As it prepares for a spike in demand for restructuring services, Buchler Phillips has appointed Paul Davis as a Partner. Deputy Vice President of the Insolvency Practitioners Association, Davis brings three decades of experience to the firm. With a professional heritage dating back to the 1930s, Buchler Phillips is the UKs oldest independent corporate recovery…
Ambertech brand Onkyo Corporation is insolvent and desperately looking for a solution to keep the business from bankruptcy. The Tokyo Stock Exchange has given the Japanese Company whose products are sold at Harvey Norman a limited window to get their affairs in order before a forced delisting from the JASDAQ stock exchange is implemented. The…
The Pandemic accelerated the mess. ByNick Corbishley, forWOLF STREET: Construction and real-estate development giant and funds management firm Grocon Group which built some of Australias most iconic modern buildings, including three of its five tallest skyscrapers, as well as major projects in India and Abu Dhabi declared insolvency on Friday, according to ABC News, and…
Chinese state owned automaker Huachen Automotive Group has been declared bankrupt and has entered a debt restructuring programme, according to local reports. The company, headquartered in the north eastern Liaoning province, owns four listed companies including Brilliance China Automotive Holdingswhich has a 50:50 joint venture with BMW Group. Huachen Automotive, in a statement on 16November,…
One of Australia’s best-known builders has declared insolvency and is set to go into administration. Grocon Group has delivered several iconic developments in recent decades, including Melbourne’s casino, Eureka Tower and the Rialto Towers. On Friday after speculation it was in trouble, the company announced it was putting the group’s legacy construction companies into administration.…
Executive summary On a UK companys insolvency, the UK tax authority (HMRC) will become a preferential creditor in respect of certain unpaid taxes (Crown Preference) with effect from 1 December 2020. Despite lobbying against the move (including in light of the COVID-19 pandemic), the UK government has persisted with the change, perhaps in an attempt…
Wednesday, November 18, 2020 Executive Summary On a UK companys insolvency, the UK tax authority (HMRC) will become a preferential creditor in respect of certain unpaid taxes (Crown Preference) with effect from 1 December 2020. Despite lobbying against the move (including in light of the COVID-19 pandemic), the UK government has persisted with the change,…
Banco Santander has released a statement confirming its acquisition of tech assets from insolvent payment processor Wirecard. Although not confirmed in the companys official document, other sources report the total figure exchange as being 100m. Wirecard, which declared insolvency earlier in the year following revelations that it had misplaced over US$2.3bn in funds, was formerly…
Colin Llewellyn, 56, siphoned off cash from the 1st Bayston Hill Scouts in Shrewsbury to fund his gambling problem – money the children had painstakingly raised for a trip to a summer camp in Bern. Llewellyn, a scout master of 27 years, was subject of a proceeds of crime act hearing at Shrewsbury Crown Court…
November 18, 2020 Santander has acquired the core European business of collapsed German payments provider Wirecard. The Spanish banking group is paying 100 million for the business, which comprises the European payments platform and technology assets, according to the Financial Times. Wirecard was declared insolvent in June after a $2 billion accountancy scandal uncovered by…