New York, yes, Paris, maybe, but you wouldnt think the tiny Welsh town of Blaenau Ffestiniog likely to be the centre of a million-pound art investment fraud. In fact the Insolvency Service, a government agency connected to the Department for Business, Energy & Industrial Strategy, has wound up two fraudulent art investment schemes, one in…
DetailsIn this guest post Peter Doyle, a former senior IMF economist, argues for the sovereign insolvency regime to be brought in line with that for banks, starting with Venezuela. Motivation The prior instalment of this sovereign insolvency blog trilogy concluded that “output foregone” is huge in highly-indebted IMF programme countries with high growth potential. That…
DetailsThis type of business fraud costs the Australian economy somewhere between $2.85 and $5.13 billion every year. (1) In 2017 alone, there were more than 20,000 phoenix operators in Australia. On average, each phoenix business leaves 44 other businesses in debt. And, phoenix activity jeopardises up to 67,000 employees per year. Domenic Calabretta, managing director,…
DetailsKPMG, the smallest of the Big Four audit and consulting firms, has struck a long-awaited expansion deal by buying one of Australias best-known corporate insolvency firms, Ferrier Hodgson. The combination will create one of the countrys biggest restructuring, insolvency and forensic advisory practices, with 27 partners and more than 200 staff. The acquisition, announced today,…
DetailsThe Australian arm of customisable toy retailer Build-a-Bear Workshop has been placed into voluntary administration, hours after its listed parent company in the US reported a 7.5% drop in revenue and sluggish growth in international markets, partially blamed on the collapse of Toys R Us and issues posed by Brexit. Matt Sweeny and Gideon Rathner…
DetailsThe merged business will be co-led by KPMGs National Head of Restructuring Services, Matthew Woods, and Ferrier Hodgson Practice Leader, James Stewart, with 27 partners and more than 200 specialists across Australia. Under the terms of the deal, KPMG Australia will acquire Ferrier Hodgsons business located in Sydney, Melbourne, Brisbane and Perth, with discussions with…
DetailsIn a city that is specialized towards casino entertainment, a close eye has to be kept on problem gambling amongst the citizenry. Pleasantly for Macau, 2018 registered as their best year for that category yet, with the lowest total of problem gamblers registered ever. GGRAsia reports that since Macau opened up registration for those who…
DetailsAlthough interest rates on new-vehicle loans have risen to their highest level in a decade, and monthly payments continue to climb to record heights, the industry alarm bells that sounded during the Great Recession are much softer. The economy remains strong, consumers are still buying vehicles and delinquency rates are manageable. But in a market…
DetailsJane Catherine Bernadette Goodfellow (56), from Yeovil, Somerset, has received a second ban lasting 12 years and at the same time Clare Louise Watts (51), also from Yeovil, was banned for 5 years for allowing Jane Goodfellow to run the caf and acting as a stooge director. The company at the centre of the Insolvency…
DetailsSir/ Madam,Pursuant to an Order dated 08 March 2019 of the National Company Law Tribunal, Principal Bench, New Delhi, Corporate Insolvency Resolution Process (CIRP) has been initiated for Punj-Lloyd Limited (the Company) as per the provisions of the Insolvency and Bankruptcy Code, 2016. A copy of the said Order has been received on 11 March…
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