has experienced significant business growth, recent headwinds have resulted in some cannabis companies starting to encounter short-term liquidity challenges as they grow their operations. Faced with such challenges, licensed cannabis producers need to be mindful of restructuring issues and challenges, especially since the legislative environment, at both the federal and provincial levels, is new territory for business people and their professional advisors. The legal and regulatory landscape varies across the provinces, which can be of p… Read the full article at: https://www.jdsupra.com/legalnews/restructuring-issues-and-challenges-in-46960/ By Todd K. Wolynski, partner at White & Case LLP, and Oliver Althoff, Managing Director – North America at Seabury Securities LLC.1 If you are an aviation professional in the COVID-19 era, you are likely learning about, or reacquainting yourself with, the restructuring process. Airlines, helicopter operators and their principals and managers who have long experience in the industry are accustomed to a regular cycle of restructuring and will be familiar with many of the nuances of a business transformation and restructuring. However, other sectors of the aviation industry that have traditionally been somewhat more insulated from the airline cycle such as maintenance and repair organizations (MROs), manufacturers and lessorsmay be less f… Read the full article at: https://www.jdsupra.com/legalnews/take-it-from-us-tips-for-aviation-and-23210/ Crashing crude oil prices this year have wrecked the finances of most oil and gas companies. Some have experienced such financial hardship that they’ve had to declare bankruptcy. The longer oil prices remain lower, the more this list is likely to grow. Investors need to brace themselves for more turbulence ahead in the sector. Several notable companies are likely to declare bankruptcy over the next few months, which could cause significant volatility in the oil market. 
Image source: Getty Images. A growing gusher of bankruptcy filingsMore than 400 companies in the oil and gas industry have already declared bankruptcy this year, according to Bankrupcydata.com. That’s the fifth highest total. While most of those seeking to restructur… Read the full article at: https://www.fool.com/investing/2020/06/24/the-oil-industry-bankruptcy-wave-has-only-just-beg.aspx Checkers Drive-In Restaurants Inc. is turning to financial advisers to navigate the coronavirus pandemics impact on a business model that was already deteriorating, according to people familiar with the matter. The burger chain, owned by private-equity firm Oak Hill Capital Partners, hired investment bank Miller Buckfire & Co. and turnaround adviser Mackinac Partners to explore a potential restructuring, these people said. The… Read the full article at: https://www.wsj.com/articles/checkers-hires-restructuring-advisers-to-navigate-pandemic-11593028570 Shares of Wins Finance Holdings Inc. WINS, +118.71% ran up 92% in midday trading Wednesday, after the Beijing-based investment and asset management company said it believes it can “cure” its noncompliance with Nasdaq listing requirements with the recent addition to its board. The company disclosed late Tuesday that it had been notified by Nasdaq that because of the resignation of Shihai Wang from the company’s audit committee and board of directors, the company was no longer in compliance with the Nasdaq’s audit committee requirement for listing on the exchange. The company also said it appointed Jiyi Li to its audit committee and board. Wins said it believes the appointment of Jiyi Li “will cure this noncompliance.” Wins’s shares c… Read the full article at: https://www.marketwatch.com/story/wins-finances-stock-soars-after-audit-committee-appointment-set-to-cure-nasdaq-noncompliance-2020-06-24 Chinas war on cross border gambling is bearing fruit after it resulted in 11500 arrests as well as the seizure of about $32.4 billion worth of illegal proceeds over the last four months.  This past Monday, the Public Security Ministry announced it had taken court more than 250 criminals since it started this crackdown against cross-border gambling activities on the 28th of February. The country also targeted related crimes including money laundering, telecom fraud, abductions, kidnapping, human smuggling and trafficking. The Ministry is quoted as saying it had destroyed more than 360 gambling platforms, broke up 148 crime groups and 187 underground banks and managed to close down 27000 banks accounts, which resulted in the confiscation … Read the full article at: https://news.tunf.com/china-announces-it-is-winning-war-on-cross-border-gambling-operations/003715 24 Jun, 2020 | Wed | 23:50 Christiesis downsizing itsoperations as part of amajor corporaterestructuring plan, sources have toldThe Value. Christies CEO Guillaume Ceruttimadethe announcement internally today(24 June) over a video call, which can be boiled down to three majorpoints:
However, it is not yet known how many jobs will be cut. In response to our inquiry, Christies said: Our goal is to continually ensure the company is best positioned to lead the global art market: serving collectors, offering a truly br… Read the full article at: https://en.thevalue.com/articles/christies-auction-house-restructure-layoff A CONSTRUCTION company that billed itself as Brisbane’s premier home extension and renovation business is being wound up after going into liquidation owing more than $1 million. Total Lifestyle Builders Pty Ltd is insolvent and appointed Jarvis Archer from Revive Financial as liquidator on June 18 to wind up its affairs. Mr Archer said according to a report on the company’s activities and property provided by Total Lifestyle Builders’s sold director Allan Ernest Stroud it owed $1,049,950 to unsecured creditors. “Of this total, $610,000 is owed to the director who has advised he provided personal funds to the company,” he said. “The balance of $439,950 is owed to unrelated creditors including the ATO, various suppliers, subcontractors… Read the full article at: https://www.noosanews.com.au/news/home-renovation-specialist-in-liquidation/4043436/ |