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The Labor Party has promised to “name and shame” dodgy company directors that engage in illegal phoenixing activities if it wins the federal election next year.
Under the proposed new policies, Labor would give the Commissioner of Taxation the power to name individuals and entities as a penalty to deter directors from committing serious tax offences.
Phoenixing occurs when a company enters liquidation to avoid its liabilities or debts, only to return as a different trading entity with a similar business. PwC released a report in July that estimated up to $5.13 billion was lost each year to illegal phoenixing activity.
Labor would also allow the commissioner to apply to the Australian Securities and Investment Commis…
Home interior and decor chains Bowring and Bombay have declared insolvency.
According to documents, Bowring Canada and Bombay & Co., Inc., along with parent company Fluid Brands Inc., have obtained protection from creditors under the Bankruptcy and Insolvency Act.
Home interior and decor chains Bombay and Bowring have declared insolvency.(JEFFERY WASHINGTON / AP FILE PHOTO)
In documents dated Oct. 25, and Nov. 1, the amount claimed by creditors is just over $50 million, with $24 million claimed by the CIBC.
In Canada, there are 43 Bombay stores, specializing in home furnishings and decorative accessories, and 38 Bowring stores, selling giftware and home decorations. The stores range in size from 2,000 to 6,000 square feet.
LONDON (Reuters) – Stewart Ford, the former CEO of now-defunct death bond company Keydata, has lost a protracted battle against Britains financial regulator over a record 76 million pound fine and a ban from regulated financial services.
The Financial Conduct Authority said on Tuesday that Londons Upper Tribunal, which hears challenges against its decisions, had upheld its fines and bans against Ford and Mark Owen, the former sales director of Keydata Investment Services.
Owen faces a 3.24 million pound fine.
Reuters could not immediately reach Ford and Owen, who the FCA said had represented themselves in court, for comment.
Thousands of often elderly people invested more than 450 million pounds into Keydata, which promoted death bonds i…
We would like to inform you that 07th meeting of Committee of Creditors of Sterling Biotech Limited was held on Tuesday, 06th November 2018 at 11.00 A.M. IST at Mayfair Banquets, 254-C Dr. Annie Besant Road, Shivaji Nagar, Worli, Mumbai-400 030, Maharashtra, India.
There have been bankruptcies declared by a total of 114 people in Galway since the beginning of 2014, according to new figures from the Insolvency Service of Ireland.
The figures show that between January 2014 and the end of September 2018, there were a total of 114 bankruptcies here.
And a further 192 people came to insolvency arrangements with creditors during the same period through Debt Relief Notices (DRN), Debt Settlement Arrangements (DSA) or Personal Insolvency Arrangements (PIA).
Where certain criteria are met for debt, a DRN allows the write-off of up to 35,000 subject and the person is subject to a three-year supervision period.
A DSA allows for the agreed settlement of unsecured debt (with no limits) over a…
Pastor Otabil was the Board Chairman of the defunct bank, while the ICGC was named as a shareholder of the bank in the suit.
The suit was filed at the Commercial Division of the Accra High Court by the receivers of the defunct bank, Mr Vish Ashiagbor and Mr Eric Nipah, both of PricewaterhouseCoopers (PwC).
The plaintiffs are seeking to use the legal action to recover over GH837 million, being what they said were loans that the shareholders granted to themselves which remained unpaid.
By their alleged actions, the plaintiffs said, the defendants have breached their fiduciary duties under the Companies Code, 1963 (Act 179) and have caused serious financial loss to the bank.
Pastor Otabil was the Board Chairman of the defunct bank, while the ICGC was named as a shareholder of the bank in the suit.
The suit was filed at the Commercial Division of the Accra High Court by the receivers of the defunct bank, Mr Vish Ashiagbor and Mr Eric Nipah, both of PricewaterhouseCoopers (PwC).
The plaintiffs are seeking to use the legal action to recover over GH837 million, being what they said were loans that the shareholders granted to themselves which remained unpaid.
By their alleged actions, the plaintiffs said, the defendants have breached their fiduciary duties under the Companies Code, 1963 (Act 179) and have caused serious financial loss to the bank.
The government is set to sell its stake in 26 companies to private investors in a bid to fund the budget deficit, and repay debt.
Among those to be sold include36 companies owned by the government were declared insolvent by the 2015-16 government audit report. The companies according to the audit report required at least Ksh118.76 billion to save them from collapsing.
The auditor general attributed their poor performance topending debts amounting to billions and dating back to almost two decades ago. Also, unapproved increase in expenditure and double payment of debts owed to service providers was another reason for poor performance.
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