Business Secretary Sajid Javid has asked the Insolvency Service to fast-track an investigation into BHS, which collapsed into administration last week putting 11,000 jobs at risk. In a letter to Sarah Albon, Inspector General and Chief Executive of the Insolvency Service, Javid asks that an investigation begin without delay, rather than waiting for the administrators…
Pretoria – Rugby legend Naas Bothas estate was provisionally sequestrated by the high court in Pretoria on Thursday, after a bank claimed he owed it more than R1.1 million on a mortgage bond for a property in Mooikloof, east of the city. Hendrik Egnatius Botha popularly known as Naas was not at court, nor did…
In the World Banks pecking order of ease of doing business India ranks 130th among 189 nations. And on the vexed parameter of closing down of business, even further down–136th. It takes on an average 4 years to wind up and liquidate a business. It is hoped that this would be drastically reduced to just…
In the World Banks pecking order of ease of doing business India ranks 130th among 189 nations. And on the vexed parameter of closing down of business, even further down–136th. It takes on an average 4 years to wind up and liquidate a business. It is hoped that this would be drastically reduced to just…
After a 2009 controversy regarding a pre-pack administration involving Wensum, Business mogul and the former Health Secretary, Stephen Dorrell, is once again caught up in a controversy of the same accusation, an insolvency procedure. This time, The Guardian reports the former British Conservative has been accused of the same insolvency procedure but involving Project Viva…
The Lok Sabha on Thursday gave its nod to the Insolvency and Bankruptcy Code, 2016, that seeks to improve the ease of doing business in the country. The measure seeks to overhaul the laws regulating insolvency amid a surge in bad loans. The bill will now go to the Rajya Sabha for its consent.…
The business practices of Stephen Dorrell have been called into question after a business partner accused the former health secretary of leaving him with nothing. Dorrell used a controversial insolvency procedure to move a publishing company into a new corporate entity owned by himself, making shares owned by his business partner worthless and allegedly thwarting…
Since Queensland Nickel went into liquidation on April 21 everyone has been worrying about the workers who’ve been retrenched from the Yabulu nickel refinery at Townsville. Well, from a reading of the report by FTI Consulting on Queensland Nickel, the workers were lucky to keep their jobs as long as they did. Because if Yabulu…
A Greater Manchester-based insolvency firm, which manages approximately 2,800 personal insolvency cases across the UK, has fallen into administration. Varden Nuttall entered administration on 24 March 2016, with FRP Advisory partners Ben Woolrych and Phil Pierce as well as Harrisons Business Recovery and Insolvency’s Paul Boyle and Tom Bowes appointed joint administrators. The joint administrators…
THE City of Wanneroo has more residents struggling to pay debt this year than anywhere else in Australia, insolvency figures from the Australian Financial Security Authority reveal. Statistics for the March quarter showed 25 City of Wanneroo residents were declared insolvent for business reasons and 82 residents for non-business reasons, leaving a total of 107…