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,…
DetailsLoading “We had become very formal and formulaic in doing what we were doing and were spending too much time trying to copy other competitors.” Virgin launched as the budget carrier Virgin Blue 20 years ago but in 2011 reinvented itself as a full-service airline targeting Qantas’ rusted on corporate travellers. It ran up huge…
DetailsLubys, which operates Lubys Cafeterias and Fuddruckers restaurant chains, has received approval from its stockholders for the liquidation and dissolution of the company. The approval enables the sale of the companys assets and distribution of the net proceeds to the stockholders before completing the remaining operations. Lubys said that 99% of its shareholders voted in…
DetailsBanco 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…
DetailsBy Sinead Cruise, Iain Withers 8 Min Read LONDON (Reuters) – One morning, after years of financial prudence and solid creditworthiness, you wake up and its all gone. Youre no longer worthy. Youre a risk. In fact, youre sub-prime. FILE PHOTO: People wearing protective face masks walk past a boarded up public house in Hackney,…
DetailsColin 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…
DetailsVirgin Australias sale to US private investment company Bain Capital is officially complete. It comes after the airline went into voluntary administration amid the coronavirus pandemic, appointing Deloitte as administrators. Virgin Australia has also appointed a new CEO, former Jetstar boss Jayne Hrdlicka, and outlined its new direction under her leadership. Visit Business Insider Australias…
DetailsNovember 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…
DetailsHOUSTON, Nov. 17, 2020 /PRNewswire/ –Luby’s, Inc. (“Luby’s” or the “Company”) (NYSE: LUB), announced that at a special meeting of stockholders held earlier today, stockholders approved the Company’s plan of liquidation and dissolution (the “Plan of Liquidation” or the “Plan”) that provides for the sale of the Company’s assets and distribution of the net proceeds…
DetailsVirgin Australia will become a “mid-market” airline complete with three levels of in-cabin seating under a plan unveiled by the airline’s new CEO. Just a day after the sale of the airline was completed to American investment firm Bain Capital, incoming CEO Jayne Hrdlicka took the sheets off what will be Virgin’s new strategy. Under…
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