Auditor General Edward Ouko has said the East Africa Portland Cement Company (EAPCC) cannot pay its debts. The companys books have deteriorated rapidly over the past one year, pushing it Sh2 billion further into insolvency. ALSO READ: Billions gobbled up by Nairobi County, audit reveals The groups current liabilities exceeded its current assets by Sh6…
Details“PECO has remained untouchable.” Rich families have always lorded over the countrys regional economy, as those with vast landholdings and businesses in the provinces dominate the local economy, usually with their huge agri-industrial businesses migrating to public services. Such is the case for the Cacho family of Iloilo, the majority owner of the controversial…
DetailsSAN FRANCISCO–(BUSINESS WIRE)–Wells Fargo & Company (NYSE: WFC) today announced dividends on eleven series of preferred stock. A quarterly cash dividend of $18.75 per share was declared on its 7.50% non-cumulative perpetual convertible class A preferred stock, Series L, liquidation preference $1,000 per share, which is traded on the New York Stock Exchange under the…
DetailsWaimea Contract Carriers Ltd has all but traded its way out of voluntary administration and paid back its creditors an outcome described as rare by one administrator. The transport company, based about 16km south of Nelson, was placed in voluntary administration (VA) on March 30, 2015 with debts of more than $16 million. Administrator Richard…
DetailsA Buxton shoe firm which employed 50 staff has gone into voluntary liquidation. The decision was taken after Bells Shoes lost an account with Clarks which accounted for nearly half of the firms 18m turnover. Redfoot Shoes, which is based in Bacup in East Lancashire, has announced it is investing over 1m to develop the…
DetailsOnline fashion retailer Jabong is expected to lay off a significant portion of its workforce in Gurgaon as part of a restructuring at Flipkart Group, according to three sources familiar with the development. In all, Jabong, which was acquired by Flipkarts fashion unit Myntra in 2016, could lay off 40-50% of its 400-strong workforce. Walmart,…
DetailsA few months ago Reserve Bank Governor Phillip Lowe provided four common sense points we should all keep in mind regarding borrowing to finance a home. (The Governors speech can be found here). I thought they made sense and so summarised them in a tweet to which someone replied that every checkout operator knows…
DetailsCORPORATE RECOVERY (INSOLVENCY) LAWYERS NQ+ LEEDS CITY CENTRE Competitive Salary Package HJ303 One of the Norths top Corporate Recovery teams is looking to expand. Working with a range of sectors including sport, retail and professional services this team advises on both contentious and non-contentious personal and corporate insolvency matters. There is plenty of variety: from…
DetailsWan Azizah holds up the Financial Behaviour for Quality Lifetime book after launching AKPKs inaugural Financial Literacy Symposium 2018 while AKPKs chairman Anuar Mohd Hassan (left) and chief executive officer Azaddin Ngah Tasir (right) look on. Bernama photo KUALA LUMPUR: The Malaysia Department of Insolvency says 64,632 Malaysians aged between 18 and 44 have been…
DetailsPersonal injury claims boss jailed for 21 months after fraudulently removing company funds in the months before the courts would make a winding-up order resulting in the closure of the business. Bury-based Darren Christopher Bullough appeared at Bolton Crown Court on Wednesday 14 November after he pleaded guilty to one count of fraudulently removing funds…
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