Many policymakers have used safeguarding tools to protect funds against loss of value and illiquidity risk, but the rules may not provide sufficient safety in practice. For example, many common law countries require mobile money firms to store funds in a trust. A trust structure aims to ensure funds provided by customers are unreachable by…
Lynda Carter was a director and the majority shareholder of All Sign Solutions Ltd, based in Margate. The Insolvency Service report into her conduct found that she had applied for a second BBL of 20,000 when she knew or should have known that the company was not entitled to the money. She had previously applied…
Documents reveal the popular late-night haunt failed to pay employees superannuation, suppliers invoices and more. Newtown Oporto is expected to reopen as soon as possible, after more than $758,000 of unpaid tax, superannuation and more led its former franchisee to close the store and collapse into liquidation on Friday. The fast food franchise, owned by…
Advertisement Documents reveal the popular late-night haunt failed to pay employees superannuation, suppliers invoices and more. Save You have reached your maximum number of saved items. Remove items from your saved list to add more. Save this article for later Add articles to your saved list and come back to them anytime. Got it Newtown…
Advertisement Documents reveal the popular late-night haunt failed to pay employees superannuation, suppliers invoices and more. Save You have reached your maximum number of saved items. Remove items from your saved list to add more. Save this article for later Add articles to your saved list and come back to them anytime. Got it Newtown…
The Supreme Court recently held, in Ramkrishna Forgings Limited v Ravindra Loonkar, Resolution Professional of ACIL Limited and Anr, that when the National Company Law Tribunal (NCLT) invoked section 31(2) of the Insolvency and Bankruptcy Code, 2016 (IBC), not to approve a resolution plan, it could do so only through a reasoned order. Courts and…
The National Company Law Tribunal (NCLT) has ordered liquidation of jewellery retailer Gitanjali Gems, promoted by absconding diamantaire Mehul Choksi, under Section 33 of the Insolvency and Bankruptcy Code, 2016. The bench also appointed Santanu T Ray as the liquidator, who will complete the liquidation process as per the provisions of the IBC, 2016, according…
Construction Labour hire company Buildhub has gone into liquidation. Photo / 123rf Construction labour hire firm Buildhub has gone into liquidation. Gareth Russel Hoole of Ecovis KGA was appointed liquidator on Friday by shareholders by special resolution, according to the Companies Register. The company is known for hiring migrant workers and is an approved employer…
After celebrating its 50th anniversary more than two years ago, Sara Lee has brand new owners. Picture: Supplied. When Australia first learnt a well-known dessert manufacturer had slid into administration, worried Aussies thought the tradition of sharing a Sara Lee dessert with loved ones would be gone for good. But new owners, Brooke and Klark…
Berlin, Feb 17 (IANS): The number of insolvencies in Germany rose 26.2 per cent year-on-year in January amid a weak economy, preliminary figures published by the Federal Statistical Office (Destatis) show on Friday. Double-digit year-on-year growth rates have thus been observed consistently since June 2023. In the first 11 months of last year, the number…