Insolvency Guardian Media Centre
The Belgian branch of 3 Suisses has been declared bankrupt, after the sales period started with a disastrous 30 % decline in turnover. Eleven jobs are under threat.
Even sales don’t help
Owner Domoti filed for bankruptcy after the summer sales had a disastrous start. A search for a new owner for the famous brand name is ongoing, but the name is generally linked to old-fashioned paper catalogues which were rendered outdated when e-commerce came into being. A large restructuring process cost 160 people their jobs in 2011, while 2014 saw the last paper catalogue and the acquisition by German group Otto.
While in Germany Otto was successful in making 3 Suisses a major competitor of Zalando, they too decided to get rid of …
Read the full article at: https://www.retaildetail.eu/en/news/fashion/3-suisses-bankrupt-belgium
Relationship breakdowns, living beyond your means and sudden income shocks are among the most common triggers for people going bankrupt, figures show.
Statistics released by the Insolvency Service show the characteristics of people applying for bankruptcy in England and Wales between the second quarter of 2014 and the first quarter of 2018.
The figures relate to debtors’ applications for bankruptcy and do not include petitions by creditors for bankruptcies.
In 16.9% of debtor application bankruptcies during this period, “living beyond means” was a reason, according to the figures.
In 14.9% of such applications, a relationship breakdown was a factor.
Other reasons related to a loss or reduction …
Read the full article at: https://www.aol.co.uk/2018/07/23/relationship-breakdowns-income-shocks-fraud-and-gambling-behin/
We would like to inform you that the 2nd meeting of Committee of Creditors of Marsons Limited will be held on 27th July 2018 at 2:30 P.m at Allahabad Bank, C.R. Avenue Branch, 113/1B Central Avenue, Kolkata- 700073. The copy of notice as given by Mr. Sanjit Kumar Nayak, Resolution Professional is enclosed herewith.
Source : BSE – www.bseindia.com
Read the full article at: https://www.thehindubusinessline.com/companies/announcements/others/marsons-limited-corporate-insolvency-resolution-process-cirp-intimation-of-meeting-of-committee-of-creditors/article24496139.ece
Forbes Burton, the Grimsby-based insolvency and company rescue specialist, has partnered with online bank Tide to offer a range of services to clients.
Customers of Forbes Burton will now be able to take advantage of extra financial support with a new system that helps streamline business accounting.
By partnering with Tide, Forbes Burton can now set up an online account for clients within 24 hours that works alongside existing systems like SAGE and QuickBooks to provide a series of exclusive benefits.
Account features and benefits being offered to customers will include:
Free online sign-up
Set-up within 24 hours
No yearly/monthly fees
A free-to-use Tide card that can be used online and in stores in the UK and abroad
Faster BACS and direc…
Read the full article at: http://www.thebusinessdesk.com/eastmidlands/news/2016288-insolvency-company-rescue-specialist-partners-online-bank-expand-financial-services-offering
ALMOST a quarter (24 per cent) of companies in the South East have suffered a hit to their finances following the insolvency of a customer, supplier or other debtor during the past six months, according to new research from R3, the insolvency and restructuring trade body.
The research found the financial impact of such exposures was described as very negative by one in ten South East companies and as somewhat negative by 14 per cent of respondents.
The figures are evidence of the so-called domino effect, where one companys insolvency will increase the insolvency risk for others.
In Q1 2018, following a spate of high profile insolvencies involving large companies such as Carillion or Toys R Us, underlying insolven…
Read the full article at: http://www.hampshirechronicle.co.uk/news/business/16370155.almost-a-quarter-of-firm-suffer-hit-due-to-customersupplier-insolvency/
Ryanair has a labor problem, and it’s about to get worse.
The low-cost carrier said Monday that higher fuel costs, rising wages and strikes by pilots and regional air traffic controllers had caused its first quarter profit to drop 20% over the previous year.
Ryanair (RYAAY) has been giving pilots raises since recognizing the right of unions to negotiate on their behalf for the first time in December. Staff costs climbed 34% in the three months ended June 30.
Adding to the pressure on its business, strikes by regional air traffic controllers caused “widespread damage” and forced the airline to cancel over 2,500 flights in the first quarter.
With additional strikes scheduled for the …
Read the full article at: https://money.cnn.com/2018/07/23/investing/ryanair-results-pilot-strikes/index.html
85 SumoSalad stores have been placed into administration, but administrators say its business as usual for the healthy eating food chain.
Last week the stores were placed into administration, with the group appointing Peter Gothard and Morgan Kelly from financial advisory and restructuring firm Ferrier Hodgson as administrators.
Last year, Founder Luke Baylis placed some stores into administration last year due to landlord disputes.
But Ferrier Hodgson Partner Morgan Kelly tells Ross Greenwood those issues have been dealt with.
Whats now occurred is that the group has been attempting to deal with its legacy issues and balance sheet problems.
They need to use the voluntary administration process again to deal with those…
Read the full article at: https://www.2gb.com/business-as-usual-as-sumosalad-keeps-on-serving/
Australias most populous state has seen a hefty 7 per cent increase in the rate of personal insolvencies, as household debt levels continue to balloon – having implications on spending for the broader business community.
Personal insolvencies in Australia rose by 5.6 per cent in the 201718 financial year, with statistics released by the Australian Financial Security Authority (AFSA) showing that the rate of personal insolvencies has increased steadily for three consecutive years.
That growth was by 4.4 per cent in 201516 and 2.1 per cent in 201617, followed by the substantial 5.6 per cent in 201718.
There were 31,859 new personal insolvencies in Australia in the last financial year, which is the highest annual number since the record of 36,…
Read the full article at: https://www.mybusiness.com.au/finance/4679-personal-insolvency-rates-rise-for-third-straight-year
KUALA LUMPUR, July 23 In future, the government will first declare Malaysians who default on their loans from the National Higher Education Fund (PTPTN) as bankrupts before they are blacklisted from leaving the country.
Deputy Education Minister Teo Nie Ching …
Read the full article at: https://www.malaymail.com/s/1655002/no-more-cart-before-horse-for-bankrupt-ptptn-borrowers-parliament-told
Mon, Jul 23, 2018 – 5:50 AM
Frankfurt
CHRISTIAN Sewing was barely two weeks into his role as chief executive officer of Deutsche Bank AG when he unveiled the outlines of a yet another turnaround plan for the German lender in April. Now shareholders say it’s time to flesh out the details.
Four of the bank’s top investors want the CEO to provide specifics on where he wants to scale back the investment bank when he reports second-quarter earnings on Wednesday. Two of those said more radical measures than what Mr Sewing has proposed are needed. The investors asked not to be identified in discussing their views.
“The crucial question for investors is just how deep of a restructuring Deutsche Bank needs to achieve sustainable profit…
Read the full article at: https://www.businesstimes.com.sg/banking-finance/deutsche-bank-owners-seek-restructuring-details
NewsWritten by Tom Williams on July 23, 2018
Australian Music Group the parent company of musical instrument retailers Allans Billy Hyde and Gallins Musicians Pro Shop has been declared insolvent during a court case involving the Australian Taxation Office (ATO), and will be liquidated.
The company was placed into voluntary administration last month, with a number of Allans Billy Hyde employees owed thousands of dollars in unpaid wages.
On Friday, 20th July, the Federal Court Of Australia ordered Australian Music Group be wound up in insolvency, and the Deputy Commissioner Of Taxations costs ($3,035.00) be reimbursed.
Ferrier Hodgsons John Lindholm has been appointed liquidator of the company, as well as the voluntary administrator alongsi…
Read the full article at: http://musicfeeds.com.au/news/allans-billy-hyde-liquidation-ato-court-case/
THE rate of personal insolvencies in Cheshire East has significantly increased over the last two years, official data has revealed.
In 2015, 14.1 adults per 10,000 were declared insolvent in Cheshire East, according to Insolvency Service figures.
However by 2017 that figure had risen to 17.6, an increase of 24.6%.
Insolvency is when someone cannot pay their debts, and has to arrange a plan with an official body to pay off creditors. This can include being declared bankrupt.
The England and Wales average is 21.4, with Stoke, in Staffordshire, having the highest insolvency rate of 45 people per 10,000 in serious debt.
The figures are comprised of people who have been declared bankrupt, t…
Read the full article at: http://www.knutsfordguardian.co.uk/news/16365506.personal-insolvency-rate-in-cheshire-east-increases-significantly-figures-show/