Honeypot Cafe owner Brendan Alcock.
Christchurch’s Honeypot Cafe has gone into liquidation for a second time, owing at least $250,000.
Owners Brendan and Sophie Alcock took over the Colombo St cafe on August 7, 2013, after the previous company,running it went into liquidation.
The couple, who were new to the hospitality industry, were now trying to sell the business after their company, Sanders Ltd, also went into liquidation.
An initial liquidators report said the company owed at least $250,000.
Liquidators were appointed on Nov…
Read the full article at: http://www.stuff.co.nz/business/75205642/Christchurchs-Honeypot-Cafe-goes-into-liquidation-again
A U.K. court approved a debt restructuring at Spanish-based Codere SA, cementing Londons role as a legal hub for troubled companies worldwide.
Judge Guy Newey ruled that the case fell within the courts jurisdiction. A preliminary ruling questioned whether Codere could restructure 1.2 billion euros ($1.3 billion) of bonds issued under New York law in the British capital, as the gaming company historically had no U.K. operations.
The ruling supports a decade-long trend of judges relaxing rules on whether companies with few links to the U.K. can restructure in London. More than 30 overseas businesses, based in countries including Vietnam and Ukraine, have used U.K. courts for debt reorganizations since 2009, drawn by the stability of London …
Read the full article at: http://www.bloomberg.com/news/articles/2015-12-17/u-k-court-boosts-global-restructuring-role-with-codere-ruling
RIGA, Dec. 17 (Xinhua) — A lawsuit has been filed against Latvia’s KVV Liepajas Metalurgs steelmaker in which the plaintiff asks court to declare the company insolvent over an outstanding six-figure debt.
Information on the website of the Latvian Insolvency Administration shows that the city court in the southwestern Latvian city of Liepaja is scheduled to hear the case on Dec. 29.
The insolvency lawsuit has been filed by Elme Messer Metalurgs, an Estonian-owned producer of industrial gases which has been supplying oxygen to KVV Liepajas Metalurgs.
Elme Messer Metalurgs claims KVV Liepajas Metalurgs failed to pay for the oxygen and has run a six-figure debt to the supplier.
The legal action is worrying the Latvian government as KVV…
Read the full article at: http://www.globalpost.com/article/6707330/2015/12/17/latvian-steel-company-faces-six-figure-insolvency-lawsuit
Learn more about Ara on NerdWallets Ask an Advisor
If youve graduated and started working, and yet you still feel overwhelmed by your student loan payments, there are ways to lessen the load. Federal student loan borrowers may be eligible for a government repayment plan that caps monthly payment amounts based on income.
Pay As You Earn, or PAYE, is one of the Department of Educations income-driven repayment programs. It was passed into law by President Obama in 2012, and limits monthly loan payments to 10% of a borrowers discretionary income. It doesnt replace the Income-Based Repayment, or IBR, program which limits monthly payments to 15% of a borrowers discretionary income because you mus…
Read the full article at: https://www.nerdwallet.com/blog/advisorvoices/pay-as-you-earn-plan-can-help-graduates-overwhelmed-by-debt/
Last weeks Finance Bill 2016 gave more detail of the changes to the taxation of company distributions — an area which was ominously foreshadowed for reform in the 2015 Autumn Statement, writes David Whiscombe, partner at tax advisory BKL.
Although the following analysis is based on the only limited HMRC guidance available so far and the bills proposals (which may be changed before passing into law), it is clear that these changes will impact the way in which the proceeds received by a shareholder on the liquidation of a company will be taxed.
Who is potentially affected?
Any individual receiving a distribution on a winding-up of a company. This includes a contractor who is the sole employee and company director winding up their PS…
Read the full article at: http://www.contractoruk.com/news/0012351why_distributions_winding_never_looked_so_taxing.html
Former South African Airways board member Russell Loubser recently reflected on his decision to step away from the group in a hard hitting interview with Biznews.coms Alec Hogg. In the interview former JSE CEO Loubser said everything thats happened to the state-owned airline was entirely predictable, and in his view the chairperson and directors had long since lost any pretense at running it like a business. Given the judgement today that granted media houses permission to publish a secret memo, the words of Loubser are bearing the ugly truth. It also comes at a time when global airlines are profitable with the main input cost, oil, trading at below $40 a barrel. The leaked memorandum said the airline was insolvent, while the board was…
Read the full article at: https://www.biznews.com/leadership/2015/12/17/leaked-memo-saas-reckless-board-on-insolvent-path/
…
Read the full article at: http://www.prnewswire.com/news-releases/trina-solar-announces-restructuring-of-downstream-business-management-300194411.html
Romanias Government considers postponing the personal insolvency laws implementation.
The Justice Ministry has come up with the proposal, following a request of the Superior Council of Magistracy (CSM). Romanias justice system doesnt have the necessary staff and lacks the time to hire specialists until the end of the year, according to CSM, reports local Digi24.
The personal insolvency law should enter into force at the beginning of 2016. However, the Government could draft a bill to postpone the date when the law comes into force, said the Government spokesman Dan Suciu.
Romanias Parliament adopted in May the personal insolvency l…
Read the full article at: http://www.romania-insider.com/romanias-government-could-postpone-personal-insolvency-law-implementation/161876/