Absolute Resource Management Limited was incorporated on 30 November 2007 and began trading in 2009 under the sole directorship of Carol Perry. The Bedford-based company provided IT consultancy services to businesses.
By August 2016, however, Absolute Resource Management was unable to pay its debts and appointed a liquidator to commence voluntary liquidation proceedings.
The liquidators report triggered an Insolvency Service investigation, which uncovered that Carol Perrys younger brother, Keith Angus Perry (49), had been acting as a shadow director of Absolute Resource Management since 2010 despite being disqualified from doing so.
Keith Perrys original ban came into force in August 2010 for seven years following his conduct…
Read the full article at: https://www.miragenews.com/spotlight-shone-on-disqualified-shadow-director-flouting-ban/
If you have any experience with debt problems, it is likely you have seen the term IVA crop up. An IVA (individual voluntary arrangement) is a formal and legally binding agreement between you and your creditors to repay your debt over a period of time. Once an IVA is in place, it stops creditors who are part of the arrangement from taking any further legal action against you.
Lets take a look at how you can get an IVA and what it means if you do.
How do you get an IVA?
If you are unable to make the full repayments on the debt you owe, you may need to consider an IVA. An IVA will put in place an agreement with your creditors to repay your debt over a period of time (typically five years).
There are typically some qualifying criteria.You may n…
Read the full article at: https://uk.finance.yahoo.com/news/iva-073957421.html
SUPPLIED
Arrow International owners and directors Bob Foster and Ron Anderson attended a watershed creditors meeting.
Arrow International was placed in liquidation by creditors after a resounding vote at a watershed meeting held by voluntary administrators at accounting firm BDO.
DirectorsRon Anderson of Dunedin and Bob Foster from Christchurch attended one of the four simultaneous meetings held with the benefit of a video link.
They provided a prepared statement and were not quizzed to any degree by creditors following release of a report showing debts of $40 million, mostly to unsecured creditors.
Liquidator Andrew Bethellsaid the numbers would change asmore claims came in or others were modified.
READ MORE:
*Arrow debts rise to $40m – ad…
Read the full article at: https://www.stuff.co.nz/business/113275099/arrow-directors-front-up-as-creditors-vote-for-liquidation-at-watershed-meeting
Bongard, a German family-owned producer of equipment for the cable industry, wants to buy the production lines of the Romanian power and fiber optic cable producer Romcab, which went into insolvency in 2017, Profit.ro reported. Bongard has submitted an offer for the assets.
Romcab turned to the LXM investment fund to analyze the companys situation and find investors to get involved in financing it. Romcabs insolvency is the largest by the volume of debts owed to creditors, some EUR 223 million.
The company, which is listed on the local stock exchange and controlled by Romanian businessman Zoltan Prosszer, had big expansion plans and convinced several big local and international banks to finance it. At the end of 2018, the company had E…
Read the full article at: https://www.romania-insider.com/bongard-interested-romcab
Forever 21 is exploring restructuring options to shore up its liquidity as the fast-fashion giant struggles with its business.
The company is in talks with private equity firm Apollo Global Management about raising debtor-in-possession funds to provide financing should it file for bankruptcy.
The talks come asthe apparel industry continues to struggle amid sweeping changes, including the shift of more purchases online.Many of the most troubled retailers, like Forever 21, are located in malls, where fewer shoppers are spending their money. As sales decline, the companies are still weighed down by large, expensive store bases even as the retailers need to invest in technology to fend off competition from new brands born online, like Lu…
Read the full article at: https://rcbizjournal.com/2019/06/04/forever-21-explores-options-as-retail-sales-decline/
GOLD tycoon James Stunt was branded “appalling” by a judge as he was declared bankrupt despite promising to sell off some multimillion pound artworks.
A court heard the 37-year-old playboy, who once bragged about having 200 luxury cars, was unable to pay off his massive debts totalling millions of pounds.
4
4
The ex-husband of Formula 1 heiress Petra Ecclestone had promised to sell off a host of artworks, including a 2.1 million painting by Claude Monet, to pay off his creditors.
He also said he would sell a 1.6 million painting by modernist pa…
Read the full article at: https://www.thesun.co.uk/news/9240944/gold-tycoon-james-stunt-classic-artworks/
So youve decided that consolidation is your best bet for getting a handle on your debt. Consolidating via a personal loan could mean youll pay off high-interest debts, simplify your payments and reduce your debt more quickly.
Here are five steps for getting a personal loan for debt consolidation, from checking your credit to closing the loan.
1. Check your credit
A bad credit score (300 to 629 on the FICO scale) may not disqualify you for all loans, but consumers with good to excellent credit scores (690 to 850 FICO) are more likely to win approval and get a low interest rate.
Ideally, the new consolidation loan would have a lower rate than the combined interest rate on your current debts. A lower rate reduces the overall cost of your debt a…
Read the full article at: https://finance.yahoo.com/news/5-steps-debt-consolidation-190055242.html
As the G-20 finance ministers and central bank governors gather this week in Fukuoka, they can take inspiration from their host city. Known as Japans startup city, Fukuoka has flourished in recent decades by embracing trade, innovation, and openness.
That spirit is needed more than ever to help reduce trade tensions and clear other stumbling blocks on the way back to higher and more sustainable growth. The goal must be to help, not stand in the way of global growth.
Signs of stabilization
In April, I described the global economy as being at a delicate moment. The IMF cut its global growth forecast to 3.3 percent in 2019, largely because of temporary, country-specific factors and the tangible effects of trade ten…
Read the full article at: https://blogs.imf.org/2019/06/05/how-to-help-not-hinder-global-growth/
Sir Philip Greens Arcadia Group could take up to two weeks to win over landlords who spurned a planned rescue restructure and stave off the collapse of the business, which employs 18,000 people.
The group, which agreed a week-long adjournment of a vote on its rescue plan on Wednesday, is allowed to delay for up to another week under insolvency rules as it battles to win over detractors, including major landlords Land Securities and Intu.
Arcadias restructure is complex, involving seven interlinked insolvency procedures known as company voluntary arrangements. Each of these had to win approval from 75% of all creditors, including the Green family. They also had to secure the backing of more than half of unconnected creditors which in th…
Read the full article at: https://www.theguardian.com/business/2019/jun/06/what-sir-philip-green-needs-to-do-to-save-arcadia-group
Sub: Outcome of 13th CoC Meeting of M/s. Southern Online Bio Technologies Limited scheduled on 6th June, 2019.
With reference to the subject cited above, I would like to inform you that the 13th CoC meeting got cancelled and will be scheduled again on 17th June, 2019 since the decision on approval of resolution plan need to be received from the higher officials of CoC members.
Yours sincerely,
For Southern Online Bio Technologies Limited
Kalpana G
Resolution Professional of SBTL, Ph. No. 9962568858
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/southern-online-bio-technologies-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article27580575.ece
It is, hereby, informed that Honble National Company Law Tribunal New Delhi Bench, vide order dated May 24, 2019 (copy of order is received on June 06, 2019), after considering Progress Report on Resolution Process by the Resolution Professional, has extended CIRP time period by 90 days i.e. upto September 07th, 2019 in respect of the Company in accordance with the provisions of the Insolvency & Bankruptcy Code, 2016.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/kwality-limited-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article27575146.ece
Ian Wardle (70), of Bolton, was the CEO and de facto director of the Lifeline Project, a registered charity employing 1,300 employees across 90 sites throughout the country.
Incorporated in 1984, the charity provided drug and alcohol rehabilitation services to over 80,000 people across England and Scotland, including a number of prisoners.
The charity, however, called in insolvency practitioners in March 2017 after it was unable to pay its debts following a financial shortfall of 1.4 million. Just over a year later, in June 2018, the charity was placed in voluntary liquidation by the administrators.
The administrators report to the Insolvency Service triggered an investigation and enquiries revealed that, between August 2015 a…
Read the full article at: https://www.miragenews.com/bolton-charity-boss-banned-for-causing-lifeline-project-to-sink/