Lee Averies (49), from Wanborough, Wiltshire, has been banned for six years after he signed a disqualification undertaking in connection with his misconduct while director of Averies Recycling (Swindon) Ltd and Swindon Skips Ltd. Each company ran waste treatment and transfer sites in Swindon, Wiltshire.
In his undertaking, Lee Averies did not dispute that he caused Averies Recycling to breach environmental legislation at the Marshgate site in Swindon.
The company was deemed to have held amounts of waste in excess of their permitted allowance at the site, which suffered a fire between July and September 2014.
And Lee Averies did not dispute in his undertaking that his misconduct caused the second company, Swindon Skips, to also…
Read the full article at: https://www.miragenews.com/waste-boss-banned-for-breaching-environmental-legislation/
CG Power and Industrial Solutions Ltd. restructured its business multiple times in the last six years, selling several of its assets including the crown jewel consumer appliances unit. But it continues to struggle with high debt. Yet, the maker of power transformers is now doing more of the same.
The company, which contributes 65 percent of the sales of Gautham Thapar-founded Avantha Group, will reorganise some of the overseas subsidiaries back into its operations after completing asset sales, merge one arm with itself, and convert private equity debt into equity, according to a March 8 statement. The move is aimed at shoring up investor sentiment amid concerns about debt and loans to the promoter group.
Shares of the power equipment maker…
Read the full article at: https://www.bloombergquint.com/bq-blue-exclusive/will-restructuring-at-cg-power-ever-stop
30-second summary
- This week a man in Pakistan was arrested after losing his wife while gambling
- Court approves halving a mortgage debt after husband got addicted to gambling
- Woman with an addiction to video lottery terminals leaves her divorced and bankrupt
In todays society gambling is big business; the rewards can be high, but the risks even higher. Having a gambling addiction increases the likelihood of divorce, mainly through the financial and emotional problems that it causes.
Man accused of gambling wife away
This week, a man was arrested for allegedly attacking his wife after she refused to go with his friends because after he lost her while gambling. Ali Raza told his wife that she would have to go with his friends because he ha…
Read the full article at: https://www.vegasslotsonline.com/news/2019/04/01/bizarre-side-gambling-from-wife-gambling-addiction/
The Walt Disney Company, whose acquisition of 21st Century Fox assets was finalized last month, is to keep several prominent Fox staff members in leading roles across Asia. However, at least one senior Fox executive in Asia is departing amid the restructuring.
The decision to keep on multiple Fox executives appears to follow the logic that Fox is the dominant pay-TV group in Asia, and that a drastic management overhaul would not help it at a time when TV is facing a growing challenge from streaming platforms.
Disney had announced several months ago that Uday Shankar, who previously ran Foxs market-leading Star TV group in India, would be the new boss in the region once the Disney-Fox merger was completed. In a memo to staff Monday, Shank…
Read the full article at: https://variety.com/2019/biz/news/disney-leadership-roles-fox-staff-asia-reshuffle-1203177260/
Hexion Inc. (Hexion or the Company) today announced that it has entered into a Restructuring Support Agreement (RSA) with the vast majority of holders of each of the Companys notes issuances, representing consensus across its capital structure, on the terms of a consensual financial de-leveraging plan (the Plan) that will strengthen the Companys financial position and accelerate future growth. To implement the RSA, the Company, including substantially all of its U.S. subsidiaries and one non-operating entity based in Nova Scotia, Canada, has voluntarily filed for reorganization under Chapter 11 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court for the District of Delaware (the Bankruptcy Court).
All of Hexions global business seg…
Read the full article at: https://www.globalbankingandfinance.com/hexion-inc-reaches-consensual-restructuring-agreement-with-vast-majority-of-its-creditors-to-de-lever-balance-sheet/
In Berlin was opened the bankruptcy proceedings for the airline Germania. A spokesman for the insolvency administrator Rdiger wienberg, the capture first, all claims of creditors, and then individually on their legality and enforceability wants to check confirmed. It seeks to exploit the assets and distribute to creditors, it said.
As the administrator said, can creditors between 8. April and 1. July 2019 to register their claims. A Website has been set up, the documents and information on the conduct of the insolvency proceedings are available.
Vienna mountain currently, more than 600,000 affected passengers, whose flights cannot be held because of the bankruptcy. Whether and in what…
Read the full article at: http://www.globaldomainsnews.com/germania-liquidator-brought-proceedings-against-a-bankrupt-airline
The Star Gold Coast is chasing a $43 million debt from a Singapore-based high roller who flew out of the country and cancelled a blank cheque casino bosses were holding as collateral.
Key points:
- Wong Yew Choy lost the equivalent of $8.6m each day during his stay
- The Star has launched legal action in the Singapore High Court
- Mr Wong says casino staff made “errors” when he was gambling
Wong Yew Choy jetted into the Gold Coast in late July last year and spent five days playing baccarat at the recently revamped casino at Broadbeach.
The ABC understands Mr Wong handed over a cheque which would cove…
Read the full article at: https://www.abc.net.au/news/2019-04-02/the-star-gold-coast-casino-sues-high-roller-for-43-million-debt/10962912
The ANAOs audit of illegal phoenix activity, examined the effectiveness of the Phoenix Taskforce in combating illegal phoenix activity since its inception in 2014, focusing on governance, strategies, processes and performance measurement.
The annual direct impact of illegal phoenix activity is estimated to cost the Australian community between $2.85billion and $5.13billion.
The ANAOs report found that while the taskforce is making progress, its compliance and enforcement operations are at relatively early stages and have not yet demonstrated major results.
It has made three recommendations that focus on improving the evaluation of the taskforces performance, how it uses previous lessons for future operations, and better guidance regard…
Read the full article at: https://www.accountantsdaily.com.au/tax-compliance/12835-illegal-phoenix-crackdown-brings-in-500m
(Reuters) – Canaccord Genuity Group Inc on Sunday said it will restructure its capital markets business in the United Kingdom, with uncertainty looming over the country as it prepares to exit from the European Union.
The financial services company said the move is expected to result in significant job cuts in its London-based capital markets business.
Canaccord Genuity will record a charge of about $12 million in its fourth quarter as part of the process, the company said.
A prolonged period of political and market uncertainty in the UK has impacted capital raising and related activities in the region resulting in unacceptable returns, it said in a statement.
The restructuring will not affect its wealth management operations in the UK …
Read the full article at: https://www.reuters.com/article/us-canaccord-restructuring-uk-brexit/canaccord-genuity-to-restructure-its-uk-based-capital-markets-business-idUSKCN1RC0W5
Russell Kennedy and Aitken Lawyers expect a boost to their combined firm as their merger goes live.
From today, the merged firm will be known as Russell Kennedy across Australia and as Russell Kennedy Aitken Lawyers in New South Wales.
Australasian Lawyer first reported in November that Russell Kennedy and Aitken Lawyer are to combine. By that time, the two firms had already appointed a committee to oversee all aspects of the merger process, including establishing national practice groups and integrating systems and processes.
With the merger going live Andrew Aitken, Aitken Lawyers managing partner, has joined the Russell Kennedy board. Rohan Harris, who is also part of the firms board and who heads …
Read the full article at: https://m.australasianlawyer.com.au/news/russell-kennedy-aitken-lawyers-see-boost-as-merger-goes-live-261777.aspx