The Insolvency Service has wound up a pension liberation company which helped savers access their funds earlier than allowed, following a High Court battle. Thames Trustees, which acted as trustee of the Westminster Pension Scheme, coaxed clients into moving their retirement funds into the scheme, which was set up in December 2012. Clients were promised…
DetailsThe company acted as trustee of the Westminster Pension Scheme (the Scheme) which was established in December 2012. Clients were induced to move their existing pension funds into the Scheme on the basis that they would receive in return a cash payment either in the form of a loan from an associated company (typically…
DetailsMANILA, Philippines Payment of claims of shuttered Prudentialife Plans Inc. will continue after the Insurance Commission (IC) scored a win against the company at the Supreme Court four years after it was put under receivership. “The Court resolves to deny the petition for failure of petitioners to sufficiently show that the Court of Appeals committed…
DetailsDown a side street bracketed by massage parlors and cheap hotels in this city on the banks of the Yangtze river, a humanoid food service robot trundles around the corner of a table in a cafe, red eyes flashing in tune with synthesized classical music. The Wuhu Hands On Café’s waiter, named “Hero,” has no…
DetailsSINGAPORE: Singapores largest bank was supporting Swiber Holdings Ltd until just before the troubled oil services company said it was unable to pay its debts. DBS Group Holdings Ltd provided a bridging loan to Singapore-based Swiber shortly before it filed for liquidation, the bank said in an e-mail late Tuesday. At the time, Swiber was…
DetailsOnline celebrities with selfie sticks at Wanda Plaza in Jinnan, capital of East China’s Shandong province, July 16, 2016. [Photo/VCG] Wanda Group Co shelved a $5.6 billion reorganization of its entertainment assets, but analysts on Tuesday said the company is still on the right track of restructuring its business to be an “asset-light” model. Wanda…
DetailsNew Jersey’s fiscally distressed gambling hub Atlantic City has made its scheduled $3.475 million debt service payments, Mayor Don Guardian said on Tuesday, avoiding what could have been the first default in the state since the Great Depression. The payments were made on their Monday due date, Guardian said in a statement, even though the…
DetailsThe recent news that Eagle Boys Pizza has gone into voluntary administration, owing millions of dollars to creditors, is enough to make any business owner nervous. In business, were always in the position where others owe us money so what would you do if one of these people or businesses suddenly went bust? Would you…
DetailsINNOVATIVE: Changes to insolvency laws could make way for “turnaround management” of companies in distress, impacting the rate of corporate failure. IT seems the government is serious about trying to transform our economy with its National Innovation and Science Agenda. Innovation is an important element of any business, and can be a key differentiator between market leaders and…
Details(Adds mayor comment, details of loan) By Hilary Russ Aug 2 New Jersey’s fiscally distressed gambling hub Atlantic City has made its scheduled $3.475 million debt service payments, Mayor Don Guardian said on Tuesday, avoiding what could have been the first default in the state since the Great Depression. The payments were made on their…
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