Ex-Scotland and Dundee United footballer Billy McKinlay declared bankrupt with debts of £700000 after HMRC tax ruling – HeraldScotland

Bankruptcy

FORMER Scotland international footballer Billy McKinlay has been made bankrupt with debts of almost £700,000. The ex-Dundee United and Blackburn Rovers star was declared insolvent after failing to settle large bills thought to be owed to the taxman. He was an investor in a film production investment scheme which has seen several ex-footballers, including former…

Details

ICICI Securities moves tribunal against Deccan Chronicle – Economic Times

Liquidation

ICICI Securities has approached the National Company Law tribunal (NCLT) against the ailing media house Deccan Chronicle Holdings a few weeks after Canara Bank took the company to the tribunal initiating insolvency proceedings and seeking directives to interim resolution professional (IRP) to recover dues. ICICI Securities, which originally claimed Rs 125 crore dues from Deccan…

Details

Puerto Rico rejects $1 billion loan from power utility bondholder group – Yahoo7 News

Bankruptcy

By Stephanie Kelly NEW YORK (Reuters) – Puerto Rico rejected on Thursday a $1 billion loan offer from creditors of the island’s bankrupt power utility, calling the proposal “not viable” and saying it would hamper the utility’s ability to recover. The Puerto Rico Electric Power Authority’s bondholder group on Wednesday offered the utility a new…

Details

Rare Coin boss ‘lost’ in stealing case – The West Australian

Bankruptcy

Robert Jackman outside the Albany Justice Complex.Picture: Laurie Benson/Albany Advertiser The former director of the collapsed Rare Coin Company declared he was bankrupt as he faced charges that he stole more than $1.8 million from investors before the company collapsed four years ago. Robert Colin Jackman appeared in the Albany Magistrates Court yesterday on 36…

Details

Australia needs new insolvency laws to encourage small businesses – The Conversation AU

Bankruptcy

The Ten Networks recent experience of voluntary administration and subsequent rescue by CBS demonstrates how insolvency law works for large Australian companies. But 97% of Australian businesses are small or medium size enterprises (SMEs), and they face a system that isnt designed for them. 60% of small businesses cease trading within the first three years…

Details

Junior creditors threaten Norske Skog restructuring – Business Insider

Restructuring

By Christopher Spink LONDON, Sept 28 (IFR) – The long-awaited restructuring of Norske Skog, which seemed to be reaching consensus earlier this week, looks like being disrupted again after junior creditors objected to the rescue plan put out by the Norwegian pulp and paper company, and since backed by two-thirds of secured creditors. The committee…

Details