Craig Andrew Hughes (27) of Luton was the registered director of HL Tours Limited from July 2013. Based in Bedford, the company provided private hire coach services catering to schools and private clients.
However, the company could not pay its debts and entered into a Creditors Voluntary Liquidation (CVL) in October 2017, owing its creditors 38,000. An Insolvency Practitioner was appointed but faced obstacles throughout.
Two months before the company entered into liquidation, Craig Hughes removed the three coaches without the permission of the liquidator and tried to hide them.
Despite letters from the liquidator threatening legal action, Craig Hughes refused to reveal their location.
The coaches were eventually found almost a…
Read the full article at: https://www.miragenews.com/luton-coach-boss-banned-for-hiding-fleet/
This is in reference to the captioned subject.
Pursuant to Regulation 30 of the SEBI (Listing Obligations and Disclosure Requirements), 2015, we would like to bring to your notice that the 16th meeting of the Committee of Creditors (CoC) of Uttam Value Steels Limited (the Company) was held on May 6, 2019 to discuss the agenda items stated in the notice of the meeting.
You are requested to take the same on record.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/uttam-value-steels-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article27058683.ece
LATEST:A DEBT in excess of $1.7 million to the Australian Taxation Office led to Supercuts Hairdressing Salons being placed in voluntary administration by its shareholders.
Staff at the 13 Queensland stores and one in Canberra, were told in the early hours of May 7 their stores would close by the appointment of liquidators and their jobs were terminated.
Supercuts had three salons in Ipswich at Booval Fair, Riverlink and Redbank Plaza, with each business having at least four employees.
Three Supercuts salons which operate in South Australia are not affected as they are owned by unrelated parties and are not affected by the liquidation.
Mark Pearce and Michael Dullaway from Pearce and Heers were appointed as liquidators.
…
Read the full article at: https://www.qt.com.au/news/workers-get-the-chop-after-business-goes-into-admi/3720932/
Oracle Corporationwill shed about 900 employers in its China Development Center in an effort to restructure, 21st Century Business Herald reported.
The company announced the decision in a teleconference, saying its a global level business restructuring.
The number is equivalent to about 60% of current CDC staff, the report said. Of the 900 employers, more than 500 will be let go from its CDC Beijing office.
Those staying will involve the areas of data base products and middleware products. Researchers for the companys cloud computing business are also on the layoff list, the report said.
The report said its known internally that the CDC will eventually be closed and a second round of downsizing could start as early as July. Part of the…
Read the full article at: https://www.asiatimes.com/2019/05/article/oracle-corp-to-chop-900-workers-at-beijing-cdc/
The interim resolution professional of Reliance Communications (RCom) has sought an exclusion of 13 months (April 30, 2018-May 30, 2019) in RComs corporate insolvency resolution process (CIRP).
This is because the initial insolvency proceedings against the debt-ridden telecom company was stayed by the National Company Law Appellate Tribunal (NCLAT) and the Supreme Court.
Under the Insolvency and Bankruptcy Code (IBC), a maximum of 270 days is allowed for completing the resolution process, which has passed if the exclusion is not granted.
The tribunal has asked the interim resolution professionals (RPs) counsel to file a separate application. The case will now be heard on May 30.
…
Read the full article at: https://www.business-standard.com/article/companies/insolvency-woes-rcom-resolution-professional-asks-for-13-month-exclusion-119050701364_1.html
The markets are back at or close to all-time highs and selecting investments at this point is becoming quite tricky, especially for a fundamentalist and contrarian investor, like me.
Also, trying to follow the macro tourists into which sector is poised to go up can prove itself a very difficult task or, as experience shows us, equivalent to flipping a coin. But I believe I have stumbled onto something that could be a real opportunity at the moment: IMF and I am not talking about the one led by Christine Lagarde.
IMF Bentham is a litigation funding company providing funding to plaintiffs in Australia, New Zealand, Hong Kong, Singapore, United States and Canada. The name stands for Insolvency Management Fund and it is related to…
Read the full article at: https://www.livewiremarkets.com/wires/imf-bentham-br
Ogilvy has made major leadership changes for the New York and U.S. teams, including two new roles.
Former global CMO Lauren Crampsie was promoted to president of Ogilvys recently combined New York and New Jersey operations, which represent the largest client portfolio across the global network. Lou Aversano, who has served as U.S. CEO since 2017, is stepping into a role as chief client officer on a global basis. Global CEO John Seifert will take over Aversanos previous role as interim CEO, and it is unclear if and when Ogilvy plans to seek a replacement.
Ogilvy declined to comment on plans for a U.S. CEO search.
Throughout his ca…
Read the full article at: https://www.adweek.com/agencies/ogilvy-restructures-new-york-and-u-s-leadership-teams/
The National Company Law Appellate Tribunal (NCLAT) on 20 March 2019 dismissed a batch of appeals in the matter of PR Director General of Income Tax (Admn & TPS) v Synergies Dooray Automotive Ltd & Ors, which claimed taxes to be an exception to the definition of operational debt under section 5(21) of the Insolvency and Bankruptcy Code, 2016 (IBC).
The NCLAT held that taxes were subsumed within the definition of operational debt and tax authorities were operational creditors under IBC.
Founder and managing partner
Aureus Law Partners
Section 5(21) of IBC: The appellants challenged section 5(21) of the IBC stating that the word or before the sentence a debt in respect of the payment of dues arising under any law for the time be…
Read the full article at: https://www.vantageasia.com/nclat-says-statutory-dues-also-operational-debt/