Insolvency Guardian Media Centre
The number of food and beverage companies entering insolvency rose 17.9% in 2018, according to analysis from real estate adviser Altus Group.
Last year The Insolvency Service paid out 298.07m to former members of staff whose employers, from all sectors, had either entered administration, liquidation a CVA or another form of corporate insolvency.
This included 198.36m in redundancy pay and 59.85m on money that would have been earned working a notice period.
Altus says this is the highest amount paid out of the National Insurance Fund since 2013, driven by a crisis on the high street.
It blamed a perfect storm of rising costs from business rates, rents and minimum wage rules at a time of falling sales amid uncertainty over Brexit.
Whilst busine…
Read the full article at: https://www.bighospitality.co.uk/Article/2019/02/25/Restaurant-and-pub-closures-drive-rise-in-insolvency-costs
This is to inform you that the meeting of the Committee of Creditors (COC) of the Company is adjourned from Friday, 22nd February, 2019 to on Monday, 25th February, 2019 at 11.30 A.M and again adjourned to Tuesday, 26th February, 2019 at 04:30 P.M at the registered office of the Company situated at Plot No. 20, Sector – I, Survey No. 64, 4th Floor, HUDA Techno Enclave, Hyderabad – 500 081, Telangana, India.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/viceroy-hotels-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article26366561.ece
5. David James
Despite earning a massive20m from his football career, a messy divorce from his wife Tanya in 2005, meant that one of the most famous English goalkeepers struggled to pay off debts. As well as football, he earned a decent sum of money through modelling contracts with Armani but as the debts mounted, he declared bankruptcy in 2014.
In order to begin paying off the debt, he sold a lot of his personal football memorabilia such as signed shirts, match balls, gloves etc. He is now a full time panellist on BT Sport as well, so it seems all is well for the former goalie.
4. John Arne Riise
Arne Riise made his fame whilst exhibiting his lightning left-foot at Liverpool. Despite earning wages exceeding50,000 per week whi…
Read the full article at: https://www.besoccer.com/new/5-famous-footballers-who-went-bankrupt-589373
The number of food and beverage companies entering insolvency rose 17.9% in 2018, according to analysis from real estate adviser Altus Group.
Last year The Insolvency Service paid out 298.07m to former members of staff whose employers, from all sectors, had either entered administration, liquidation a CVA or another form of corporate insolvency.
This included 198.36m in redundancy pay and 59.85m on money that would have been earned working a notice period.
Altus says this is the highest amount paid out of the National Insurance Fund since 2013, driven by a crisis on the high street.
It blamed a perfect storm of rising costs from business rates, rents and minimum wage rules at a time of falling sales amid uncertainty over Brexit.
Whilst busine…
Read the full article at: https://www.bighospitality.co.uk/Article/2019/02/25/Restaurant-and-pub-closures-see-insolvency-costs-rise
The Music Hub Plus was incorporated in April 2015 as a Community Interest Company, with Ashfords Kathryn Holton (39) appointed a director at the same time.
The company was set-up to provide music courses and a unique space for musicians in the local area. But two years later, The Music Hub Plus entered into creditors voluntary liquidation in April 2017 due to loss of contracts and increased creditor pressure.
Kathryn Holton resigned as a director in August 2016 before the company went into liquidation eight months later. Nevertheless she continued to act as a director as The Music Hub was winding down.
However, she was strictly forbidden from running companies for seven years as she had accepted a disqualification undertaking in Octo…
Read the full article at: https://www.gov.uk/government/news/not-for-profit-music-enterprise-boss-banned-for-second-time
Bradwell Communications Limited was wound-up in the public interest on 15 February 2019 at the High Court (Manchester). The Official Receiver has been appointed liquidator of the company.
In setting out the basis for the petitions to wind-up the company, the court heard that Bradwell Communications was incorporated in October 2015 and supplied IT equipment.
The company was investigated as a result of connections identified between Bradwell Communications and two associated companies, Direct United (Services) Ltd and Fibre Tex Ltd that were investigated in an earlier case.
Direct United (Services) and Fibre Tex were closed down by the courts in April 2018 after they were found to have operated with a lack of transparency and had trade…
Read the full article at: https://www.gov.uk/government/news/it-supplier-closed-after-continuing-work-of-wound-up-companies
Crowds of people descended on Intertoysstores throughout the Netherlands over the weekend. As the toy store chain was declared bankrupt on Thursday, Sunday was the last chance customers had to spend their unused gift cards. Customers faced delays both on Saturday and Sunday due to technical problems caused by the crowds, ANP reports.
On Saturday the stores were hit by technical issues, resulting in customers ending up in long lines in some stores. On that day there were “situations where customers did not behave properly”, a spokesperson said to the news wire. A store in Wezep had to be closed after visitors threw things at cashiers, spat on them and stole items. Some employees were in tears behind the cash registers.
…
Read the full article at: https://nltimes.nl/2019/02/25/crowds-descend-bankrupt-intetoys-spend-gift-cards
Earlier this month, Mountain Sounds festival announced its cancellation just one week out from the event. The festival cited The NSW Governments and Premier Gladys Berejiklians war on festivals as the reason for its cancellation. Industry whispers also suggested that the festival suffered poor ticket sales.
Now,Music Feeds has reported that the festival is in liquidation. According to the report published, Mountain Sounds owes hundreds of creditors over $1.5 million. Of that sum, $893,000 is owed to ticketing company Eventbrite, whilst the ATO is owed $89,000. Artists on the bill are also reportedly owed money, with Courtney Barnettowed almost $100,000.
The report notes that the festival has just over$130,000 in assets, and Insolvency firm…
Read the full article at: https://theindustryobserver.thebrag.com/mountain-sounds-debt/
An Italian firm contracted by the national government to construct the multibillion Itare Dam within Nakuru County has denied claims that it is broke.
In a statement to newsrooms, CMC di Ravenna said that neither itself nor its subsidiaries have been declared bankrupt or insolvent.
CMC has voluntarily engaged in a composition with creditors procedure to ensure it safeguards the interests of all stakeholders (creditors, investors, clients and co-operative employees), the statement read.
CMC di Ravenna continues to be fully committed to completing the dam project ahead of or within the contracted time frame.
But the firm attributed the slow work pace to delays in receipt of payments.
According to the company, a…
Read the full article at: https://www.nation.co.ke/news/Firm-given-Sh38bn-dam-tender-denies-bankruptcy-reports/1056-4997994-13xk1esz/index.html
Makeup artist Napoleon Perdis has actioned a Deed of Company Arrangement after placing his self-titled beauty brand in voluntary administration in January.
Perdis, who will steer the business as creative director, hopes to grow the brand to a level which will allow it to compete globally.
The arrangement will bring the company back under the current directors control, and allow it to trade as usual, though Perdis will continue to be assisted by administrators at Worrells Solvency & Forensic Accountants.
The plan, Perdis explained, is to ensure that all staff are able to retain their employment, and provide a stronger outcome for creditors and landlords.
Its vital to generate a sustainable recovery plan going forward, Perdis said.
The…
Read the full article at: https://www.insideretail.com.au/news/napoleon-perdis-enters-doca-to-control-future-of-business-201902
Lendlease said on Monday the engineering and services business would be reported as non-core in the fiscal 2019 results and beyond following a strategic review. Restructuring the overall business could cost between $450 million and $550 million before tax, it said.
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The company expects its earnings from the development segment to be skewed to the second half of the financial year.
The construction group faces headwinds from a drop in building approvals owing to a steep decline in the domestic real estate market. Fears of an oversupply brought infrastructure projects in Australia to a five-year low in December, prompting profit downgrades from a number of LendLeases rivals.
Its shares dropped as much as 8.4 per cent to $13, their lowes…
Read the full article at: https://www.smh.com.au/business/companies/lendlease-half-yearly-profit-plunges-on-troubled-engineering-arm-20190225-p50zzn.html
NEW YORK, Feb. 24, 2019 (GLOBE NEWSWIRE) — Levi & Korsinsky, LLP announces that class action lawsuits have commenced on behalf of shareholders of the following publicly-traded companies. Shareholders interested in serving as lead plaintiff have until the deadlines listed to petition the court and further details about the cases can be found at the links provided. There is no cost or obligation to you.
Danske Bank A/S (OTCMKTS: DNKEY)
Class Period: Purchasers of American Depositary Receipts between January 9, 2014 and October 23, 2018
Lead Plaintiff Deadline: March 11, 2019
Join the action: https://www.zlk.com/pslra-1/danske-bank-a-s-loss-form?wire=3
Allegations: Danske Bank A/S made materially false and/or misleading statements through…
Read the full article at: https://globenewswire.com/news-release/2019/02/24/1741171/0/en/CLASS-ACTION-UPDATE-for-DNKEY-YRIV-UXIN-and-GE-Levi-Korsinsky-LLP-Reminds-Investors-of-Class-Actions-on-Behalf-of-Shareholders.html