Insolvency Guardian Media Centre
The Pool has been pushed into liquidation two months after the womens lifestyle website told staff and freelances it would go into administration.
Winding-uporderswere issued on 13 March in the High Court against owner The Pool (UK) Ltd after a petition by HM Revenue and Customs.
Companies House has todayissued an update about the court order, which forces an insolvent company into compulsory liquidation, but the file has not yet been published.
The Pool (UK) Ltds status is now shown as in liquidation.
Companies can apply for winding-up orders to be cancelled within five working days of their issue.
The Pools company director Domini…
Read the full article at: https://pressgazette.co.uk/the-pool-pushed-into-liquidation-two-months-after-administration-note-to-staff/
The Pool has been pushed into liquidation two months after the womens lifestyle website told staff and freelances it would go into administration.
Winding-uporderswere issued on 13 March in the High Court against owner The Pool (UK) Ltd after a petition by HM Revenue and Customs.
Companies House has todayissued an update about the court order, which forces an insolvent company into compulsory liquidation, but the file has not yet been published.
The Pool (UK) Ltds status is now shown as in liquidation.
Companies can apply for winding-up orders to be cancelled within five working days of their issue.
The Pools company director Domini…
Read the full article at: https://www.pressgazette.co.uk/the-pool-pushed-into-liquidation-two-months-after-administration-note-to-staff/
Introduction:
The Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as IBC) undergoes to second amendment to ensure enforcement of the provisions of the Code aiming towards the fulfilment of its objective of time-bound resolution process. These amendments will make easier effective implementation and obtain desired results.
Following are the significant amendments introduced in the 2018:
(a) Home Buyers are recognised as Financial Creditors
In the matter of Jaypee Infratech Limited, the Supreme Court held that, home buyers have now been recognized as financial creditors under the IBC. This amendment has been carried out keeping in mind the peculiarity of under construction apartments in India where almost 25% to 30% of the proje…
Read the full article at: https://legaldesire.com/brief-analysis-of-the-major-amendments-to-insolvency-and-bankruptcy-code-2016-code-in-2018/
STAFF at troubled farm business Ceres Agricultural Companyhave been told to expect significant job losses after the company was placed in voluntary administration with advisory groupGrant Thornton.
In an internal memo sent to all staff from owner Garrick Hawkins on Thursday, staff were told the current business was unsustainable and Ceres would be closed.
It is understood meetings are being held with staff this morning.
According to its website, Ceres Agricultural Company manages 30,000 hectares of grazing and cropping land in the central tablelands and north-west slopes of NSW.
The 15 properties operated by Ceres include: Ballyroe and Mayfield at Oberon; Gunyerwarildi, Postmans, Brentwood, Lava Downs and Inverness at Warialda; and Brudle P…
Read the full article at: https://www.queenslandcountrylife.com.au/story/5980948/ceres-agricultural-placed-in-voluntary-administration/?cs=4785
Napoleon Perdis has found a potential saviour in private equity firm KUBA Investments, which has offered to purchase the collapsed cosmetics business for an undisclosed sum.
The deal, yet to be approved by creditors, would see prominent cross-border retailer Livia Wang and her business partner Henry Lee take control of the business, with an eye on overseas expansion, likely into China.
The eponymous retail chain, founded by Napoleon Perdis in 1995, was placed into voluntary administration in January, owing over $20 million to creditors, including Priceline owner Australian Pharmaceutical Industries.
Perdis supports the deal and despite signing over his stake in the company will continue to contribute his creative expertise to the busi…
Read the full article at: https://www.smartcompany.com.au/industries/retail/napoleon-perdis-livia-wang/
Make-up artist Napoleon Perdis has lost control of the cosmetics empire he founded 25 years ago, with administrators announcing a sale of the business to an Australian investment firm.
Worrells, the insolvency firm which was put into Napoleon Perdis Cosmetics in January, said the sale to KUBA Investments would save 250 jobs and the Perdis brand.
Melbourne-registered KUBA is owned by Livia Wang, who owns a brand management company, and former retail executive Henry Lee. Worrells has run the Napoleon Perdis Cosmetics profitably since closing half its 56 stores after its appointment.
Subject to the sale to KUBA via a deed of company arrangement being approved by creditors, Mr Perdis and wife Soula-Marie Perdis would remain with the business in…
Read the full article at: https://thewest.com.au/business/make-up-king-napoleon-perdis-dethroned-after-company-sold-ng-b881151203z
STAFF at troubled farm business Ceres Agricultural Companyhave been told to expect significant job losses after the company was placed in voluntary administration with advisory groupGrant Thornton.
In an internal memo sent to all staff from owner Garrick Hawkins on Thursday, staff were told the current business was unsustainable and Ceres would be closed.
It is understood meetings are being held with staff this morning.
According to its website, Ceres Agricultural Company manages 30,000 hectares of grazing and cropping land in the central tablelands and north-west slopes of NSW.
The 15 properties operated by Ceres include: Ballyroe and Mayfield at Oberon; Gunyerwarildi, Postmans, Brentwood, Lava Downs and Inverness at Warialda; and Brudle P…
Read the full article at: https://www.queenslandcountrylife.com.au/story/5980948/ceres-agricultural-placed-in-voluntary-administration/?cs=4698
Gambling is becoming legal in more states and in different ways as of late. With online betting and the rising popularity of fantasy sports and sports betting, there are more ways than ever to wager.
Many people consider gambling ill-advised or even sinful. In some of the most religious states gambling is outlawed in some or all forms because of moral objections.
Yet it is allowed and even encouraged by other states as taxes on casinos and profits from lotteries add hundreds of millions of dollars to state coffers where gambling is permitted. The states that allow gambling collected a total of $35.1 billion in 2016, helping to offset state debt
24/7 Wall St. reviewed lottery spending data from the U.S. Census Bureau and…
Read the full article at: https://247wallst.com/special-report/2019/03/28/states-spending-the-most-and-least-on-gambling-2/
Dear Moneyist,
I am engaged to a money monster. She just got rid of her old debts, but now has new debt and its growing. Weve been together seven years and engaged for four years. After getting engaged I found out about her debt, bad FICO score
…
Read the full article at: https://www.marketwatch.com/story/i-got-engaged-to-a-money-monster-2019-03-28
Philip Green is trying to quietly vacate one in 10 of his high-street stores before launching a controversial restructuring of his Arcadia fashion empire.
The embattled billionaire is working on a plan that will enable his retail group, which includes Topshop and Dorothy Perkins, to close its worst-performing outlets and slash rent costs.
On Thursday, it emerged that a list of 67 of the more desirable stores within Arcadias 570-strong network is currently being shared in property circles to see if rival chains can be persuaded to take over the leases.
Included in the document, seen by the Financial Times, were branches of Topshop, Dorothy Perkins and Miss Selfridge in well-known shopping centres, such as the MetroCentre in Gateshead, as…
Read the full article at: https://www.theguardian.com/business/2019/mar/28/philip-green-quietly-tries-to-vacate-stores-ahead-of-arcadia-restructure
(Reuters) – J. Crew Group Inc has tapped restructuring lawyers for the second time in as many years to explore options for reworking its debt, as the U.S. clothing chain struggles with falling sales and a dwindling cash pile, people familiar with the matter said on Thursday.
The companys decision to seek help with its debt once again underscores the persistent business challenges J. Crew faces despite recent turnaround and financial restructuring efforts. A shift to pricier apparel turned off some shoppers, and J. Crew faces competition from e-commerce firms such as Amazon.com Inc that have squeezed an array of traditional retailers.
The preppy fashion retailer in recent weeks enlisted restructuring attorneys at Weil, Gotshal & Manges …
Read the full article at: https://www.kitco.com/news/2019-03-28/Exclusive-J-Crew-turns-again-to-debt-restructuring-lawyers-sources.html
Debenhams has cleared a hurdle in its attempt to push through a crucial restructuring plan, dealing a blow to a potential bid for the struggling retailer by Sports Direct chief executive Mike Ashley.
The department store chain said it had secured the support of a majority of its bondholders for a series of technical changes that help clear the way for a 200m refinancing. The approval puts Debenhams in a position to confirm the new funding in the coming days and move to pursue restructuring options to secure the future of the business.
The announcement will come as a disappointment to Mr Ashley and Sports Direct, which already owns a 29 per cent stake in Debenhams and on Wednesday said it wasconsidering making a 61m offer for the grou…
Read the full article at: https://www.ft.com/content/cf20638e-5137-11e9-9c76-bf4a0ce37d49