Insolvency Guardian Media Centre
Bournemouth brothers Shahab Hashtroudi, Shahin Hashtroudi, and Hedayat Hashtroudi, ran pubs and restaurants in Hampshire, Dorset and Surrey, using the money to prop up their loss-making business empire and fund their lifestyle. Shahab Hashtroudi drove a Porsche and sent his child to private school.
From October 2008 they set up 11 companies, all of which failed leaving huge debts. None of the companies lasted longer than 24 months, with some trading for less than a year. Some failed to pay a single penny in VAT to HMRC, while also failing to pass on the income tax and National Insurance contributions (NICs) of their employees.
Their bookkeeper Tracy Carder, from Poole, enabled the fraud to continue by deceiving HMRC about the companies tru…
Read the full article at: https://www.accountancydaily.co/brothers-jailed-14-years-ps3m-tax-fraud
PUBLISHED: 15:30 07 February 2019 | UPDATED: 16:20 07 February 2019
Morrisons in Gorleston, where Mark James was a senior manager. Photo: Andy Darnell
Archant 2008
A debt-ridden senior manager who worked for M…
Read the full article at: https://www.greatyarmouthmercury.co.uk/news/gorleston-morrisons-senior-manager-mark-james-stole-2-000-from-company-1-5883020
Anima, the parent company that created Kronaby watches, has declared itself insolvent and filed for bankruptcy in its native country of Sweden.
The company is now in the hands of a trustee appointed by the court, and continues to trade. CEO Pl Borge told WatchPro today that they have been working to find a new owner or investors to take the company forward.
The company is continuing to trade, our employees are still coming to work, fulfilling orders from our ecommerce site and speaking to our dealers. We are working hard and trying to find a new investor, he explained.
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Kronaby burst onto the scene in 2017 with a range of connected hybrid watches, although the Anima team first came t…
Read the full article at: https://www.watchpro.com/breaking-news-kronaby-looks-for-new-owner-as-parent-company-files-for-bankruptcy/
- Unum, a Tennessee-based insurance company, is allowing its US employees to exchange unused vacation days for help with student loan payments.
- Unum employees are allotted at least 28 paid vacation days a year; they can forfeit up to five days and receive up to $US250 a month cash toward their student loans.
- An increasing number of companies big and small offer student loan repayment benefits to employees, and research shows employee financial stability is linked to overall well-being and work performance.
Some college graduates are so saddled with student loan debt, they may be willing to give up vacation time to pay it back.
Unum, a Fortune 500 insurance company based in Tennessee, recently …
Read the full article at: https://www.businessinsider.com.au/unum-insurance-trade-vacation-days-student-loan-debt-help-2019-2
High Court
Permanent TSB (PTSB) has lost an appeal against a Personal Insolvency Arrangement (PIA) which was confirmed in the Circuit Court in 2017.
PTSB had voted against the terms of the PIA, in which the Personal Insolvency Practitioner proposed that the mortgage debt be written down, and the remaining balance be treated as unsecured debt written off at the end of the PIA.
Affirming the order of the Circuit Court, Mr Justice Denis McDonaldsaid that PTSBs counterproposal was not appropriate in the circumstances and that the PIA was fair and equitable to each class of creditor.
Background
In September 2005, Lisa Parkin and her (now estranged) husband bought a ho…
Read the full article at: https://www.irishlegal.com/article/high-court-permanent-tsb-loses-appeal-against-personal-insolvency-arrangement
– Company cost structure expected to be reduced by $70 to $75 million in 2019
– Approximately $100 million in cash and marketable securities at December 31, 2018
DUBLIN, Ireland, Feb. 07, 2019 (GLOBE NEWSWIRE) — Avadel Pharmaceuticals plc (Nasdaq: AVDL), today announced a corporate restructuring to assure the financial health required to maximize the value of FT218, currently in Phase III development for the treatment of excessive daytime sleepiness (EDS) and Cataplexy in patients suffering from Narcolepsy. Avadel expects to realize $70 to $75 million in cost reductions in 2019 as compared to 2018 as a result of the restructuring plan, driven primarily by exiting NOCTIVA.
It is clear that FT218, an investigational, once-nightly …
Read the full article at: https://globenewswire.com/news-release/2019/02/07/1712096/0/en/Avadel-Pharmaceuticals-Announces-Restructuring-to-Focus-on-FT218-Clinical-Development-Program.html
February 7 2019
The Supreme Court in a recent judgment has categorically held that commercial wisdom of the Committee of Creditors (CoC) is sacrosanct and not subject to judicial review.
Besides, the commercial wisdom of the CoC has been given paramount status without any judicial intervention, for ensuring completion of the stated processes within the timelines prescribed by the I&B Code. There is an intrinsic assumption that financial creditors are fully informed about the viability of the corporate debtor and feasibility of the proposed resolu…
Read the full article at: https://barandbench.com/supreme-court-upholds-creditors-committee-sovereignty-under-the-ibc/
In a bid to facilitate resolution process under insolvency law, the RBI Thursday proposed to permit bidders to raise funds through external commercial borrowing for repayment to the existing lenders.
As per the existing guidelines, the proceeds of External Commercial Borrowing (ECB) denominated in either foreign currency or Indian Rupee, are not permitted to be utilised for repayment or for on-lending for repayment of domestic Rupee loans.
“The resolution applicants under Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code (IBC), 2016 may find it attractive to borrow abroad to repay the existing lenders.
“In view of the above, it is proposed to relax the end-use restrictions under the approval route of the …
Read the full article at: https://www.businesstoday.in/sectors/banks/rbi-allows-companies-participating-in-insolvency-process-to-tap-ecb-route/story/318107.html
Phil Chronican, a non-executive director who has been appointed acting CEO, is a safe pair of hands, having had a lengthy career at Westpac before ending his executive career running ANZs Australasian businesses.
Having a temporary CEO and a chairman simply warming the chair until the new CEO is found is, however — at this point in NABs history — obviously undesirable.
NAB hasnt put a timeframe around what is says will be a global search for Thorburns successor (as well as some new directors) although it did say that it would actively consider internal candidates.
In its circumstances, former NSW Premier Mike Baird, with his mix of political skills and banking experience, would be a tempting option although there are number of other well-…
Read the full article at: https://www.smh.com.au/business/banking-and-finance/the-end-was-inevitable-after-nab-duo-annoyed-royal-commissioner-20190207-p50weg.html
MUMBAI: The Reserve Bank of India (RBI) has made a special provision for companies bidding for stressed firms under the insolvency and bankruptcy code (IBC) with a view to make funds cheaper for such companies.
RBI said bidding companies can now raise foreign currency funds through foreign banks abroad and use these proceeds to repay the bank debt for stressed companies which they are looking to buy. In the new external commercial borrowing (ECB) guidelines announced last month, RBI had not permitted foreign funds to repay rupee loans, so this announcement is seen as a special provision to speed up resolution under the IBC.
The resolution applicants under Corporate Insolvency Resolution Process (CIRP) under Insolvency and Bankruptcy Code…
Read the full article at: https://economictimes.indiatimes.com/news/economy/policy/rbi-allows-cheaper-funds-for-corporate-bidders-under-ibc/articleshow/67880545.cms
A blackmailer who threatened to expose a married man to his unsuspecting wife after meeting on a gay dating app was ordered to carry out 240 hours of unpaid work yesterday.
Aaron Fleming used the Grindr app to meet the man and persuaded him to hand over cash to help him tackle his gambling debts. However, within a month of meeting Fleming online, the man was receiving demands for 500 and being threatened with having his secret double life exposed.
Fleming told him: If you dont transfer my 500 Im going to tell all your friends and family who you really are and why you have given me that money.
I will give you until 6am to transfer the money or its a t…
Read the full article at: https://www.thetimes.co.uk/article/married-man-blackmailed-by-date-he-met-on-grindr-tt0ds8hfw
A retail chain in the midst of voluntary administration has had half of its store network closed down with the stroke of a pen, citing a need to rightsize the business for sale.
Administrator Worrells Solvency & Forensic Accountants announced that 28 of the 56 Napoleon Perdis stores had closed their doors permanently as of Monday (4 February 2019), just three days after announcing a storewide sale to clear stock.
The full list of stores that have closed is listed below.
The 30 per cent off sale reportedly generated significant customer engagement and sales turnover over the weekend.
Administrator Simon Cathro said in a statement that the store closures were aimed at rightsizing the retailer for a potential sale, suggesting that such an…
Read the full article at: https://www.mybusiness.com.au/management/5417-half-of-retailer-s-stores-closed-for-good