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Insolvency Guardian Media Centre
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A “rent to own” TV and domestic appliance firm has gone into administration and made 41 job losses.
Another 226 jobs are at risk at Bridgend-based Buy As You View (BAYV), which has 40,000 customers across the UK.
Administrators EY said the company had “continued to incur significant losses” despite major restructuring.
The business started in Pontypridd in 1972 and was at one time a major sponsor of the town’s rugby club.
The company started offering “rent to own” TVs but has branched out into deals for other electrical and domestic appliances as well as furniture.
Back in 2010, the compan…
Read the full article at: http://www.bbc.com/news/uk-wales-41124162
When the UK government found £1 billion to for Northern Ireland to secure Democratic Unionist parliamentary support, critics accused it of turning to the same magic money tree it had previously mocked others for believing in.
But it may just be that the tree is flourishing in plain sight. UK national debt is currently issued at a yield of less than 1% far below the rate of inflation (2.6% in July). And this means Britain can effectively raise money free of charge in real terms.
On paper, this is a golden age for gilts, the bonds issued by the UK Treasury named after their certificates gilded edge. The governments cost of borrowing, as measured by yields on those gilts, has fallen steadily from more than 12% in the early 199…
Read the full article at: http://theconversation.com/how-vanishing-debt-costs-helped-the-uk-forget-about-a-never-ending-deficit-83321
It was quite uncertain as to whether the preference of an Appeal under Sec.37 of the Arbitration and Conciliation Act, 1996 against the dismissal of the objection under Sec.34 would amount to an existence of dispute which debars initiation of Corporate Insolvency Process under Sec.9(1) of the I & B Code, and equally unclear about the status of pendency of an Execution Petition for the enforcement of an Arbitral Award would debars the initiation of Corporate Insolvency Process.
In a recent judgment, the National Company Law Appellate Tribunal in M/s Annapurna Infrastructure Pvt Ltd Vs. M/s Soril Infra Resources Ltd (Company Appeal (AT) (Insolvency) No.32 of 2017) has settled this long pending legal issue. NCLAT has elaborately dealt with …
Read the full article at: http://www.livelaw.in/pendency-execution-petitions-appeals-sec-37-arbitration-nclat-read-judgment/
Almost 100 jobs have been lost after a Dundee electrical and mechanical contracting firm collapsed.
Provisional liquidator Johnston Carmichael are understood to have been brought into Scottish Electric Group (SEG) on Monday, but the bank holiday meant their formal appointment as administrators was delayed.
The Courier understands that SEG, based at Dundee Technology Park, has recently been carrying out a £2.6 million fit-out contract for Balfour Beatty at the new Dundee Rail station.
SEG has links to Thomas John Stodart, the Spanish and Dubai-based businessman who was in charge of Muirfield Contracts during its high-profile failure.
The Courier visited Scottish Electric Gro…
Read the full article at: https://www.thecourier.co.uk/fp/business/business-news/500983/100-jobs-lost-dundee-electrical-contractor-plunges-liquidation/
Embattled gold junior Pamodzi Gold on Tuesday advised shareholders that a final liquidation order was granted against the company in the North Gauteng High Court in Pretoria.
Pamodzi said last month that it would not oppose the liquidation application lodged against the company by the Industrial Development Corporation.
The company owes the IDC more than R200 million and the granting of the liquidation order opens the way for an investigation into Pamodzi’s collapse.
Trading in Pamodzi was suspended from the JSE after three of the company’s four operating divisions were placed in provisional liquidation earlier this year.
While the company continued to negotiate a lifeline, its battle for survival was brought to an end by a court s…
Read the full article at: https://www.iol.co.za/business-report/economy/final-liquidation-order-granted-against-pamodzi-820980
Nigeria: Restructuring & Insolvency Review 2017
Etigwe Uwa SAN, Streamsowers & Köhn
In legal parlance, restructuring of a corporate entity is effected upon a declaration of insolvency or to avert insolvency or in some cases for the expansion of the business base of such organisation. In the case of statutory or corporate organisations, state authorities may implement the restructuring, while for private companies, private administrators effect the restructuring. A number of matters pertaining to insolvency and restructuring have occurred in Nigeria very recently; the most apparent being the power sector, where change in policy and industry reforms occasioned major overha…
Read the full article at: http://whoswholegal.com/news/analysis/article/34040/nigeria-restructuring-insolvency-review-2017/
Class action law firm Slater and Gordon is set to be owned by a consortium of international hedge funds after agreeing to a bailout that will see it emerge with a new board and strategy.
The new plan, revealed on Thursday night, will involve hedge funds, led by Anchorage Capital swapping the debt they are owed by Slater and Gordon into a 95 per cent ownership of the company. That process is expected to be finalised in mid-November.
Read the full article at: http://www.smh.com.au/business/markets/hedge-funds-to-take-control-of-slater–gordon-20170831-gy82cj.html
The killers behind four execution-style murders in Melbourne, including the death of horse trainer Les Samba, are unlikely to ever be known, police concede.
State coroner Sara Hinchey on Thursday ruled the murders of Mr Samba, brothers Vincenzo and Gerardo Mannella and businessman John Furlan would remain unsolved unless new evidence came to light.
The Coroners Court heard the deaths remained open police investigations, but Judge Hinchey found that any probe she undertook was unlikely to yield the killers’ identities.
The anti-gangland Purana taskforce investigated Mr Samba’s 2011 death and the Mannella murders in 1999, but…
Read the full article at: http://www.theage.com.au/victoria/killers-behind-four-executionstyle-melbourne-murders-may-never-be-found-police-20170831-gy8bmb.html
Leading Senior Constable King Taylor, the counsel assisting the state coroner, recommended the files be closed, as police had investigated as far as they could.
Les Samba
The South Australian-based trainer was in Melbourne for horse sales when on the night of February 27, 2011 he organised to meet someone in Middle Park and was shot dead, once in the back and then in the head as he lay on the road.
Two guns were used.
The court heard a man was seen running from Beaconsfield Parade, while another person was seen crouching near a tree on the footpath.
Vincenzo’s brother Gerardo Mannella was killed later that year.
Photo: Supplied
Mr Samba, 60, was known to associate with organised crime figures and was investigated by the ATO in 2001 for an unex…
Read the full article at: https://www.brisbanetimes.com.au/national/victoria/killers-behind-four-executionstyle-melbourne-murders-may-never-be-found-police-20170831-gy8bmb.html
Citizens Advice said that nearly one in five people struggling to pay their existing debts had seen their credit card limit increased higher than for cardholders in general.
The news comes just months after it emerged that more than 700 people in Shropshire contacted debt charity StepChange for help with debts totalling £11.4 million during the first six months of last year.
Citizens Advice said poor affordability checks by lenders were making people’s financial situations worse.
Citizens Advice said 18 per cent of those struggling financially had seen the limit increased without request, compared with 12 per cent overall.
The charity has called for a ban on increasing customers’ credit limits without their explicit consent.
Jac…
Read the full article at: https://www.shropshirestar.com/news/2017/08/31/credit-card-companies-fuelling-debt/
David Koch explains how to pick a policy that’s right for you
The companies operated tours across Australia, including to the Northern Territory. Picture: iStock
HUNDREDS of holiday-makers have had their travel dreams dashed and may be thousands of dollars out of pocket with the collapse of two popular tour group operators.
M J Reed Pty Ltd and Reed Holidays Pty Ltd, two Melbourne-based companies that operated Seniors Coach Tours, Young at Heart Holidays and Australian Air Travel, have been placed into voluntary liquidation, leaving about 1000 customers in the lurch.
The companies were appointed administrators on August 21, which triggered the sudden cancellation of trips that were already underway around Australia and left holiday-makers…
Read the full article at: http://www.news.com.au/travel/travel-advice/money/senior-travellers-in-the-lurch-with-collapse-of-reed-travel-companies/news-story/ec739c7c8805c13ac43dbbcb9ba19e22
A Canberra woman whose life was nearly ruined by an addiction to poker machines is calling on policy makers in Western Australia to continue to resist any change to the state’s pokie laws.
Unlike in the eastern states,where pokies can be seen in just about every pub, bar and club while governments rake in billions from their trade, WA only allows them at Perth’s Burswood Casino.
Twice-jailed former WA premier Brian Burke – whose government helped bring Burswood to life in the 1980s – said in his recently published autobiography that “very unfairly, the policy penalises WA in the carve-up of federal funding, with the other states and the Commonwealth saying WA has not maximised its own tax-gathering potential because of the lower tax tak…
Read the full article at: http://www.busseltonmail.com.au/story/4891808/former-gambling-addict-urges-wa-to-continue-to-resist-pokies/?cs=7