Insolvency Guardian Media Centre
Dodgy insolvency practitioners will now find it harder to facilitate illegal phoenix activity under the governments new rules to restrict the voting right of certain creditors to prevent collusion.
Assistant Treasurer Stuart Robert announced the introduction of the new insolvency practice rules that will restrict the voting rights of certain creditors related to a phoenix company, in a bid to ensure the interests of legitimate creditors are not affected by those complicit in illegal phoenix activity.
According to the government, one of the techniques employed by phoenix operators is to appoint an insolvency practitioner to undertake a formal insolvency process who will either facilitate or turn a blind eye to illegal phoenix activity.
To pr…
Read the full article at: https://www.mybusiness.com.au/management/5271-new-insolvency-rules-to-protect-legit-creditors
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Read the full article at: https://www.kesq.com/news/palm-springs-storage-business-forgives-debt-to-help-family-in-need/926333200
A COUPLE being investigated following an alleged 390million Caribbean property have been declared bankrupt.
David Ames, 66, of Brock Hill, Wickford, and his wife Carol Ann, of the same address, appeared at Southend County Court last week.
The couple, who are being investigated by the Serious Fraud Office, were made subject to bankruptcy orders by Judge Humpreys after 24 creditors made an application to the court.
One creditor, who asked to remain anonymous, said: Its a huge relief this has gone through as its been an absolute nightmare.
The bankruptcy hearing is believed to be linked to a fraud investigation into Ames in relation to Caribbean property investments involving thousands of creditors.
David Ames, chairm…
Read the full article at: https://www.echo-news.co.uk/news/17291340.millionaire-couple-made-bankrupt-amid-390m-property-fraud-probe/
“There are some people for whom payday lenders is appropriate,” Ms Guthrie said. However, very few FCA clients would enter into such arrangements after an initial consultation, it was heard.
FCA counsellor Sandra Blake, who appeared alongside Ms Guthrie at the hearings, said she had not seen one instance where payday loans had been useful to a client.
“They have not been helpful they have been detrimental,” she said, adding some clients were suicidal.
The FCA employs 800 people, with about 500 full-time equivalents. It is calling for additional funding to accommodate growing demand for its services and said it would take more than nine months to scale up to deal with the call on its services.
ASX-listed company Cash Converters also appeared,…
Read the full article at: https://www.afr.com/business/banking-and-finance/customers-of-payday-lenders-are-ashamed-broken-and-suicidal-senate-inquiry-told-20181212-h190j8
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Read the full article at: http://www.startribune.com/gambling-growth-boosts-u-s-bank-stadium-reserves/502532221/
WPP will be cutting 3,500 of its 134,000 workforceas part of a major restructure.
According to media reports, the ad giant will also shut 80 offices globally and merge nearly 100.
Though, to make up for the 3,500 job cuts, WPP has promised it will hire 1,000 more creatives in the coming months.
Speaking on restructure, WPP CEO Mark Read said: What we hear from clients is very consistent: they want our creativity, and they want us to help them transform their business in a world reshaped by technology.
We are fundamentally repositioning WPP as a creative transformation company with a simpler offer t…
Read the full article at: http://www.bandt.com.au/media/wpp-cut-3500-jobs-amid-major-restructure
An investigation by ChannelNews has revealed that the directors behind BSR Group a Brisbane based custom installer Company have been the principle executives linked with three Companies that have been placed into liquidation since 2015.
The three Companies are Digital Residence, Pure Innovations and Look & Listen which they took over earlier this year after that Company was placed into liquidation.
Picture shows the directors of BMR Group are far right Brendon Cousemacker and next to him Mathew Manalis.
The directors of BMR Group are Mathew Manalis and Brendon Cousemacker.
When Digital Residence run by Manalis and Cousemacker went into liquidation in February of this year the Company had debts of $808, 136, however the accountant for the…
Read the full article at: https://www.channelnews.com.au/exclusivecedia-installer-group-liquidation-woes-revealed/
Sub: Outcome of 12th Committee of Creditors Meeting
Ref: Disclosure under Regulation 30 of SEBI (Listing Obligations and Disclosure Requirements), Regulations, 2015 – Reg.
With reference to the subject cited above, I would like to bring to your kind notice that the 12th Meeting of the Committee of Creditors (COC) of the Company held on Tuesday, 11th December, 2018, at the registered office of the Company situated at Plot No. 20, Sector – I, Survey No. 64, 4th Floor, HUDA Techno Enclave, Hyderabad – 500 081, Telangana, India.
We give below outcome of the 12th Meeting of the CoC:
Took note of the Presentation of Resolution Plans by Successful Resolution Applicants in the CoC meeting.
This is for your information and records.
Pdf Link:
Viceroy…
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/viceroy-hotels-ltd-corporate-insolvency-resolution-process-cirp-outcome-of-meeting-of-committee-of-creditors/article25717676.ece
Minnesota Attorney General Lori Swanson is suing a tax debt relief company for allegedly violating the states consumer protection laws.
Swanson filed a lawsuit in Hennepin County District Court Tuesday against Virginia-based Wall and Associates. The complaint alleges that Wall did not register with the state, collected large advance payments and was unresponsive to some customers.
With the year coming to a close and tax season around the corner, people should be on guard against unlicensed companies that charge thousands of dollars to help with tax problems, but fail to deliver on their promises, Swanson said in a prepared statement.
Wall claims to operate Minnesota offices, but instead rents temporary space to make sales pit…
Read the full article at: https://www.twincities.com/2018/12/11/mn-attorney-general-sues-tax-debt-relief-firm-for-violating-consumer-protections/
Barclays has become the first high street bank to allow customers to block payments with certain types of retailers in an effort to give people struggling with addictions more control over their spending.
The feature will be available from Tuesday for customers using the banks mobile app and could help those dealing with gambling problems to cut off their spending in betting shops and on gambling websites. People can also block their own spending in pubs, bars, supermarkets and on premium-rate websites and phone lines.
A button within the Barclays mobile banking app enables customers to choose which types of retailers they are able to spend with. Attempted payments that fall within the turned off category will be declined automatically….
Read the full article at: https://www.theguardian.com/business/2018/dec/11/barclays-mobile-banking-gambling-drinking-app
The restructuring of a fast-food operator Famous Brands UK-based Gourmet Burger Kitchen (GBK) passed an important milestone when its creditors approved the groups turnaround plan.
Famous Brands bought GBK for 120m in 2016, but its poor performance has led it to write down R874m.
When it bought GBK and its 97 stores from Nandos, the move was widely approved, but the slowdown in the economy, along with the uncertainty created by the UKs decision to leave the EU created a hostile trading environment.
The premium burger market had also become overtraded. The group acknowledged that operating issues such as sub-optimal management capacity resulted in its underperformance.
In an effort to turn around …
Read the full article at: https://www.businesslive.co.za/bd/companies/retail-and-consumer/2018-12-11-famous-brands-pushes-through-restructuring-of-uk-chain/
In the summer of 2017, Beverly Sills, a Memphis, Tennessee Veterans Affairs Hospital employee, discovered she hadnt made a payment on her student loans since December 2015, despite sending roughly $3,000 during that period to Ameritech, a company she believed was managing her debt, according to court documents.
About a year earlier, Craig Davis, of Erie Pennsylva…
Read the full article at: https://www.marketwatch.com/story/alleged-student-debt-relief-scam-leads-to-arrest-of-ceo-2018-12-11