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THERE is expected to be a surge in the number of people seeking help over debt next week.
Bridport and District Citizens Advice is expecting more people next week seeking help with debt problems and the last day of January is expected to be its busiest day of the year.
It regularly provides assistance to those seeking help on a wide variety of debt concerns, such as rent and council tax arrears, credit card debt and unsecured loans, and with many still facing bills from Christmas these problems are normally greatest at the end of this month.
Rovarn Wickremasinghe, manager of Bridport and District Citizens Advice, said: We regularly find growing demand for debt advice in the second half of January. Christmas, …
Discount supermarket chain NQR, owned by the founders of the Baker’s Delight chain, has gone into voluntary administration putting 351 jobs at risk unless a buyer is found.
NQR, which has 18 stores across Victoria, appointed Luke Targett and Bruno Secatore from Cor Cordis as administrators on Wednesday.
The chain has 18 stores around Victoria. Photo: Everard Himmelreich EJH
Mr Targett said stores will continue to trade as normal while the business is put up for sale as a going concern.
Most of the stores are profitable and making a contribution; theres a couple that were going to have to have a look at, but thats all part of assessing the business,” he said.
I believe theres a solid profitable core business there and tha…
NEW DELHI: The government is considering a proposal to extend the time limit for the bankruptcy resolution process by up to 60 days following recent changes in the Insolvency and Bankruptcy Code (IBC) that have led to a reset in the process in many cases, said officials aware of the matter.
This could mean more time for the 12 big cases undergoing resolution that were on the first list sent by the Reserve Bank of India (RBI) to banks in June, calling on them to be referred to the National Company Law Tribunal (NCLT). These companies account for about 25% of all non-performing loans.
Apart from this, the government has also reassured investors over concerns such as forest clearances and stamp duty exemptions, telling them thes…
Creditors of failed manufacturing companies Ballarat Windows and Doors and Lontana have been advised they are likely to be left high and dry, with the companies owing more than $1.7 million.
Ballarat Windows and Doors and associated company Lontana both went bust in 2017.
Ballarat Windows and Doors sold its business and assets to Lontana in late 2016, with the latter company agreeing to take over existing contracts and works in progress.
However both companies went into liquidation within a month of each other in September and October last year. A report prepared by liquidator Robert Woods stated Ballarat Windows and Doors owed unsecured creditors more than $1.7 million, however this may increase if creditors submit additional claim…
The future of Rolling Stone Australia has become clouded with the announcement that the local publishers of the iconic magazine have gone into liquidation.
As reported by Mumbrella, the company holding the Australian rights, Paper Riot, was placed into liquidation this past Wednesday (24 January).
Rolling Stone Australia editor, Matthew Coyte, founded Paper Riot in 2013 to take over publishing rights from Bauer Media.
Electrovaya Inc. says its Litarion subsidiary in Germany has begun insolvency proceedings as a result of a cash shortage that arose after its automotive customers took longer than expected to place large battery orders.
Mississauga, Ont.,-based Electrovaya says it doesn’t expect Litarion’s insolvency will affect the parent company’s ability to fulfil current and future customer orders for its lithium ion battery systems.
Among Electrovaya’s customers is Walmart Canada, which placed a $4.3-million order last year for drop-in lithium ion battery systems to power forklifts at a distribution centre.
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Prior to the Walmart Canada order in September, Electrovaya was awarded $3.8-million under a f…
A bloody public brawl between two brothers witnessed by residents in Yuen Long this week was the culmination of months of resentment sparked by claims the younger siblings girlfriend was born in the wrong year, the pairs mother said today.
The brothers surnamed Wong and identified by local media yesterday as 32-year-old Ah Keung and 20-year-old Ah Kit fought at the Long Ping Estate on Wednesday, with Kit filmed punching and attacking Keung with a pair of scissors.
The number of corporate insolvencies edged up last year as businesses battled against headwinds including rising costs and shaky consumer confidence.
Underlying corporate failures in England and Wales rose by 2.5 per cent in 2017 compared with the previous year, figures from the Insolvency Service show. This was after the impact of a series of bulk insolvencies related to a crackdown on personal service companies, which are used to reduce contractors tax bills, was stripped out.
Duncan Swift, deputy vice-president of R3, the insolvency trade body, said that the increase was a reflection of the difficult year that firms have been through.
He added: Once exceptional events have been stripped out, there has been a small upwards trend in ins…
Personal debt rises to £1.6tn as record number of households turn to bankruptcy deals
At least 70% of UKs population are broke, says a study.
Photograph: Adam Gault/Getty Images
The number of people who went brankrupt in 2017 soared to the highest level since the aftermath of the financial crisis, according to official figures that reveal the devastating toll of mounting debts on British households.
The Insolvency Service said 99,196 people were declared insolvent in 2017 a 9.4% rise on the year before and only a shade below the peak figures recorded during the recession.
Record numbers of households are turning to bankruptcy-lite debt deals called individual…
TORONTO Electrovaya Inc. says its Litarion subsidiary in Germany has begun insolvency proceedings as a result of a cash shortage that arose after its automotive customers took longer than expected to place large battery orders.
Mississauga, Ont.,-based Electrovaya says it doesnt expect Litarions insolvency will affect the parent companys ability to fulfil current and future customer orders for its lithium ion battery systems.
Among Electrovayas customers is Walmart Canada, which placed a $4.3 million order last year for drop-in lithium ion battery systems to power forklifts at a distribution centre.
Prior to the Walmart Canada order in September, Electrovaya was awarded $3.8 million under a federal program to fund development o…
TORONTO Electrovaya Inc. says its Litarion subsidiary in Germany has begun insolvency proceedings as a result of a cash shortage that arose after its automotive customers took longer than expected to place large battery orders.
Mississauga, Ont.,-based Electrovaya says it doesn’t expect Litarion’s insolvency will affect the parent company’s ability to fulfil current and future customer orders for its lithium ion battery systems.
Among Electrovaya’s customers is Walmart Canada, which placed a $4.3 million order last year for drop-in lithium ion battery systems to power forklifts at a distribution centre.
Prior to the Walmart Canada order in September, Electrovaya was awarded $3.8 million under a federal program to fund …
Experts have warned that the retail industry is on high alert following the release of 2017 insolvency figures, which revealed rising liquidation rates.
According to The Insolvency Service, 17,243 companies entered insolvency in 2017, rising 4.2 per cent year-on-year.
This was driven by an 8.3 per cent rise in creditors voluntary liquidations (CLVs) in which companies sell off their assets in order to repay creditors.
The wholesale and retail industry was reportedly the third worst hit by insolvencies, seeing 2144 companies enter liquidation last year, a rise of 2.2 per cent.
Experts have warned that the sector was particularly vulnerable due to falling consumer spending.
