Under the conditions of the order, Christopher James Dawson (36) of Spalding, Lincolnshire, is unable to borrow more than 500 without telling a lender that he is subject to extended restrictions, or act as a company director without the courts permission for 12 years.
The court heard that Christopher Dawson was appointed joint director of CJ & KE Dawson Agric Services Limited in August 2012, and sole director of CJ Dawson & Sons Limited in November 2014. Both companies provided agricultural and farming contractual services to local clients.
On 27 February 2016 and 9 May 2016, Christopher Dawson submitted insurance claims, one from each company, totalling almost 35,000. In the claims, he explained that agricultural equipment, a…
Read the full article at: https://www.miragenews.com/insurance-fraud-lands-boss-12-year-bankruptcy-restrictions/
FW: Based on your experience, what steps do supply chain companies need to take following the insolvency of a major customer? How important is early action to manage the risks?
Tilley: Insolvencies do not occur without some warning signs. At the first sign of distress, overdue receivables should be collected before further shipment and no shipment should be made that increases exposure. Any consignment inventory should be retrieved or ring-fenced and ownership adequately documented. Making further shipments conditional on total receivables payment would be an ideal scenario, but this may hasten triggering an insolvency event at the customer and a greater loss. A planned reduction of exposure with the customer as part of an overall turnaro…
Read the full article at: https://www.financierworldwide.com/the-impact-of-large-customer-insolvency-on-supply-chain-companies
In September last year, the US District Court for the District of Massachusetts gave a ruling to define bitcoin and other cryptocurrencies as commodities. Now it remains to be seen whether bankruptcy courts will follow this precedent when considering cryptocurrency in valuations and distributions.
17.05.2019|in Forecasts
There is continuing legal uncertainty concerning the approach towards cryptocurrency as an asset, however steps are being taken around the world which will help form a consistent approach. As a starting point, in the recent Tsarkov case in Russia, the Moscow Court of Appeal declared that cryptocurrency could be included in insolvency proceedin…
Read the full article at: https://bitnewstoday.com/news/defining-and-dealing-with-digital-assets-in-bankruptcy/
Sydney-based Optus services provider Anderson IT has entered into voluntary liquidation with more than $500,000 owed to creditors.
The 10-year-old company, which ran an Optus Business Centre in North Sydney, called in liquidators on 3 June this year facing more than $1.1million in total financial liabilities.
Subsequent liquidation proceedings revealed the insolvent company owes Optus $123,333 and $48,500 to Vocus-owned telco M2 Commander.
Optus confirmed to ARN that it ended its partnership with Anderson IT on 31 May. Four days later, Anderson ceased trading altogether and initiated liquidation proceedings.
The company was incorporated in…
Read the full article at: https://www.arnnet.com.au/article/663087/optus-partner-enters-liquidation-owing-500k-to-creditors/
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For most higher education seekers, the process is simple. Pick a profession, enrol in a degree and worry about the debt later.
But now, with the HECS-HELP repayments threshold dropping for the second time in two years, students may have to pay back their loan a lot sooner than predicted.
From Monday, July 1 anyone earning between $45,881 and $51,957 before tax must pay back one per cent of their income.
This increases by one per cent per income bracket, capped at 10 per cent for those earning over $131,989 annually.
While one per cent of your earnings may seem like an insignificant amount, for casual, part-time, and entry level…
Read the full article at: https://westernweekender.com.au/2019/06/debt-repayment-threshold-lowered/
Citigroup C is set to merge two key divisions in its sales and trading unit foreign-exchange and rates businesses. This move will mark the first major overhaul after Paco Ybarra took position as head of institutional-clients group in April 2019.
The restructuring is expected to support the bottom line as the two divisions complement each other by sharing technology and corporate-sales teams and having overlapping products. Co-heads of the markets division, Carey Lathrop and Andy Morton said, “We believe this more streamlined operating model will drive better client service, risk management and profitability.”
Notably, the G10 Rates Finance unit will not be merged into the new combined rates and currencies business.
Also, there has been som…
Read the full article at: https://finance.yahoo.com/news/citigroup-announces-restructuring-sales-trading-112511267.html