Engineering boss from Peterhead, Aberdeenshire, banned from running companies for seven years after he failed to pay correct tax over four years.
Victor Craig Morrell (49) was the sole director of Specmar Ltd, a company that provided engineering support services to the oil and gas industry.
However, Specmar entered into Creditors Voluntary Liquidation in January 2017 due to difficult trading conditions and after it failed to pay thousands of pounds of unpaid tax.
After the company was wound up, investigators from the Insolvency Service looked into the conduct of Victor Morrell and his role into the failure of the company.
Investigators confirmed that over a four-year period between August 2012 and February 2016, Victor Morre…
Read the full article at: https://www.miragenews.com/outstanding-tax-lands-engineering-boss-with-7-year-ban-uk/
The share price of Australian Pharmaceutical Industries Ltd(ASX: API) has been on a roller coaster ride over the last 2 years. After reaching a high of $2.38 in May 2017, the companys shares were sold-off on fears that it would not meet profit expectations amid an increasingly difficult trading environment in its retail and pharmacy distribution businesses.Rival Sigma Healthcare Ltd(ASX: SIG)has fared even worse following the loss of its Chemist Warehouse supply contract. After bottoming at $1.23 in late April 2018, shares of Australian Pharmaceutical Industries have enjoyed a bounce with the $127 million acquisition of Clearskincare Clinics in
The share price of Australian Pharmaceutical Industries Ltd (ASX: API) has been on a roll…
Read the full article at: https://www.fool.com.au/2018/10/22/is-it-time-to-buy-shares-in-australian-pharmaceutical-industries-ltd-asxapi/
Tata Consultancy Services (TCS) has restructured its industry solutions units (ISUs), giving almost 200 employees control of them and quarterly target goals as it looks to free up senior executives to focus on long-term strategy. TCS first broke up its business into smaller units in 2008, a move that helped power growth, with revenue soaring to over $19 billion in FY18 from $6 billion in FY09.
After the companys second-quarter earnings were announced on October 11, CEO Rajesh Gopinathan said TCS had worked for two years to return to double-digit growth rates and the management would step back to look at crafting a strategy for the medium and long terms.
The second round of restructuring will help the companys topmost executives from the…
Read the full article at: https://economictimes.indiatimes.com/tech/ites/tcs-restructures-its-business-units-to-focus-on-long-term-strategy/articleshow/66309922.cms
“It is sobering indeed that of the top 50 companies in Australia by market capitalisation in 1980, only 10 remain in todays top 50. John Mullen, Chairman, Telstra
As part of the NAOS investment process, we pay particular attention to the comments made by company CEOs and business leaders in order to gain a greater understanding of the current investment environment and key trends that may be emerging. Below are quotes from the week which in our view detail some of the most important and prominent industry trends and economic factors impacting their businesses.
Retail
“During the quarter (1QFY19) and in line with our strategy, the Group increased gross profit margin as it reduced its reliance on discount-based events. Howev…
Read the full article at: https://www.livewiremarkets.com/wires/weekly-ceo-and-business-leader-insights-from-across-the-market-2018-10-21
BANGKOK — Struggling national carrier Thai Airways International is set to invest 100 billion baht ($3.06 billion) to buy 23 passenger planes, embarking on a risky expansion as it continues to search for a successful restructuring strategy.
Expansion may be an appealing option for a state-owned airline reluctant to wield the ax due to the existence of various vested interests, but that strategy could put the company into deeper trouble. Thai Airways booked a net profit only once in five years through 2017, with accumulated losses of 24.4 billion baht as of the end of June. Rival Singapore Airlines, meanwhile, continues to churn out profit.
The airplane purchase plan will be included in a management strategy that the Thai carrier intends t…
Read the full article at: https://asia.nikkei.com/Business/Companies/Troubled-Thai-Airways-pursues-a-perilous-expansion
The U.S. Mega Millions lottery jackpot swelled to a record US$1.6 billion after the 25 drawings held since the end of July including the latest on Oct. 19 failed to yield a winner.
That ties it for the largest lottery grand prize the world has ever seen. The jackpot for the rival Powerball game also reached $1.6 billion in 2016.
The odds of winning are very small, or about 1 in 303 million. You are about 400 times more likely to be hit by lightning. If every adult in the U.S. purchased just one ticket, each with a different number, there would still be a good chance about 7 percent that no winner emerges at a given drawing and the pot would grow even larger.
But once a winner is declared, a more interesting question arises: W…
Read the full article at: http://theconversation.com/how-winning-1-6-billion-in-mega-millions-could-still-lead-to-bankruptcy-105275
First port to be declared insolvent,
Fourteen companies have lined up to take over the troubled Dighi Port, whose case of bankruptcy is being heard by the National Company Law Tribunal. Earlier supported by debt-laden IL&FS and currently run by
Dighi Port Limited in Raigad district is the first port to land in the NCLT, facing bankruptcy proceedings under the Insolvency and Bankruptcy Code (IBC). The
Read the full article at: https://mumbaimirror.indiatimes.com/mumbai/other/14-firms-set-to-bid-for-takeover-of-dighi-port/articleshow/66289189.cms
UP to 60 investorswho were given personal guarantees by property developer and former Irish rugby team manager Pat Whelan over a failed multi million euro property investment scheme are to receive a tiny fraction of their money back as part of a insolvency arrangement.
It is estimated that each of the investors,includingformer Ireland and Munster captain Paul OConnell, will receive an average of just 76 despite having invested a combined 1.5 million.
The group had been asked to invest in a 13.4 million mezzanine finance scheme to fund aproperty development at Londons Earls Courtahead of the London Olympics in 2012.
Mezzanine financingis a hybrid ofdebtand equityfinancingthat gives the lender the right to convert to an equity int…
Read the full article at: https://www.limerickleader.ie/news/home/342724/limerick-investors-in-failed-london-schemeto-get-a-fraction-oftheir-money-back.html
EGGHEADS star CJ de Mooi has declared himself bankrupt following an extradition battle with murder cops in Holland.
The former BBC quiz master filed his bankruptcy paperwork with Reading Insolvency Service on September 26.
BBC
Its believed he racked up a fortune in legal bills fighting extradition to the Netherlands where police wanted to question him about a confession in his 2015 autobiography that he may have killed a mugger 30 years ago.
The stars book My Journey From the Streets to the Screen said of the incident in Amsterdam: I was in a phone box and this old guy, obviously a massive drug user, came up behind me with a knife in his hand.
“He told me to turn around, open my bag and give him whate…
Read the full article at: https://www.thesun.co.uk/news/7539012/eggheads-cj-de-mooi-bankrupt/