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25 July 2018
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.
FORMER associates of Kimberley Kampers director Todd Cannock have raised questions about his conduct in recent months as it emerges he “repossessed” the former owner’s four wheel drive in a bizarre move.
Bruce Loxton, who successfully ran Kimberley for 14 years until the financial fallout of a marriage breakup forced him to bring a partner into the business, has spoken about his “embarrassment” about the management of the company over the last 12 months.
Mr Loxton put Kimberley into voluntary administration late last year, where it remained until Mr Cannock, a partner who invested in 2016, bought out the business in full in February.
A former senior executive with European multinational ABB before taking over Kimb…
Read the full article at: https://www.northernstar.com.au/news/kimberley-directors-bizarre-move-before-collapse/3477299/
- Under Armours North America revenues increased for the first time in a year, showing signs that the companys efforts to turn around its business could be taking hold.
- But a pervasive identity crisis threatens to derail its nascent recovery, according to analysts.
- Shoppers are confused about what Under Armour stands for due to its lack of focus on any particular sport, and its decision to expand into discount stores like Kohls undermines the brands value proposition, according to Neil Saunders, the managing director of retail consulting firm GlobalData Retail.
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At the same time, Under Armour is facing increased competition in the United States from Nike,Adidas, and countless …
Read the full article at: http://uk.businessinsider.com/under-armour-is-facing-an-identity-crisis-2018-7
- Under Armour edged out Wall Street estimates on both the top and bottom lines in Thursdays second-quarter earnings announcement.
- It saw North American sales increase for the first time in year.
- The apparel maker says it will take about $US80 million in additional restructuring charges.
- Shares are up 5.5% in early trading.
- Watch Under Armour trade in real time here.
Under Armours second-quarter earnings results edged out Wall Street estimates on both the top and bottom lines, sending shares up 5.5% ahead of the opening bell on Thursday.
The athletic-apparel maker posted an adjusted loss of $US0.08 a share as revenue climbed 7% to $US1.2 billion. Wall Street an…
Read the full article at: https://www.businessinsider.com.au/under-armour-earnings-beat-north-american-sales-climb-2018-7
UPDATE, 10.55am: SACKED overnight en masse, shocked and saddened Kimberley Kamper employees have been collecting their personal items from the gated Ballina factory this morning.
Administrators from insolvency form SV Partners and a security guard have been letting workers in seven at a time into the complex in what is a coldly formal process.
Workers interviewed outside the factory expressed a mixture of surprise, shock, anger and disappointment over the sudden closure, after the business was handed over to liquidators at 5pm yesterday afternoon.
Edward Hengst, who had worked at Kimberley on and off for four years,…
Read the full article at: https://www.northernstar.com.au/news/50-jobs-axed-as-ballina-company-is-placed-into-liq/3476633/
The Chandigarh bench of the National Company Law Tribunal (NCLT) on Wednesday approved the resolution plan by single bidder Liberty House to acquire the assets of debt-laden Amtek Auto Ltd. The company was among the first list of 12 large bad loan accounts that the Reserve Bank of India (RBI) identified for insolvency resolution.
The division bench of justice R.P. Nagrath and technical member Pradeep R. Sethi approved the resolution plan following an insolvency plea filed by Corporation Bank against the auto component manufacturer.
Liberty House is part of the Sanjeev Gupta-led global industrial group GFG Alliance.
This is a very significant m…
Read the full article at: https://www.dealstreetasia.com/stories/liberty-house-nclt-amtek-auto-103315/
MUMBAI: Mumbai-based power transmission and distribution company Jyoti Structures has been ordered to be liquidated by the National Company Law Tribunal (NCLT) after lenders could not agree with a resolution plan within the stipulated deadline.
The company owed lenders a total of Rs 8,000 crore and was among the 12 companies which the Reserve Bank of India (RBI) had directed to the bankruptcy courts in June 2017. It was admitted to the NCLT under the Insolvency and Bankruptcy Code (IBC) in July 2017.
In an oral order delivered on Wednesday, NCLT judges BSV Prakash Kumar and Duraiswamy ordered liquidation of the company since a resolution could not be agreed upon way beyond the 270-day deadline as prescribed by the NCLT.
The resolution…
Read the full article at: https://economictimes.indiatimes.com/markets/stocks/news/nclt-clears-way-for-liquidation-of-jyoti-structures/articleshow/65143259.cms
MPs have called for greater support to help UK households that struggle financially, to help them deal with debt and encourage saving.
Members of the Treasury Committee also called for the Lifetime ISA (individual savings account) nicknamed ‘Lisa’, to be scrapped due to its “perverse incentives and complexity”.
The call came with number of recommendations, following the MPs’ inquiry into UK household finances, including incomes, saving and dealing with debt.
As part of the inquiry MPs received oral and written evidence from the Financial Conduct Authority, pawn and rent-to-own businesses such as The Cash Shop and Brighthouse, as well civil society body Citizen Advice and debt charity StepChange.
The committee said: “T…
Read the full article at: https://news.sky.com/story/mps-urge-help-with-household-debt-and-savings-11448541
The Government must take urgent action to help hard-pressed households deal with debt, MPs have warned.
A report from the Commons Treasury Select Committee also calls on ministers to act now to tackle a looming crisis caused by 12million people not saving enough into pensions.
It comes after figures from the Money Charity revealed Britains personal debt mountain which includes mortgages – hit £1.58trillion in May – up from £1.54trillion a year ago.
The average amount of debt per adult is now £30,670, or around 113.8% of average earnings. That’s £900 more per person than this time last year.
Todays Treasury Committee report says too many families have too much debt and dont have any rainy-day funds.
I…
Read the full article at: https://www.mirror.co.uk/money/families-need-more-debt-help-12979650
A Braddon candidate declared bankrupt a decade ago says he won’t pull out from this weekend’s by-election even though he’s likely to be ineligible to sit in parliament.
Australian People’s Party candidate Bruno Strangio was declared bankrupt in 2008 – undischarged bankrupts are ineligible to sit in parliament.
Bruno Strangio,
He was one of 13 candidates across five by-elections who refused to sign optional forms setting out how they are eligible to enter parliament if they win.
But Mr Strangio told AAP he’d deal with any eligibility issues in the very unlikely event he won.
“Why would anyone want to pull out of the running of the race?,” he said on Wednesday.
“Winning is going to be hard but why would anybody want to resign, or withdr…
Read the full article at: https://www.camdenadvertiser.com.au/story/5547210/braddon-candidate-was-declared-bankrupt/?cs=8
Scottish personal insolvency numbers rise
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Getty ImagesThe number of personal insolvencies in Scotland rose between April and June, according to new figures.
Accountant in Bankruptcy (AiB) reported 3,208 bankruptcies and protected trust deeds (PTDs) during the first quarter of the financial year.
The figure was up 11.8% on the same period last year, and 26.6% higher than the previous quar…
Read the full article at: https://www.bbc.co.uk/news/uk-scotland-scotland-business-44954930
Hard-pressed households need stronger action to help them deal with debts and save for a rainy day and a pension, MPs have urged.
The Treasury Committee also called for the Lifetime ISA to be scrapped due to its perverse incentives and complexity.
…
Read the full article at: https://www.independent.co.uk/news/business/news/household-debt-government-help-scrap-lifetime-isas-says-treasury-committee-a8463766.html
More Scots are falling into serious financial difficulty as inflation and slow wage growth affect household budgets.
Figures from the Accountant in Bankruptcy showed more than 3,200 people entered personal insolvency between April and June, a rise of almost 12 per cent compared with the same period last year.
The increase followed a 27.5 per cent rise in people taking out protected trust deeds, a form of insolvency that offers protection from creditors, with 1,972 cases recorded.
In contrast personal bankruptcy declined by 6.5 per cent to 1,236. Within that figure, there was an increase in the number of minimal asset process bankruptcies, typically for people without tangible assets or savings.
There was also an increase in those taking …
Read the full article at: https://www.thetimes.co.uk/article/inflation-forces-scots-into-serious-financial-difficulty-2slt7kdcj
