Every page of the jaw-dropping MPs report on Carillion has detail to make the blood boil. No one comes out looking good: The Pensions Regulator was feeble; the Financial Reporting Council toothless; crown representatives to Carillion served no noticeable purpose. And thats before you get to the Big Four accountancy firms, or the Carillion directors…
by Gill Plimmer British MPs have demanded the UK’s big four accountancy firms be referred to competition authorities for potential break-up following the collapse of government contractor Carillion, calling them a “cosy club incapable of providing the degree of independent challenge needed”. The recommendation by members of two powerful parliamentary committees was contained in a…
There were 7,910 new personal insolvencies in the March quarter 2018, up a slight 0.1 per cent on the same quarter in 2017, the Australian Financial Security Authority said. By type of personal insolvency, bankruptcies fell by 1.8 per cent, debt agreements rose by 3.9 per cent, while personal insolvency agreements fell by 59.3 per…
Last month, I spent a week in Las Vegas to visit my daughter. On Saturday, I found my way to the sports book in the Luxor and bet on two baseball games. I won both. On Sunday, I bet another and won that, too. Each bet was $20, a modest sum to pay for the…
A federal judge said bankrupt FirstEnergy Solutions should not have to pay $58 million a year to a pact overseeing coal-fired electric generation plants a pact that includes Dayton Power & Light (DP&L). DP&L, with other Ohio power companies, make up the Ohio Valley Electric Corporation (OVEC), which operates the older, coal-fired power plants on…
One of the largest valuation service providers in the world, Duff and Phelps is looking to expand its offerings in India. Mumbai: Duff and Phelps Corp., the US-based advisory firm, is setting up its restructuring practice in India, leveraging the business opportunities the Insolvency and Bankruptcy Code (IBC) has opened up for restructuring advisors. One…
The insolvency resolution professional (IRP) has invited an expression of interest to submit resolution plan for the hospitality chain Viceroy Hotels Ltd. Karuchola Koteswara Rao, the IRP appointed by the National Company Law Tribunal, has informed about the move to invite resolution plan from potential applicants. The Hyderabad-based hospitality chain was brought under the Corporate…
Two influential proxy advisory firms have thrown their support behind Elliott Management Corp.s opposition of an $8.8 billion deal between two Hyundai Motor Group units, signaling more hurdles for an overhaul that may help the founding familys patriarch pass control of the South Korean conglomerate to his son. Glass Lewis & Co. and Institutional Shareholder…
A litigation funder based in the UK is pondering listing on the London Stock Exchange. Manolete Partners founder and CEO Steven Cooklin has confirmed to The Law Society Gazette that the company is looking very seriously at a float on the bourse. Though official financial details have not been released, other reports say the listing…
Those who cannot manage their money correctly will find that it rapidly becomes challenging to keep a healthy bank balance and also an organised financial life. With the issue of consumer debt comes the notable differences in attitude between generations. Generation X and the Baby Boomers are amongst some of the most likely to have…