Insolvency Guardian Media Centre
Debenhams, the department store chain, has asked advisers to explore restructuring plans that could lead to store closures, as the downturn engulfing the UK high street continues to spread.
KPMG is investigating turnround options that may also include it asking creditors to accept a compulsory voluntary arrangement, said a person with knowledge of the matter.
A CVA is a type of insolvency that allows ailing businesses to restructure their debt payments. Landlords often suffer rent reductions or store closures but other parties that do business with the company involved, such as stock suppliers and banks, do not automatically lose money.
The move by Debenhams comes just one month after House of Fraser, another stalwart UK department …
Read the full article at: https://www.ft.com/content/f0479334-b43e-11e8-b3ef-799c8613f4a1
Reported by Bikebiz, news has broken over the weekend of the voluntary liquidation of Factory Media Ltd, owners of multiple sports media brands including Total womens Cycling, Dirt, RCUK and RideUK.
Accountants, Chamberlain & Co, have been appointed to oversee the liquidation.
While the Factory Media company itself was sold to Forward Internet Holdings in 2012 it continued to operate as a separate company.
The accounts for Factory media have painted a picture of a company struggling to survive for the last few years with auditors Ernst & Young LLP posting notes to the companies accounts as long ago as 2015 of their concern over the viability of the company. The official auditors line on the accounts states, The audit report states that ther…
Read the full article at: https://singletrackworld.com/2018/09/dirt-total-womens-cycling-rideuk-owners-file-for-voluntary-liquidation-factory-media-rcuk/
People living in Sefton are the most likely in Merseyside to go bankrupt.
New data shows a total of 3,141 people in the region either declared insolvency, took on a debt relief order (DRO) or accepted an individual voluntary arrangement (IVA) to manage their debts in 2017.
Of those, 146 were aged under 25.Some 42 of those were in Liverpool, 40 in the Wirral, 35 were in Sefton, 17 in St. Helens and 12 in Knowsley.
Of the total, 92 agreed IVAs, 46 signed DROs, and eight were declared bankrupt – including four youngsters in Liverpool alone.
Among adults of all ages, Sefton had the highest rate of insolvency in 2017.One in 322 adults in the borough fell into individual insolvency during the year.
In St Helens it was one in 336, in…
Read the full article at: https://www.liverpoolecho.co.uk/news/liverpool-news/shocking-scale-under-25s-going-15129853
THQ NORDIC
Kingdoms of Amalur Reckoning: THQ plots new PS4, Xbox release after buying rights to IP
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Latest news:
THQ Nordic has now purchased the rights to Kingdoms of Amalur from the developer 38 Studios.
The developer declared bankruptcy after missing a loan payment shortly after the release of the game.
Before they became bankrupt there had been talks of a sequel, and EA were reportedly favourable to the idea.
Now THQ have suggested they will evaluate the viability of sequels and new content.
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Overview:
Kingdoms of Amalur: Reckoning is an action role-playing video game which was released in 2012.
The game was developed by Big Hug…
Read the full article at: https://www.dailystar.co.uk/tech/gaming/728241/Kingdoms-of-Amalur-Reckoning-new-game-release-date-THQ-Nordic-PS4-Xbox-One
The National Company Law Tribunal (NCLT) Hyderabad has extended by 90 days the deadline for Lanco Teesta Hydel Powers(LTHPPL) corporate insolvency resolution.
The insolvency petition was filed by ICICI Bank. Ratakonda Murali, Judicial Member, said, I am satisfied that the Corporate Insolvency Resolution Process is to be extended by 90 days, beyond 180 days as per the Insolvency and Bankruptcy Code.
The resolution period, which comes to an end on September 12, 2019, now gets extended.
Huzefa Fakhri Sitabkhan, NCLT-appointed Resolution Professional sought the extension. The Resolution Professional contended that the CIRP has reached an advanced stage and the time for submission of the resolution plans is expiring. Ten resolution applicant…
Read the full article at: https://www.thehindubusinessline.com/companies/nclt-gives-lanco-teesta-90-day-extension-for-insolvency-resolution/article24896506.ece
It’s been 10 years since Iceland’s economy crashed, but Asthildur Thorsdottir and her husband Hafthor Olafsson are still struggling with crippling debt and an uphill legal battle to save their family home.
After taking out what would end up being a toxic loan, the parents of two now adult sons have lived under the threat of eviction since 2012. The couple has spent countless hours and huge sums fighting to keep their house.
“I don’t know whether I would have started all this if I’d known it would take so much from our lives,” says Asthildur, a 51-year-old grammar teacher.
She and her husband bought their home 11 years ago, shortly before Iceland’s inflated banking system crashed.
They wanted more space than what their two-bedroom apar…
Read the full article at: https://au.news.yahoo.com/mortgage-doubled-iceland-families-bearing-cost-crash-044552134–spt.html
Factory Media, the parent company of fifteen websites and magazines, including six cycling titles, is entering liquidation, road.cc has learned.
Factory, which was founded in 2006, owned and operated Road Cycling UK, Total Womens Cycling, Ride UK, Dirt Mountain Bike and Bike Magic, all of which are likely to close following the news.
In a letter to creditors, dated 6 September 2018, Factorys administrators wrote that, due to its financial position the director decided to place it into creditors voluntary liquidation.
Following the shock news today, readers and contributors paid tribute to the magazines in Factory’s stable.
Cartoonist Dave Walker, known for his cartoons featuring observations of cyclists’ rituals, quirks and daily l…
Read the full article at: https://road.cc/content/news/248089-factory-media-enter-liquidation
Things have suddenly gotten more complicated for Real Housewives of Beverly Hills stars Dorit and P.K. Kemsley as he has defaulted on a settlement with a Las Vegas casino. Paul Kemsley (known as P.K.) made an agreement with the Bellagio, but now a judge has ruled that the casino can garnish his wages to recoup their money.
The Blast has shared court documents that indicate that P.K. defaulted on the agreement he made with the Bellagio, and now a Las Vegas judge says that the casino now has the upper hand.
Judge Richard F. Boulware II ruled that garnishment and execution can begin at any time for the Bellagio to collect on Kemsleys gambling debt.
P.K. Kemsley owes the Bellagio…
Read the full article at: https://www.inquisitr.com/5062869/rhobh-star-dorits-husband-p-k-sued-by-bellagio-for-gambling-debt/
Debt-ridden young people in Coventry are declaring themselves insolvent before they reach their mid-twenties, it has been revealed.
New data shows a total of 527 people in the city either went bankrupt, took on a debt relief order (DRO) or accepted an individual voluntary arrangement (IVA) to manage their debts in 2017.
Of those, 34 were aged under 25.
Twenty-seven of those youngsters are known to have taken on an IVA, while seven more accepted a DRO.
A further 57 young people in Warwickshire became insolvent during the year.
Below the national average
Across Coventry, one in every 535 adults of all ages fell into individual insolvency in 2017.
The national average for England and Wales was one in 469.
In Warwickshire , the fi…
Read the full article at: https://www.coventrytelegraph.net/news/coventry-news/alarming-number-coventry-young-people-15127424
Fashion designer Lisa Ho, pictured at Waverley Local Court in 2017, had money stolen by Hamish McLaren.
Photo: Jessica Hromas
The renowned designer was introduced to McLaren through her ex-husband in late 2011 and paid him $850,000 of her superannuation with the expectation he would invest it. McLaren deposited $100,000 with a now-bankrupt investment company but spent the remainder as he liked.
Ms Ho launched legal proceedings and was able to recover $500,000 after successfully applying to have McLaren declared bankrupt. In an email to the Herald this week, Ms Ho said she was in contact with other victims and some had lost everything.
According to agreed facts tendered to the court, McLaren met one of his victims at a Bondi surf shop and com…
Read the full article at: https://www.smh.com.au/national/nsw/conman-hamish-earle-mclaren-admits-to-fleecing-victims-of-7-million-20180905-p501vp.html
The Real Housewives of Beverly Hills star Dorit Kemsleys husband, Paul PK Kemsley, may soon discover his pockets are a little lighter, as a Las Vegas judge has ruled that the Bellagio casino can begin garnishing his wages to pay back his massive $2 million gambling debt.
According to court documents, the judge granted the casinos plea for a judgement after PK, 51, defaulted on a previous settlement agreement related to the $3.6 million casino debt hes been working to pay off for years.
The court order, dated Sep. 6 and obtained by The Blast, states that garnishment and execution can begin, meaning that the Bellagio can now start going after income and assets in his possession.
The legal drama started in 2013 after PK was sued by the casin…
Read the full article at: https://realityblurb.com/2018/09/07/judge-rules-rhobh-star-paul-pk-kemsley-will-have-his-wages-garnished-in-2-million-casino-debt-case/
A JOINT fraud complaint to Queensland Police has alleged that one of Australia’s top four banks exposed 600 small businesses to $30 million in losses to allow it to recover more than $18 million it was owed by a failing builder.
The complaint by two Sunshine Coast small business men, which is supported by NAB and Walton Construction Queensland records, alleged the bank not only knew by at least mid-2012 the company was in trouble but actively engaged in propping it up so it could recover its money.
It described the bank’s motive as being that the Walton Group (including WCQ) was insolvent; NAB’s wish to exit their relationship with the Walton Construction Group and recover a $22.5million debt; Walton Construction (Qld) w…
Read the full article at: https://www.sunshinecoastdaily.com.au/news/exclusive-subbies-fraud-claim-names-bank/3515839/