While the world of insolvency may often appear murky, in reality very few insolvencies result directly from fraudulent or criminal beha…

Read the full article at: https://economia.icaew.com/opinion/december-2018/wine-and-insolvency

Mark Read, CEO, WPP

Communications giant WPP has announced a sweeping restructure of its business, with plans to cut 3,500 global jobs across its many divisions.

New chief executive Mark Read says the cuts are needed return the business to growth, with redundancies and office closures achieving savings of 275m over the next three years.

Half of that sum will be invested back into WPP, but before that can happen the company also has to shut or merge almost 200 offices.

Mark Read, took the reins of the comms giant after Sir Martin Sorrell was forced to step down as CEO following an investigation into his personal misconduct.

Read, who described the restructure as a radical evolution, said: We are taking decisive action and implementing major c…

Read the full article at: http://www.pmlive.com/pharma_news/wpp_to_cut_3,500_jobs_1272724

• IKEA US President Lars Petersson apologised in a video announcement sent to employees on Tuesday, following reports of the furniture retailers controversial restructuring.
• In the video, Petersson, along with Orlando store manager Monica Bogstad, outlined a plan to boost morale.
• Petersson said that management didnt see the balance between business and people the way we should have done as great leaders while rolling out the restructuring.

IKEA US President Lars Petersson issued an apology to employees on Tuesday, in response to a recent internal controversy about the stores restructuring.

We have heard you, Petersson said in an internal video announcement reviewed by Business Insider. I have h…

Read the full article at: https://www.businessinsider.com/ikea-us-president-apologizes-o4g-2018-12

Halifax Mannin Ltd and Hey Design Services Ltd have been placed in provisional liquidation following a hearing at the High Court on 18 December 2018.

This followed applications issued by the Insolvency Service on behalf of the Secretary of State for Business, Energy and Industrial Strategy.

Halifax Mannins registered office is in Blaenau Ffestiniog, Wales, and Hey Design Services registered office is in Birmingham.

The Official Receiver has been appointed as the provisional liquidator and has responsibilities to protect the companies assets pending the outcome of a petition to wind up the companies in the public interest.

As provisional liquidator the Official Receiver will:

• take control of the companies from those currently respon…

  Read the full article at: https://www.gov.uk/government/news/two-companies-placed-in-provisional-liquidation

  Greek jewelry maker Folli Follie will seek creditor approval for a planned overhaul of the business, it said on Tuesday, after announcing details of its restructuring following lengthy discussions with advisers.

  This concerned a group of unsecured creditors who represent about 27 percent of almost 250 million euros of bonds due next year, as well as holders of 51 million euros of bonds governed by German law and due in 2021.

  The restructuring plan as well as the resignation of chief executive Tzortzis Koutsolioutsos comes after a hedge fund report in May sent Folli Follies shares into a tailspin, prompted a legal investigation, a fine from the Greek securities watchdog and the resignation of the companys founders.

  Folli has admitted big d…

  Read the full article at: http://www.ekathimerini.com/235865/article/ekathimerini/business/folli-follie-to-seek-nod-for-restructuring-plan

  Former owner of Arlington Pizzeria charged with defrauding dozens of customers

  Th…

  Read the full article at: https://www.actionnewsjax.com/news/local/former-owner-of-arlington-pizzeria-charged-with-defrauding-dozens-of-customers/891282565

  This is to inform you that 8th Meeting of Committee of Creditors (CoC) was held on 17.12.2018.

  In the said meeting, the Resolution Applicants presented their plans before the COC.

  The next meeting of COC is scheduled to be held on 26/12/2018 for further consideration of Resolution Plans.

  Kindly take the above on your records.

  Pdf Link:
  Mount Shivalik Industries Ltd. – Corporate Insolvency Resolution Process (CIRP)-Updates – Corporate Insolvency Resolution Process (CIRP)

  Source : BSE – www.bseindia.com

  Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/mount-shivalik-industries-ltd-corporate-insolvency-resolution-process-cirp-updates-corporate-insolvency-resolution-process-cirp/article25781171.ece

  Paul James Manley (63), from Wembley, North-West London, was disqualified for 12 years on 11 December 2018 and his ban is effective from 1 January 2019.

  Incorporated in 1994, County West Commercial Services Ltd was an accountancy firm based in Hammersmith. Paul Manley was a director of the company and 13 years later, County West Commercial Services entered into creditors voluntary liquidation in August 2017, triggering an investigation by the Insolvency Service.

  One of County West Commercial Services clients was Inn Take (UK) Ltd, a company which ran pubs on a short-term basis before it went into liquidation in December 2011. Two of its directors, William Dene Lyall and Joseph Harthen, have subsequently been banned from running compan…

  Read the full article at: https://www.gov.uk/government/news/accountant-banned-for-assisting-client-to-defraud-creditors

  The Sofia city court declared Bulgarian operator Max Telecom insolvent in a case opened at the request of local M Sat Cable over a BGN 116.2 million debt, writes SeeNews.com citing documents filed with the commercial register. Max Telecom failed to make two payments worth BGN 67.6 million to M Sat Cable as agreed in a January 2017 deal and subsequently accumulated further debt, according to the court.

  The court also confirmed that Max Telecom has an unpaid debt of BGN 2.3 million toNokia Solutions and Networksdating from 2016.

  Max Telecom is owned by private investor Daniel Kupsin and local company MT Management. MT Management is a wholly-owned unit of Luxembourg-registered Luxtech Capital.

  Read the full article at: https://www.telecompaper.com/news/sofia-court-declares-max-telecom-insolvent–1273920

  Gurit has announced a revaluation of its operating profit potential for fiscal year 2018. Operating profit margin for the full year 2018 is now expected to come in at 6.5-7.5 % of net sales.

  Based on the recent business performance with continued losses in the Composite Components business, the Company revises its operating profit guidance down from the previously communicated mid-level of the 8-10% target range to an expected 6.5-7.5% operating profit margin range for the full year 2018. This is caused by higher losses and restructuring expenses in Composite Components compared to what was expected at half year 2018.

  Without the losses in Composite Components, Gurit would have exceeded the margin guidance range of 8-…

  Read the full article at: https://netcomposites.com/news/2019/january/08/gurit-adjusts-operating-profit-guidance-for-fy-2018-and-announces-both-restructuring-and-divestment-of-composite-components-business-in-2019/

  Christmas travel plans for people who booked holidays with online travel agent Bestjet are in tatters after the company collapsed.

  The Australian Federation of Travel Agents issued a statement on Wednesday saying that the Brisbane-based company had gone into liquidation.

  Its website bestjet.com appears to have been taken offline, with a This page isnt working error message appearing instead, while its Facebook page was not available.

  Bestjet was not accredited through the AFTA Travel Accreditation Scheme.

  AFTA CEO Jayson Westbury said people should be careful when choosing a travel agency to book holidays.

  It is with a heavy heart that, at this special time of year, consumers are facing such a difficult situation, he said.

  We encourage consume…

  Read the full article at: https://www.perthnow.com.au/news/travel/online-travel-agent-bestjet-collapses-leaving-christmas-holidays-in-tatters-ng-b881055610z

  My wife and I both work for reputed companies in Dubai, earning Dh8,000 each. However, we have debts of Dh285,000 between us; my debt burden ratio is higher as I owe about Dh160,000, while my wife owes about Dh120,000.

  My debts are:

  Card 1: Dh7,450

  Credit card 2: Dh4,500

  Credit card 3: Dh10,100

  Loan 1: Dh67,000 (monthly payment of Dh2,510)

  Loan 2: Dh56,000 (monthly payment of Dh2,084)

  Loan 3: Dh17,700 (monthly payment of Dh950)

  Total: Dh162,750

  My wifes debts are:

  Card 1: Dh4,500

  Card 2: Dh2,500

  Loan 1: Dh63,000

  Loan 2: Dh7,700 (monthly payment of Dh750)

  Car loan: Dh45,000 (monthly payment of Dh950)

  Total: Dh122,700

  We accept our mistakes. I took out the first loan to get m…

  Read the full article at: https://www.thenational.ae/business/money/the-debt-panel-dubai-couple-want-to-consolidate-their-dh285-000-liabilities-into-one-payment-1.804064