Incorporated in October 2014, Mamhead House And Castle Limited (MHAC) was a company that organised events, while also managing the wedding venue, Mamhead House. The venue, a former Georgian country home in rural Devon, had been the destination for high-profile celebrity weddings.
Richard Stuart Fuller (56), of Crockham Hill, Kent, was appointed a director in May 2015 but just over a year later, MHAC entered into creditors voluntary liquidation in November 2016 to shut down the company.
Independent liquidators were appointed to wind-up the company and reported to the Insolvency Service that MHAC had continued to accept deposits from customers after the point it was in trouble.
Investigations discovered that in the January befor…
Read the full article at: https://www.miragenews.com/new-year-disqualification-for-wedding-venue-boss/
Update on the voting results of the 14th meeting of the Committee of Creditors of Viceroy Hotels Limited (CoC).
This is to inform you that the 14th meeting of the Committee of Creditors (CoC) of Viceroy Hotels Limited (under Corporate Insolvency Resolution Process) (the Company) was held on Monday, 31st December, 2018 at Plot No. 20, Sector – I, Survey No. 64, 4th Floor, HUDA Techno Enclave, Hyderabad – 500 081, Telangana, India.
The e-voting on the resolutions put to vote at the 14th meeting of the CoC of the Company commenced at 02.01.2019, 14:00 hours and concluded on 03.01.2019 14:00 hours.
In this regard, please find enclosed the following outcome of E-Voting:
1. The COC members directed Resolution Professional to make an application …
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/article25930601.ece
CHEMICAL Company of Malaysia Bhd (CCM) has emerged as a more nimble entity barely a year after its demerger with its former largest earnings contributor and 73.4%-owned subsidiary, CCM Duopharma Biotech Bhd (CCMD), which also continues to do well.
CCMs net profit for the nine months ended Sept 30 (9MFY2018), was 25% lower year on year, without the RM21.14 million contribution from CCMD.
Nonetheless, CCMs profit attributable to shareholders from its continuing operations for 9MFY2018 jumped tenfold to RM17.07 million. This was helped by improved sales and margins and a positive impact from operational efficiency initiatives, according to the notes accompanying its accounts. CCM, which is making strong efforts to expand the core businesses…
Read the full article at: http://www.theedgemarkets.com/article/best-corporate-restructuring-unleashing-potential-ccm-and-ccmd
Government has been prejudiced in excess of $3,5 billion by company directors who shut-down their firms in order to avoid payment of taxes only to re-establish themselves under different trading names.
This was revealed by Finance minister Mthuli Ncube in the National Assembly last month during the debate on the Finance Bill.
Ncube is proposing the insertion of a harsh clause to the statutes to hold devious directors of companies that are wound up or declared insolvent liable in their personal capacities.
Lawmakers have taken great exception to the proposal which says a director in a company that goes bust and is declared insolvent is immediately liable for the tax liabilities of…
Read the full article at: https://bulawayo24.com/index-id-news-sc-national-byo-152962.html
Britains household debt mountain has reached a new peak, with UK homes now owing an average of 15,385 to credit card firms, banks and other lenders, according to the TUC.
The trade union body said household debt rose sharply in 2018 as years of austerity and wage stagnation forced households to increase their borrowing.
The TUC said in its annual report on the nations finances that the amounts owed by British households rose to a combined 428bn in the third quarter of 2018. Each household owed 886 more than it did 12 months previously, it said. The figures do not include outstanding mortgage debts but do include student loans.
The level of unsecured debt as a share of household income is now 30.4%, the highest level it has ever been at….
Read the full article at: https://www.theguardian.com/business/2019/jan/07/average-uk-household-debt-now-stands-at-record-15400
For the first time in our history, Australians have tallied up a staggering collective credit card debt of almost $30billion.
The terrifying statistic was the result of frenzied Christmas shopping meaning many Aussie households are heading into 2019 with a financial hangover.
According to a new forecast of Reserve Bank of Australia (RBA) data analysed by comparison site finder.com.au, its likely the nation borrowed $29.7 billion on credit cards in December 2018.
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That is the equivalent of $1863 in purchases per card and if spending follows this pattern, it will be the highest December spend on record, up from $27.9 billion …
Read the full article at: https://www.news.com.au/finance/money/costs/research-finds-aussies-facing-1863-each-in-holiday-debt/news-story/e3fa84c85a5fa23162f33ccf666bf25d
THE boss of a castle where Peter Andre tied the knot has been disqualified from running a business for nine years after leaving customers 90,000 in the lurch.
Richard Fuller, 56, was slapped with the ban after continuing to accept payments for the Exeter wedding venue Mamhead House despite knowing the company was insolvent.
Twenty-one loved-up couples hoping to have ceremonies like celebPeter Andrewhen he marriedEmily McDonagh at the fairytale venue in 2015were left in the lurch when the firm went bust.
The company,Mamhead House And Castle Limited, had entered into creditors voluntary liquidation in November 2016 to shut dow…
Read the full article at: https://www.thesun.co.uk/news/8122353/peter-andre-castle-wedding-venue-disqualified-business/
NEW YORK Sears Holdings Corp. is preparing a wind down after chairman Eddie Lamperts bid to buy several hundred stores out of bankruptcy fell short of bankers qualifications, people with knowledge of the matter said.
Sears representatives summoned liquidation firms and other advisers to emergency meetings on Friday after r…
Read the full article at: https://www.bostonglobe.com/business/2019/01/06/sears-prepares-for-liquidation-after-takeover-bid-fails-sources-say/33YLwvnj8EHCfrVprbfncP/story.html
A FORMER All Blacks rugby star has been accused of tricking women out of thousands of pounds to fund a gambling addiction.
Regan King, 38, is said to have pleaded with the two women for help with cash flow problems but failed to pay them back.
Getty Images – Getty
The ex-All Blacksand Scarlets centre admitted owing the women thousands ofAustralian dollars in emails, BBC Wales reports, but he has declined to comment.
Diana Stalteri from Perth, in Western Australia, told the website she met King online in 2017 and was asked if he could borrow cash after a few months of them dating.
The 40-year-old had just signed withPerth Rugby Club and Diana said she agreed to lend himsome of …
Read the full article at: https://www.thesun.co.uk/news/8134037/regan-king-new-zealand-rugby-women-conned-gambling/
ABOUT400 employees, including those in Dubbo, are facing an uncertain Christmas after the national freight company Redstar Transport Pty Ltdwas placed in liquidation. Redstar Transport has offices in Dubbo, Melbourne, Sydney, Brisbane, Adelaide and Perth. A callto the Redstar office in Dubbo for a comment wasntanswered, but it is believed that the Dubbo office employs about 20 people. The company was in the news last year after Roads and Maritime Services officers were called to the Dubbo office following atragic fatal accident that took the lives oftwo brothers, aged nine and 12, and seriously injured their four-year-old sibling. Since the company is in liquidation, employees can get their entitlements paid through the Federal Governmen…
Read the full article at: https://www.dailyliberal.com.au/story/5824877/redstar-employees-in-dubbo-face-uncertain-christmas-as-company-liquidated/
Currently, only financial creditors are part of the CoC that decides on a resolution plan and selects the winning bidder.Operational creditors (OCs), mostly MSMEs, may soon cease to get short shrift by the financial creditors, their mightier counterparts. The government is set to equip the OCs with more power under the Insolvency and Bankruptcy Code (IBC). Sources told FE that the plans include according voting rights to OCs like raw material suppliers in proportion to their claims from the defaulter (as admitted by the NCLT) and making them part of the committee of creditors (CoC). Also on the anvil are certain safeguards for them to receive proceeds as stressed firms go for liquidation.
Currently, only financial creditors are…
Read the full article at: https://www.financialexpress.com/industry/insolvency-law-operational-creditors-to-get-more-teeth-heres-how/1435474/