Following the removal of a number of acts, NSW regional festival Mountain Sounds recently announced the cancellation of its fifth reincarnation. Today, news broke that the festivals company was going into voluntary liquidation.
With this in mind, weve decided to investigate to find the deep-rooted causes of this festivals closure.
Festival organisers cited a government war on festivals as being to blame for its closure. The prospect of allegedly forking out an additional $200,000 to cover police attendance was a huge blow only weeks out from the event.
The Australian music industry was reeling, and even carried out a Sydney rally against the New South Wales State Governments recently-introduced festival legislation.
TIO,…
Read the full article at: https://theindustryobserver.thebrag.com/mountain-sounds-liquidation-details/
Acting tough on an erring insolvency professional (IP), the Insolvency and Bankruptcy Board of India (IBBI) has cancelled the IP registration of Bhavna Sanjay Ruia, declaring her as not fit and proper to continue as an IP.
The IBBI has also debarred Ruia from seeking fresh registration as an IP or providing any service under Insolvency and Bankruptcy Code (IBC) for 10 years.
This move comes after IBBIs Disciplinary Committee (DC) concluded that Ruia, who is enrolled as a professional member of ICSI Institute of Insolvency Professionals, had devised a conspiracy with her husband and seriously compromised her independence, impartiality and integrity.
She consented to take up 15 assignments simultaneously, much beyond her capacity, putting th…
Read the full article at: https://www.thehindubusinessline.com/economy/insolvency-regulator-cancels-registration-of-erring-ip/article26367129.ece
NEW YORK, Feb. 25, 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.
Yangtze River Port and Logistics Limited (NASDAQGS: YRIV)
Class Period: February 2, 2016 – December 5, 2018
Lead Plaintiff Deadline: March 4, 2019
Join the action: https://www.zlk.com/pslra-1/yangtze-river-port-and-logistics-ltd-loss-form?wire=3
The lawsuit alleges: Yangtze River Port and Logistics Limited made materially false and/or mis…
Read the full article at: https://globenewswire.com/news-release/2019/02/25/1741874/0/en/CLASS-ACTION-UPDATE-for-YRIV-ALKS-MKL-and-AVP-Levi-Korsinsky-LLP-Reminds-Investors-of-Class-Actions-on-Behalf-of-Shareholders.html
News
Itare Dam: Italian firm denies bankruptcy reports
Monday, February 25, 2019 11:23
By DAVID MWERE
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 continu…
Read the full article at: https://www.businessdailyafrica.com/news/Firm-given-Sh38bn-dam-tender-denies-bankruptcy-reports/539546-4998546-abjw5e/index.html
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