Article 0 Comments The District Court of Shawnee County, Kansas has declared MutualAid eXchange (MAX) insolvent, and the company has been placed into liquidation pursuant to a petition filed by the Commissioner of Insurance. The court ruled MAX to be insolvent on August 22, two weeks after the companys board of directors consented to an…
Laura Pickering of Moore Recovery in Stoke on Trent discusses Director Loan Accounts in insolvency scenarios. Directors Loan Accounts In the ordinary course of business it is not unusual for there to be financial transactions between a Company and its directors. Directors may loan money to their company to assist with cash flow, directors may…
Galaxy Digital Acquires FTXs Crypto Assets After Bankruptcy According to court records released late Wednesday, bankrupt crypto exchange FTX has recruited U.S. crypto business Galaxy as an advisor to assist in hedging and selling its crypto holdings. According to the petition, hedging bitcoin and ether will reduce FTXs exposure to adverse market swings before their…
Roy Morgan research shows 1.5 million Australian mortgage holders are now paying above a certain portion of their after tax income into their home loan, between 25 and 45% depending on income and spending. This number has risen by 642,000 over the past year after twelve of the last fifteen monetary policy decisions saw interest…
Getty Images By Chris Baynes & Gemma Dillon BBC News A cash-strapped council has axed funding for community Christmas trees. Labour-run Kirklees Council said it could no longer afford to pay for community Christmas trees or subsidise the cost. It comes after the council froze all non-essential spending as it looks to save 47m. Green…
The District Court in Tel Aviv has approved Israeli air filtration company Aura Airs request for bankruptcy. The company appealed to the court after amassing debts amounting to NIS 49 million (approximately $13 million). Additionally, the court appointed two trustees to oversee the company. The judge, Noa Grossman, jointly designated the company’s CFO, Ofer Bluemenfeld,…
A ONCE-dominant retailer will soon close its final location in a major market. Kmart is set to close its very last New Jersey store this fall. 1 Kmart will close its last New Jersey location this fallCredit: getty The last Garden State Kmart is located in Westwood, roughly an hour north of New York City.…
Supplied/Stuff Tony Haines has a history of forging company and loan documents. Tony Haines kept secrets… big secrets. Like the hundreds of thousands of dollars held in his mate/business partners name after forging his signature. Then theres the forging of a company document to add his unsuspecting mother as a director, when Haines was going…
Ivan Hristov Fratev, 57 and Bradley Malone, 57, both from London, and Ryan William Moir, 34, from East Sussex, have been banned from running businesses for a total of 26 years, after each separately claimed 50,000 for their companies in breach of the loan scheme’s rules. Fratev was also given a 2-year suspended sentence with…
NEWS FLASH Adria Airways bankruptcy administrator has dropped proceedings to hold one of the former national airlines CEOs, Sven Kukelmelk, responsible for the companys collapse. Mr Kukelmelk from Estonia joined Adria just months before the airline declared bankruptcy and was the carrier’s CEO jointly with Holger Kowarsch. Last year, the bankruptcy administrator filed a 78-million-euro…