West Midlands-based furniture manufacturer Ashcraft Furniture Limited has entered insolvency for the second time. James Martin and Mark Newman, of CCW Recovery Solutions, were appointed as joint liquidators on 13 October 2016 after the company, formerly known as AFL International Ltd, racked up a creditor bill over £460,000. Details of the insolvency has been revealed…
The number of business closures have risen since the Brexit vote, according to the Q3 insolvency statistics released by HMRC last week. Business insolvencies are up by 2.2% and voluntary liquidations are up by 5.5%, showing that more businesses are choosing to close. Simon Underwood, partner and business recovery specialist at Menzies, commented on Brexit…
New Delhi: It is unlikely that the draft regulations for insolvency professionals, once finalized, will see many changes, despite concerns many practitioners have raised. A ministry of corporate affairs official, declining to be identified, said that the draft rules are well thought out and incorporate concerns outlined by the industry, an indication that these rules…
Datuk Seri Azalina Othman said the Bankruptcy Act 1967 will be amended to enable a more realistic approach in addressing bankruptcies. Picture by Choo Choy MayKUALA LUMPUR, Nov 7 The Bankruptcy Act 1967 will be amended to include an escape clause for debtors declared insolvent over unpaid debts, de facto law minister Datuk Seri Azalina…
A British barrister who was previously jailed three years for tax fraud has been disbarred. According to The Law Society Gazette, a disciplinary tribunal handed down the order on October 28 in relation to the barristers offense of dodging £274,000 (about $447,000) in taxes. Roberts, who previously worked for New Square Chambers before setting up his own…
By Aneeta Bhole For Daily Mail Australia Published: 00:04 +11:00, 6 November 2016 | Updated: 00:10 +11:00, 6 November 2016 e-mail View comments Brynne Edelsten, the ex-wife of Melbourne businessman Geoffrey Edelsten, has shared an emotional Instagram post after being declared bankrupt earlier this year. The 33-year-old socialite was previously reported to owe $70,000 in unpaid…
A Dundee woman who embezzled money to fund her extravagant lifestyle has been hit with a 10-year Bankruptcy Restrictions Order (BRO). The order prevents Karen Reid aka, Cromar, aka Taylor, of St Martin Avenue Dundee, from becoming a company director. She will also have to notify lenders of the order if she seeks credit of…
The number of personal insolvencies fell last year, but trouble could lie ahead Photo: Getty Images By Rebecca Burn-Callander 2:15PM GMT 29 Jan 2016 Follow Company administrations fell to an 11-year low in the final quarter of 2015,…
Pensions Advisory Service boss stands down after bankruptcy By Adam Parsons BBC Newsnight 4 November 2016 From the section Business Image copyright Pensions Advisory Service The chair of the Pensions Advisory Service has stood down from his position after being declared bankrupt. BBC Newsnight has learnt that Museji Takolia will have to leave the post…
A Baltimore architecture firm has purchased the assets of Design Development Group, which declared bankruptcy this summer. BCT Architects paid $300,000 for nearly all DDG’s assets, including equipment, intellectual property, customer lists and work in progress, according to a filing in the bankruptcy case. BCT has also hired about 28 of DDG’s former employees, covering…