Insolvency Guardian Media Centre
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.
Loading
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
MUMBAI: There is a need to strengthen the insolvency resolution process by having deterrents against failure or delays in implementing resolutions plans, a report said Monday.
In the last two years, Insolvency and Bankruptcy Code (IBC) was implemented, three concluded corporate insolvency resolution process (CIRPs) being brought back to the National Company Law Tribunals (NCLTs), it said.
“The need of the hour is to strengthen the (resolution) mechanism to ensure that the resolution plans approved by the National Company Law Tribunal (NCLT) are firmly implemented so that the sanctity of the process is maintained. The three cases which came back to NCLTs went into liquidation,” domestic rating agency ICRA …
Read the full article at: http://www.newindianexpress.com/business/2019/feb/18/need-to-strengthen-corporate-insolvency-resolution-process-icra-1940417.html
According to a Freedom of Information request made by real estate adviser Altus Group, a total of 298.07 million was paid out by The Insolvency Service to former employees of business which ran into trouble during 2018.
It was the highest level for five years, with the high street crisis contributing to the increase.
The number of retail insolvencies rose by 9.5% while insolvencies at food and beverage establishments were up 17.9%.
Insolvency Service payments comprised 196.36 million of redundancy pay and 59.85 million in wages which would have been earned working a notice period.
The rest went on holiday pay, unpaid wages, overtime and commission.
This included companies which entered administration, liquidation, company voluntary arran…
Read the full article at: https://www.independent.ie/world-news/taxpayer-foots-300-million-bill-for-insolvency-payouts-to-former-staff-in-2018-37849771.html
Tens of thousands of students are using their loans to gamble in a bid to top up their funds,with many ending up in debt to the tune of 5,000 or more, a new report suggests.
Students are increasingly turning to gambling as the student support provided by the government has failed to keep up with the rising costs of living, the National Union of Students (NUS) says.
…
Read the full article at: https://www.independent.co.uk/news/education/education-news/student-loans-gamble-debt-money-university-a8792571.html
PepsiCo is undoubtedly one of the largest companies in the world who has a huge dominance over cold drink industry. However, according to recent reports PepsiCo has decided to do mass layoff of its employees because of its restructuring plan. PepsiCo has recently started a restructuring plan which is going to cost company millions of dollars of money and layoff of its employees is a significant part of that plan. Recently the company has fired two of its employees from its significant plants, and both employees have signed a nondisclosure agreement which will prevent them to say anything regarding their layoff. A few days ago PepsiCo while submitting its reports to Security Exchange and Commission mentioned that its restructuring cos…
Read the full article at: https://amazingnews24.com/2019/02/24/pepsico-has-decided-to-layoffs-its-employees-for-restructuring-the-company/
Answer: Bankruptcy is not uncommon – particularly since the recession. There were 473 bankruptcy adjudications in 2017 in Ireland, according to the Insolvency Service of Ireland – so you are not alone here.
However, your experience with insurers is not an anomaly – many of the mainstream home insurers will not provide cover to someone who has been declared bankrupt, as unfair as this may seem.
The good news is you will be able to get cover – you just need to know where to look. I must stress at this juncture that it is vitally important that you realise there is a legal requirement to inform your insurers about your bankruptcy. A lot of people in similar situations do not realise this and only find out when it is too late – that is, when…
Read the full article at: https://www.independent.ie/business/personal-finance/home-insurance-struggle-after-bankruptcy-37847035.html