Insolvency Guardian Media Centre
The meeting was told an investigation was ongoing into whether the business had traded while insolvent – meaning the business continued operating despite being unable to pay its debts. If proven, Kellock could be personally liable for some of the unpaid debts.
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“[Which means] the parties could pursue them [the directors], and if they can’t pay, they could potentially be made bankrupt,” Gammel said.
The company owes at least $391,000 to employees and a total of more than $2.9 million to unsecured creditors. About $382,000 of that is debt from related-party loans.
Gammel confirmed that employees would only be paid after BizCap – a secured creditor that had loaned money to the business.
“We’re working on trying to get some…
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SINGAPORE – An undischarged bankrupt misappropriated about $470,000 from more than 200 people who had signed up for a package to perform the umrah – an Islamic pilgrimage to Mecca in Saudi Arabia.
The customers received no news about arrangements for the trip, and found out in November 2015 that it would not take place.
Suwandi Marchuke, 58, was initially expected to be sentenced on Sept 3
, but his mitigation and sentencing will now take place on Oct 16.
After a trial, District Judge Shaiffudin Saruwan convicted him in July of one count each of criminal breach of trust and acting as a manager of a company called Bil Hikmah Consultants from around September 2014 to March 2016 while he was a bankrupt.
The judge also found…
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A Brisbane trucking company has collapsed into voluntary administration after 23 years of operation.
ASIC records show Newnham Trucking, based near Logan in Brisbane’s south, entered voluntary administration this week after it stopped trading in June.
The Courier Mail reported the company owed about $1m in debts.
A creditors’ meeting has been scheduled for next week to receive an administrator’s report and statement about the business and whether it should be wound up.
The company is owned by Graeme Newnham, who also operates Express-West Transport and Newnham Trucking 2.
Newnham Trucking’s collapse follows XL Express entering administration with a reported $41.9m in debts in June, and trucking company DJK Transport going into…
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BDO Debt Solutions Inside Halton
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RALEIGH, N.C. — Winston-Salem/Forsyth County Schools have received a temporary reprieve in their financial crisis, as the state board of education has agreed to delay interest penalties on millions of dollars in debt. The school district has been burdened with a debt of more than $11 million owed to the state Department of Public Instruction. However, this week, the district received a break from the state board of education.
State officials confirmed that the district has already paid off $8 million, leaving about $3.4 million still to be paid. On Tuesday, a motion passed to give Winston-Salem Forsyth County Schools until November 20 of next year before the 1% interest begins accruing on the remaining debt. The interest would add more…
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Creditors might get final say on Smith City’s fate The Press