The foundations managing director, Kevin Chaplin, has confirmed that 13 funders have already withdrawn.
Insolvency Guardian Media Centre
Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
Piaggio Aerospace recently declared insolvency, asking for extraordinary administration that would facilitate restructuring, the company confirmed. Under extraordinary administration, the Italian government will appoint a commissar who will work to guarantee business continuity, a spokesman said.
The move comes a year after the financially troubled Italianmanufacturer outlined a five-year turnaround plan that included a 255 million ($342 million) cash injection from Piaggio parent Mubadala Investment Company to support Piaggio Aerospaces financial needs, combined with a total bank debt repurchase and conversion to equity by the shareholder in support of Piaggio Aerospaces balance sheet. By May, c…
Read the full article at: https://www.bjtonline.com/business-jet-news/piaggio-declares-insolvency-seeks-restructuring
Tuesday marks the end of an era for World Superbike fans as the Ten Kate Racing organisation has declared itself bankrupt. The future of the Dutch outfit was thrown into disarray when it was announced that Honda Racing Corporation (HRC) would be returning to the championship alongside Moriwaki and Althea Racing as of 2019.
The exact position of Ten Kate has been unknown since the news of Hondas return as a factory effort was announced just after the final round of 2018 in Qatar, although today Ronald Ten Kate has revealed that the split with his team came as a complete shock and that legal proceedings with Honda are underway.
Honda was last involved in WorldSBK as a full factory team in 2002. In more recent years Ten Kates effort ha…
Read the full article at: https://www.motorcyclenews.com/sport/world-superbikes/2018/november/wsb-ten-kate-racing-declared-bankrupt/
THE number of insolvencies during this financial year so far is half that of the last financial year, according to statistics provided by the master of the High Court at the national consultative workshop on the insolvency bill being held at Swakopmund.
Last year, 32 insolvencies were registered, which included 12 companies and 15 close corporations being liquidated, and five people being sequestrated. Figures for this year (until 8 November) show that so far, 17 insolvencies were registered, of which six companies and seven close corporations were liquidated, and four people.
The insolvencies were either by court orders, or voluntary winding up by either the members or creditors, and the figures include finalised or non-finalised insolv…
Read the full article at: https://www.namibian.com.na/73518/read/Insolvencies-halved-since-last-year
A Sheffield city centre which closed after being declared insolvent with debts of more than 1 million is set to re-open under new owners.
The Sentinel Brewhouse shut its doors with immediate effect back in September after running into financial difficulties.
The Sentinel Brewhouse is set to re-open under new owners.
But now the Shoreham Street bar is set to bounce back after being bought up by new owners.
READ MORE: Troubled Sheffield pub announces immediate closure
A post on the venues Facebook page said: Pssst. Someone told me Sentinels bar is reopening.
As many people seem interested,Kangavar Ltd. have now leased the building and bought Sentinel plant, bar andbeers.
We will be selling off r…
Read the full article at: https://www.thestar.co.uk/news/troubled-sheffield-city-centre-pub-to-re-open-under-new-owners-1-9464100
THE company that runs an awards event promoted as the working womens Oscars is being liquidated with debts of more than 100,000.
But the couple who already run the Venus Awards are planning to buy it back out of liquidation and keep going.
This years Dorset Venus Awards went ahead at Bournemouths Hilton Hotel on Friday, with assurances that everyone involved was being paid.
A resolution to voluntarily wind up Venus Awards Ltd was passed in August, shortly after its name was changed to Company 07794190 Limited.
Documents lodged at Companies House show the company owed more than 70,000 to HM Revenue and Customs.
It also owed 16,882 to BH Live, which operates the BIC, where the 2017 Dorset Venus Awards were held. Solen…
Read the full article at: https://www.dailyecho.co.uk/news/17257794.company-behind-venus-awards-files-for-insolvency/
Pets at Home, the pet shop-to-vets business, has unveiled a sharp fall in pre-tax profits and warned its costs will rise as it restructures its struggling veterinary operations.
The group, which has been targeted by short sellers who are homing in on the distressed British retail sector,as households reduce their discretionary spending, said first-half profits dropped to 8m from 40.8m the same time last year.
The fall came on the back of hefty charges for restructuring the companys vet business, which Pets runs in the form of joint ventures with independent practices. Chief executive Peter Pritchard now plans to buy 55 out of the 471 practices back from the vets, which he said on Tuesday would cost the group up to 49m by 2020.
In th…
Read the full article at: https://www.ft.com/content/11435dd6-f213-11e8-ae55-df4bf40f9d0d
BASF has unveiled a company-wide reorganization in a bid to hike profits by $2.3 billion annually by 2021, the equivalent of increasing pretax profits by between 3 and 5% per year. The firm also aims to increase annual sales of products it claims make a substantial contribution to sustainability to $25 billion by 2025.
BASFs reorganization will involve moving its 11 business units into six divisions. The company will also simplify structures and processes, sharpen its portfolio, and better align its businesses to its customers. We will transform our organization to be more agile and customer focused, BASF Chairman Martin Brudermller told journalists at a briefing at the firms headquarters in Ludwigshafen, Germany, on Nov. 20.
As part …
Read the full article at: https://cen.acs.org/business/BASF-unveils-major-restructuring/96/i47
THE company that runs an awards event promoted as the working womens Oscars is being liquidated with debts of more than 100,000.
But the couple who already run the Venus Awards are planning to buy it back out of liquidation and keep going.
This years Dorset Venus Awards went ahead at Bournemouths Hilton Hotel on Friday, with assurances that everyone involved was being paid.
A resolution to voluntarily wind up Venus Awards Ltd was passed in August, shortly after its name was changed to Company 07794190 Limited.
Documents lodged at Companies House show the company owed more than 70,000 to HM Revenue and Customs.
It also owed 16,882 to BH Live, which operates the BIC, where the 2017 Dorset Venus Awards were held. Sole…
Read the full article at: https://www.bournemouthecho.co.uk/news/17257631.company-behind-venus-awards-files-for-insolvency/
Cape Town The Amy Foundation fears that more funders may withdraw their support to the organisation facing a number of challenges, including a strike by employees.
This as its employees vowed to intensify their strike while the Department of Social Development established an investigation into allegations of corruption, among other things. The department found that the Amy Foundation became non-compliant with the terms of its funding agreement with the department.
The strike has led to the board deciding to close the foundations Sybrand Park offices, along with youth skills and aft…
Read the full article at: https://www.iol.co.za/capetimes/news/amy-foundation-fears-more-funders-may-withdraw-amid-strike-18274602
Latest News
The Australian Subcontractors Association (ASA) has called on the federal government to provide greater protection for subcontractors in the wake ofrecent administration woesof engineering firm RCR Tomlinson.
Last week, the storied contractor delivereda surprising news that it was appointing voluntary administrators due to financial troubles. In August, RCR raised $84 million on an intended $100 million and boasted a $1.1 billion order book.
RCRs share price fell from $2.12 at the end of July to $1.05 by the start of September.Thedrop was largely related to issues with RCRs solar farm investments in Queensland, which have suffered from a write-down of around $57 million.
By the time RCRwas announcing its administration last week,…
Read the full article at: https://www.australianmining.com.au/news/rcr-tomlinson-collapse-highlights-subcontractor-crisis/
General Motors will lay off 14,700 factory and white-collar workers in North America and put five plants up for possible closure as it restructures to cut costs and focus more on autonomous and electric vehicles.
The reduction includes 8100 white-collar workers, some of whom will take buyouts and others who will be laid off. The reductions could amount to as much as 8 per cent of GMs global workforce of 180,000 employees.
Most of the affected factories build cars that wont be sold in the US after next year. They could close or they could get different vehicles to build.
The company also said it will stop operating two additional factories outside North America by the end of next year, in addition to a previously announced plant closure in …
Read the full article at: https://www.news.com.au/finance/business/general-motors-slashes-14700-jobs-closes-north-american-factories-in-massive-restructuring/news-story/5a1fe7da8cde70da72406e0b7313b0bf
The pre-Christmas sales are now in full swing and retailers are bombarding us with their so-called too good to miss offers.
But now can also be a particularly dangerous time for people being tipped into debts by festive spending which they could spend much of 2019 trying to pay off when bills thud onto doormats.
Previous research from the Money Advice Trust charity suggests more than a third (37%) of people put last Christmas on credit, and 13% of people say they regularly worry about money in the run-up to Christmas.
Among StepChange clients, debt often occurs as a result of a change in circumstances that causes people to lose some or all of their usual income.
While for some, their money problems may simply stem from not sticking to the…
Read the full article at: https://www.irishexaminer.com/examviral/5-expert-tips-to-avoid-a-christmas-debt-hangover-887887.html