Department store retailer operator Myer said on Thursday it had appointed Nigel Chadwick as chief financial officer as part of a broader management restructuring in the face of stiff challenge from online retailers. Mr Chadwick will replace current CFO Grant Devonport, Myer said in a statement and highlighted Mr Chadwick’s work in sectors facing disruption.…
Nevadas largest casinos wrote off $70.1 million in casino credit as unpayable in the most recent fiscal year, according to figures from state gaming regulators. The information was made public in the annual Nevada Gaming Abstract. The figure represented 0.6 percent of gaming revenue in the fiscal year that ended June 30, 2017. The 272…
Royal Bank of Scotland signs are seen at a branch of the bank, in London Thomson Reuters LONDON (Reuters) – Royal Bank of Scotland staff helping small firms to restructure debt during the financial crisis were given a list of ways to squeeze more money from struggling clients and told to “Just Hit Budget!”, a…
DETROIT, Jan. 17, 2018 /PRNewswire/ — Business restructuring attorney Ashley J. Jericho has joined the Detroit office of McDonald Hopkins LLC, a business advisory and advocacy law firm, as an Associate. Jericho has over nine years of insolvency experience, including representing consumer and business debtors, creditors and trustees in bankruptcy proceedings, contested matters and adversary proceedings.…
Payments to Carillion executives have ceased (PA) Carillions collapse raises questions over weak corporate governance Independent.ie The Insolvency Service has ceased payments to Carillion executives, but questions are still raised over the strength of corporate governance at the collapsed construction and facilities management firm.How much were former executives actually earning in the lead up to…
Interest rates have been low for so long that we forget the good things happening when they rise. In a massively indebted place like Canada, rising rates can fairly be described as trouble waiting to happen for both households and governments. But higher rates are caused by positive economic developments like a firming job market…
Bonus payments to directors and former executives of collapsed construction company Carillion have been stopped and an agreement has been reached on safeguarding thousands of private sector jobs, the UK governments Insolvency Service said on Wednesday. Any bonus payment to directors, beyond the liquidation date, have been stopped and this includes the severance payments which…
The group said it will reduce its five operating businesses to three core units, civil aerospace, defence and power systems, as part of a simplification of the business. At the same time, Rolls will begin a strategic review of its commercial marine operation, which supplies equipment and vessel design across oil and gas markets. The…
Peggy Hollinger, Industry Editor January 17, 2018 Rolls-Royce will consider selling its commercial marine business as chief executive Warren East launches the strategic phase of the blue-chip engineers two-year restructuring. Mr East said he was looking at the strategic options for the division as part of a wider shake-up that will reduce the number of…
The court applied the principles outlined in the 1990 case of Guinness v Saunders rather than the more recent decision in Global v Hale in finding that the directors had acted in breach of their fiduciary duty to act in the best interest of the creditors. They misapplied the company’s assets for their own benefit…