A judge has ordered the winding up of 10 Carillion companies at the High Court.
Mr Justice Nugee, sitting in London on Friday, heard directors of the crisis-hit construction firm concluded there was no alternative but to place the subsidiary companies into compulsory liquidation.
Lawyers for Carillion said the 10 companies, including Carillion Holdings Ltd and Carillion JM Ltd, are cash…
Read the full article at: http://www.dailymail.co.uk/wires/pa/article-5400043/Carillion-subsidiary-companies-liquidation-High-Court.html
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Nigeria sold $2.5 billion of Eurobonds as it sought to lower funding costs by using the notes to refinance higher-yielding naira debt.
Africas biggest economy on Thursday issued $1.25 billion of 12-year securities with a yield of 7.14 percent and a separate 20-year tranche, also $1.25 billion, at 7.7 percent, the finance ministry said on Twitter. Investors placed more than $11.5 b…
Read the full article at: https://www.bloomberg.com/news/articles/2018-02-15/nigeria-sells-2-5-billion-of-eurobonds-to-replace-naira-debt
JOHANNESBURG – Steinhoff International said yesterday that it had appointed Richard Heis as chief restructuring officer for the group as the troubled South African retailer wrestled with the fallout from an accounting scandal.
Steinhoff, whose more than 40 brands include Britains Poundland, revealed accounting irregularities in December, causing an 85% fall in its share price that wiped more than $10 billion (R117bn) off its market value and a raft of changes in its boardroom and leadership.
It has since been scrambling to sell assets and find short-term funds to avoid parts of its business pulling down the sprawling empire which became one of the worlds largest household goods retailers.
Heis was previously global head of restructuring …
Read the full article at: https://www.iol.co.za/business-report/companies/steinhoff-appoints-heis-to-restructure-13316339
After hearing of local families buried in medical debt, Jesse Jones and KIRO 7 set a goal: to buy as much medical debt as we could.
KIRO 7 spent $12,000 and purchased $1 million worth of medical debt owed by viewers in our region.
Related Headlines
And we forgave every cent of it.
Read the full article at: http://www.kiro7.com/news/local/how-you-can-help-jesse-jones-erase-medical-debt-for-as-low-as-5/700097728
SERIAL shonk Matthew Geoffrey Rixon is facing new charges and court dates after his extradition to Newcastle.
The convicted conman who was permanently banned from building in NSW after leaving a conga line of angry customers across the state was refused bail after being charged with six counts of dishonestly obtaining financial advantage by deception on Friday.
Rixon, 33, was taken into custody on the Gold Coast after the NSW Supreme Court issued a warrant for his arrest for twice failing to appear in court on a contempt of court charge.
Rixons location was made known to authorities after a Fair Trading NSW alert on February 2 warned customers not to deal with the convicted conman.
This warning prompted someone to come forward with vital …
Read the full article at: http://www.theherald.com.au/story/5233081/banned-builder-matthew-rixon-slapped-with-new-charges/
BANGKOK — Japanese electronics maker NEC used to be a global chip power. It also used to be a major supplier of personal computers and cellphones to Japanese companies and consumers.
But its heyday was decades ago.
In late January, the company announced it was paring 3,000 jobs as part of a midterm business plan. The blueprint also calls for a partial withdrawal from the energy business, which it had earlier decided to grow into a core earner. The plan also calls for NEC to expand its security business overseas and turn it into a pillar of growth.
The restructuring announcement came even as the company’s earnings appear to be bottoming out. The timing could leave observers thinking that NEC’s past is still be acting as a drag o…
Read the full article at: https://asia.nikkei.com/Business/Companies/Take-responsibility-for-failures-NEC-chief-tells-his-executives
By Nicholas Ibekwe
The United Kingdom branch of Christ Embassy, owned by popular Nigerian televangelist, Chris Oyakhilome, is broke and has been declared insolvent by the Charity Commission, the agency that regulates charity organisations in the country.
The ministry also admitted in its belated 2015 financial Statement (the church’s last annual return, which it published in 2017) that its subsidiary, Christ Embassy Limited, valued with a net asset of more than N1 billion (£2 million) entered into liquidation from November 1, 2016.
On its website, the Charity Commission flagged Christ Embassy as “charity insolvent”. According to the commission, a charity is considered as being insolvent when it is “unable to pay it…
Read the full article at: http://allafrica.com/stories/201802160016.html
JOHN McGrath has denied his gambling debts are out of control or in any way linked to his stake in his embattled real estate business.
Shares in McGrath Ltd were placed in a trading halt on Thursday as the company sought further information from its founder related to recent media reports about Mr McGrath, who remains a major shareholder.
Fairfax Media has claimed Mr McGrath has $16.2 million in gambling debts with betting company William Hill Australia.
And a report from News Corps The Australian claimed Mr McGrath has a $100 million margin lending facility connected to a private investment company.
McGrath Ltd advised the ASX on February 8 that Mr McGrath had confirmed there was no margin lending facility related to his stake in the compa…
Read the full article at: http://www.news.com.au/finance/business/other-industries/real-estate-mogul-john-mcgrath-has-denied-accusations-his-gambling-debts-are-out-of-control/news-story/6d871acfb214841572c9f3f7f103e067
The United Kingdom branch of Christ Embassy, owned by popular Nigerian televangelist, Chris Oyakhilome, is broke and has been declared insolvent by the Charity Commission, the agency that regulates charity organisations in the country.
The ministry also admitted in its belated 2015 financial statement (the churchs last annual return, which it published in 2017) that its subsidiary, Christ Embassy Limited, valued with a net asset of more than N1 billion (£2 million) entered into liquidation from November 1, 2016.
On its website, the Charity Commission flagged Christ Embassy as charity insolvent. According to the commission, a charity is considered as being insolvent when it is unable to pay its …
Read the full article at: https://www.thisdaylive.com/index.php/2018/02/16/uk-declares-oyakhilomes-christ-embassy-church-insolvent/
Controversy surrounding McGrath Real Estate (ASX: MEA) founder John McGrath’s alleged $16 million gambling debt has been addressed by McGrath himself in a letter to the ASX.
The statement, released to the ASX by McGrath Real Estate, sees McGrath denying the claim that he has been using company money to fund his expensive gambling habit.
McGrath admits he has an account with a bookmaker but says the account is not secured by his shares in the company.
The full statement is below:
“I am a person who values my privacy, and generally seek to avoid commenting publically on adverse media relating to me. However, the ridiculous recent press coverage seeking to link matters which are personal to me wi…
Read the full article at: https://www.businessnewsaus.com.au/articles/john-mcgrath-shuts-down-speculation-about-using-company-money-to-fund-gambling-habit.html
A BYRON Shire born estate agency which specialised in luxury high end properties has collapsed, leaving at least 35 staff out of work.
Unique Estates was founded by PR and marketing specialist Nicolette van Wijngaarden in 2008.
Ms van Wijngaarden reportedly sent a personal email to staff on Wednesday saying that wages could not be paid yesterday, as bank accounts were frozen and there were no funds.
The email stated that the business was headed for liquidation, and insolvency firm McGrath Nicol had been appointed, The Australian reported.
“I’m sorry it has come to this,” Ms van Wijngaarden reportedly wrote.
Most staff were based in the company’s main offices in Byron Bay and Sydney.
The Northern Star …
Read the full article at: https://www.news-mail.com.au/news/bank-accounts-frozen-at-luxury-estate-agency/3336314/