Terence Coventry (39), from Gainsborough, Lincolnshire, was appointed the sole director of Alliance Traffic Services Limited in April 2016 before he caused the company to enter into a factoring agreement a month later.

The factoring agreement, which Terence Coventry personally guaranteed, set out the terms where an independent finance company would buy Alliance Traffic Services invoices in return for advanced finances.

However, between May 2016 and March 2017, Terence Coventry abused his position of trust as a director and caused of Alliance Traffic Service to breach the terms and conditions of the factoring agreement, despite being personally liable.

He failed to ensure company sales invoices were correctly produced and some …

Read the full article at: https://www.miragenews.com/extended-bankruptcy-after-boss-caused-finance-company-to-lose-thousands/

Borrowing money to fund a new home, car or even a holiday is not only normal its pretty much universal. Youd be hard-pressed to find someone in Ireland today who doesnt have some kind of loan or credit facility.

This can be an absolute life-saver once you can manage the repayments, but if something changes a sudden illness, redundancy or even a broken boiler debts can spiral out of control and it can be near-impossible to dig yourself out.

For many, the instinct is to keep quiet, knuckle down and try to deal with it, but this isnt always possible. Many people across the nation find themselves faced with tough financial choices about whether to cover a loan repayment or a utility bill because they cant do both.

Some people in this situ…

Read the full article at: https://www.irishmirror.ie/lifestyle/struggling-debt-back-on-track-13865015

Shares of Reliance Communications continued to reel under selling pressure Wednesday, falling below its face value of Rs 5, plunging nearly 13 per cent.

RCom stock plummeted 10.84 per cent to Rs 4.85 its all-time low on BSE. At NSE, shares crashed 12.61 per cent to Rs 4.85 apiece.

On Monday, RCom stock ended nearly 35 per cent lower and fell by another 28.5 per cent the next day after the company decided to opt for insolvency proceedings.

Among group shares, Reliance Infrastructure tanked 28.78 per cent and Reliance Capital plunged 10.61 per cent on BSE …

Read the full article at: https://indianexpress.com/article/business/companies/rcom-shares-battered-further-tank-nearly-13-pc5571811/

NEW YORK, Feb. 5, 2019 /PRNewswire/ —Scott+Scott Attorneys at Law LLP(“Scott+Scott”), a national shareholder and consumer rights litigation firm, reminds investors that a class action lawsuit has been filed against Yangtze River Port and Logistics Limited (“Yangtze” or the “Company”) (NASDAQ: YRIV) and other defendants, related to alleged violations of federal securities laws. If you purchased Yangtze securities between February 2, 2016 through December 5, 2018, you are encouraged to contact a Scott+Scott attorney at (844) 818-6982 for more information. The lead plaintiff deadline is March 4, 2019.

Yangtze is a Chinese logistics and port management company.

According to the lawsuit, defendants made false and/or misleading s…

Read the full article at: https://www.prnewswire.com/news-releases/scottscott-attorneys-at-law-llp-reminds-investors-of-securities-class-action-against-yangtze-river-port-and-logistics-limited-300790039.html

Australian cosmetics empire Napoleon Perdis Group will now honour gift cards and e-vouchers purchased before it went into voluntary administration.

Administrators Simon Cathro, Chris Cook and Ivan Glavas, of Worrells Solvency Accountants, announced the struggling brand was now in a position to honour the vouchers on Wednesday.

The about-face comes after many frustrated customers took to social media to express their fury at being left with useless vouchers after the collapse of the business was made public last week.

Due to the extremely successful sales campaign over the weekend (30 per cent off storewide and online) we are now in the position to honour all existing, valid Napoleon Perdis gift cards and e-vouchers, Mr Cathro said in a stat…

Read the full article at: https://thewest.com.au/business/retail/collapsed-make-up-business-napoleon-perdis-backflips-on-gift-cards-ng-b881096364z

Karimganj MP Radheshyam Biswas has urged the Centre to consider the matter of the two defunct paper mills of the Hindustan Paper Corporation in Assam with immediate priority and take prompt steps to reopen the units at the earliest.

The mills Cachar Paper Mill and Nagaon Paper Mill have been lying defunct since 2015 and 2016 respectively. Cachar Paper Mill, the only major industrial undertaking in Barak Valley, is located at Panchgram in Hailakandi district. Nagaon Paper Mill is at Jagiroad in Morigaon district.

Biswas, who raised the issue in Lok Sabha on Tuesday, said around four lakh people, who were associated directly or indirectly with the mills, have been suffering for the past several months. The mills workers have not received th…

Read the full article at: https://www.barakbulletin.com/en_US/radheshyam-biswas-urges-centre-to-revive-defunct-paper-mills/

news, local-news,

Waggas branch of the Napoleon Perdis makeup store chain has beenpermanently closedabout a week after its parent company went into voluntary administration. An unknown number of employees have lost their jobs and the payout of entitlements will depend on votes by the chains creditors. The citys Wagga Marketplace store, which was temporarilyshuton Thursday for a stocktake, was one of 28 stores marked for closure by the administrators on Monday. Administrator Simon Cathro from the Worrells firmsaid an assessment of each of the chains 56 stores had been completed over the weekend factoring in past performance, the right sizing of the business as a whole and the location. As result of this review we have identified a number …

Read the full article at: https://www.dailyadvertiser.com.au/story/5887537/wagga-staff-entitlements-uncertain-as-napoleon-perdis-makeup-store-closes-down/

Billions of dollars have been stolen from Ukrainians through various abuses of the banking system over the past decade, and many of the crooks remain unpunished, according to a Feb. 4 press release by the Deposit Guarantee Fund of Ukraine.

Citing one example, the fund, the state body responsible for overseeing the operation and liquidation of banks in Ukraine and refunding depositors, said Hr 2.3 billion, or $82 million, was smuggled out of Khreshchatyk Bank prior to the banks bankruptcy in 2016, with the money being transferred to shell companies.

Altogether, nearly Hr 7 billion, o…

Read the full article at: https://www.kyivpost.com/business/hr-2-3-billion-smuggled-out-of-bank-prior-to-bankruptcy.html

In the U.S., higher education is treated like a necessity but priced like a luxury.

Financial aid isnt always enough to ensure that students can make it through college without taking out loans. But students across the country are finding unique and creative ways to ease the burden of tuition costs.

One of these ways is through help from corporations.

A recent press release from Anheuser-Busch unveiled this years iteration of the Natural Light College Debt Relief Program. The brand has announced its dedication to alleviating student debt by pledging $10 million for distribution over the next ten years.

Daniel Blake, senior director of value brands at Anheuser-Busch, said rising college debt is important to Natural Light because its a cri…

Read the full article at: https://badgerherald.com/news/2019/02/05/natural-light-among-other-corporations-help-with-college-debt-relief/

City-based Bafna Pharmaceuticals today announced that Chennai bench of National Company Law Tribunal (NCLT) has approved the resolution plan submitted by the company under corporate insolvency resolution process.

In an exchange filing, the company said the Chenai bench of the tribunal, by its order dated February 1, 2019, has approved the resolution plan submitted by resolution applicant Bafna Mahaveer Chand.

The resolution plan approved by Committee of Creditors (CoC) on January 4, 2019 was submitted to the NCLT Chennai on January 17 by Resolution Professional (RP) Radhakrishnan Dharmarajan, the companys statement said.

In July 2018, NCLT admitted the creditor Aries application and initiated corporate insolvency resolution process again…

Read the full article at: https://www.thehindubusinessline.com/companies/nclt-chennai-approves-bafna-pharmaceuticals-corporate-insolvency-resolution-plan/article26186441.ece

For more than a year, in order to secure ongoing funding,
there has been an urgent need to provide the local and global financial
communities with assurances that there is a credible Eskom recovery plan in
place that is supported by government and the treasury.

To this end, Eskom presented a long-awaited turnaround plan and
new business model to its board, its shareholder representative, public enterprises
minister Pravin Gordhan, and the Cabinet, at the end of November 2018.

At a media briefing on the state of the power system in early
December 2018, Eskom CFO Calib Cassim advised that Eskoms plan was to ring-fence
the three main business areas of Eskom generation, transmission and
distribution for accounting purposes.

This was to gain …

Read the full article at: https://www.fin24.com/Opinion/chris-yelland-managing-hopes-and-fears-around-restructuring-eskom-20190205-2