FRANKFURT, Dec 15 (Reuters) – German sex shop group Beate Uhse has filed for insolvency after failing to secure financing from a group of investors.
The company, started in 1946 by a former female pilot with the same name, said on Friday the insolvency did not apply to its subsidiaries, which means its shops will remain open as it tries to restructure.
“We are taking a path that we are confident…
Read the full article at: http://www.dailymail.co.uk/wires/reuters/article-5182815/German-sex-shop-chain-Beate-Uhse-files-insolvency.html
Former Plymouth Argyle goalkeeper Rab Douglas is emerging from a dark period of his life as an investment left him declared bankrupt at the start of 2017.
Douglas, who was loaned to the Pilgrims as an emergency in March 2008, was a director with Eclipse Film Partners No.4 and they allowed investors the chance to claim tax relief through investing in film production.
The 45-year-old has slammed the financial advisers who touted the film investment scheme to him, leaving him with debts of £210,000.
Douglas wasn’t the only football star to be affected by this scheme and he was declared bankrupt in January.
In April 2016, the Supreme Court upheld a judgment that one of the biggest partnerships, Eclipse 35, was a tax-avoidance scheme.
HMRC …
Read the full article at: http://www.plymouthherald.co.uk/sport/football/football-news/former-plymouth-argyle-loan-star-932532
Top state law enforcement officials sued Education Secretary Betsy DeVos on Thursday for failing to process debt relief claims submitted by former Corinthian Colleges students. (Jim Lo Scalzo/EPA-EFE/REX/Shutterstock)
Pressure is mounting on Education Secretary Betsy DeVos to take action on thousands of federal student loan forgiveness applications languishing at the U.S. Department of Education.
On Thursday, California Attorney General Xavier Becerra sued DeVos and the department for failing to process more than 50,000 debt relief claims submitted by former Corinthian Colleges students. The case is similar to a separate lawsuit filed the same day by the attorneys general of Massachusetts, New York and Illinois alleging that the Tru…
Read the full article at: https://www.washingtonpost.com/news/grade-point/wp/2017/12/14/betsy-devos-hit-with-two-lawsuits-in-one-day-over-backlog-of-student-debt-relief-claims/
London (AFP) – Ryanair on Friday offered to recognise unions for the first time as the Irish no-frills airline faces its first strike action by pilots going into the festive period.
Ryanair offers union recognition as pilot strikes loom
“Christmas flights are very important to our customers and we wish to remove any worry or concern that they may be disrupted by pilot industrial action,” Ryanair chief executive Michael O’Leary said in a statement announcing a conditional offer to recognise pilot unions in Britain, Germany, Italy, Spain and Portugal.
O’Leary’s statement came as Ryanair pilots and flight attendants in Italy prepared to begin a four-hour strike f…
Read the full article at: https://au.news.yahoo.com/a/38315862/ryanair-offers-union-recognition-as-pilot-strikes-loom/
Administrator KordaMentha intends grilling some of the directors and executives of Arrium in a public examination in court, as it investigates possible breaches of directors duties and potential misleading conduct over the drawing down of a last-minute refinancing facility and other loans in early 2016, just before the steel company collapsed.
A report to creditors by KordaMentha, which sold the Australian assets of Arrium to companies run by British billionaire Sanjeev Gupta in August and saved 3000 jobs, revealed it had found “several categories of debts or claims which may give rise to insolvent trading claims”.
“These claims principally relate to the drawing down of the GSO interim refinance facility in March and April 2…
Read the full article at: http://www.afr.com/business/energy/arrium-directors-to-be-grilled-in-court-over-potential-breaches-20171214-h051er
F
ive years ago, Companion DX Reference Lab hoped to cash in on cutting-edge genetic tests paid for by Medicare.
The Houston lab marketed a test to assess how a persons genes affect tolerance for drugs such as opiates used to treat chronic pain. It also ran DNA tests to help treat cancer and urine screens to monitor drug abuse.
But the lab went bust last year after Medicare ordered it to repay more than $16 million for genetic tests health officials said were not needed.
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Companion DX is one of at least six clinical labs mired in bankruptcy court after Medicare alleged they improperly billed the government for unnecessary urine, genetic, or heart disease tests expected to cause hundreds of millions dollars in losses t…
Read the full article at: https://www.statnews.com/2017/12/15/genetic-testing-medicare-overcharges/
SINGAPORE: From January next year, borrowing rules will be tightened for those heavily in debt, the Monetary Authority of Singapore (MAS) announced on Friday (Dec 15).
A borrower with outstanding unsecured debts exceeding six times his monthly income will not be able to tap on new unsecured credit lines. This means he cannot get an increase in his existing credit limit or obtain new unsecured credit that will cause his total credit limit to exceed 12 times of his monthly income.
Unsecured credit involves loans that are not backed by collateral, like debts arising from the use of credit cards for instance.
Secured or exempted loans, such as loans for business, education or medical purposes and mortgages, will not be affec…
Read the full article at: https://www.channelnewsasia.com/news/singapore/borrowing-rules-unsecured-credit-debt-mas-9500890
RugbyWA is out of voluntary administration after Rugby Australia waived a legal debt of more than $1 million.
RA spent about $1.7 million in legal costs after RugbyWA challenged the Western Force’s axing from the Super Rugby franchise.
RugbyWA entered into voluntary administration last month, saying the axing of the Force meant it simply didn’t have the revenue stream to pay back RA’s demands.
But RA has now forgiven that debt after billionaire mining magnate Andrew Forrest promised to pump more than $2 million into grassroots and women’s rugby.
As part of Mr Forrest‘s plan, the Future Force Academy will also be resurrected to help convert amateur athletes to professional players, and it will be open to women for the first time.
RA have …
Read the full article at: https://www.businessnews.com.au/article/RugbyWA-out-of-voluntary-administration
Change fatigue and the lack of pay increases has had an impact on the behaviour of Australias office workers.
Generally, Australians are sticking to their current jobs, keeping their heads down and working harder, according to the latest CEB Global Talent Monitor survey.
However, CEB, now Gartner, has detected a flow on effect from a combination low wage growth and restructuring theres been a rise in employee misconduct, including pretending to be sick to have a day off.
Workers have become disengaged and apathetic, reasoning that if their managers keeping changing and if they dont get a pay rise, why should they care?
CEBs third quarter survey shows 20% of employees reporting a high willingness to go above…
Read the full article at: https://www.businessinsider.com.au/a-lack-of-pay-rises-and-constant-change-are-behind-a-rise-in-bad-behaviour-in-australian-offices-2017-12
South Australia’s Spring Gully Foods has cleared its multi-million-dollar debt, with the help of the public, after entering voluntary administration four and a half years ago.
The brand, known for its pickled onions and chutneys, today dispatched its final cheques to creditors, paying them 102 cents in the dollar as a gesture of goodwill.
The family-owned company entered voluntary administration in April 2013, after a downturn in sales left them with debts of close to $5 million.
The announcement prompted a huge community response, wit…
Read the full article at: http://www.abc.net.au/news/2017-12-15/spring-gully-foods-clears-debts/9263148
THE new owners of the Gold Coast Titans have taken their first step towards long-term sustainability by appointing former Storm and Broncos chairman Dennis Watt to provide the football club expertise they have been so badly lacking.
The NRL announced on Friday that a local consortium consisting of Darryl Kelly and his wife Joanne and Rebecca Frizelle and her husband Brett had been granted the licence with a view to creating profitability that would one day allow the club to be community owned.
The NRL turned down larger financial incentives in order to grant the licence to two people who have put countless hours and millions of dollars into the club in recent years but Watts input as Gold Coasts new Executive Chairman will be the key in ta…
Read the full article at: https://www.foxsports.com.au/nrl/nrl-premiership/teams/titans/gold-coast-titans-new-ownership-confirmed-former-broncos-chairman-dennis-watt-hired/news-story/fc5cfc68a34df563c295a004f1d0e811
More than 1,000 UK employees at the worlds biggest maker of generic drugs face an anxious Christmas after Teva Pharmaceutical Industries announced plans to cut a quarter of its global workforce.
The Israeli company has launched a huge restructuring, including the loss of 14,000 jobs, most of them expected to go next year.
Debt-ridden Teva has endured a terrible year with profits squeezed by intense competition and pressure on generic drug prices in America.
The overhaul comes about two years after it agreed a $40.5 billion takeover of rival Allergans generics business amid consolidation in the industry.
As part of a two-yea…
Read the full article at: https://www.thetimes.co.uk/edition/business/teva-pharmaceutical-industries-cuts-put-uk-jobs-at-risk-kffb7ppgz