The following news stories and legal cases from 2004 may be of interest to you. If there are other current items you want to bring to our attention, please send an e-mail (and link) to news@insolvency.biz.
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Date |
Headline (and link) |
Story |
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24 Dec |
Christine and Seamus McNeill, the owners of Colonsay Hotel, have left the island after coming back from their honeymoon and announcing they were putting the business into receivership. Islanders say that every visitor has been pre-warned to bring plenty of alcohol with them. The hotel owners were said to have fallen out with a number of customers. |
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22 Dec |
The Government has made bankruptcy less onerous - and so the number of personal insolvencies is soaring. Cases of personal insolvency always go up in the first three months of the year, according to Graham Tough, the insolvency partner at Martin Aitken & Co, Glasgow's biggest accountancy firm (according to the Telegraph). |
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17 Dec |
STAFF at an Edinburgh bowling alley have been told their jobs are safe for now, after the company which owns Megabowl plunged into administration. David Thurgood, of administrators Grant Thornton, said Kinnaird Park was a successful site and would be sold as a going concern next year. Megabowl at Fountainpark is not affected! |
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17 Dec |
A travel promotions company which offered free holidays to thousands of customers has been wound up following a DTI investigation. ECHO BEACH VACATIONS Limited, based in Sheffield, offered one week's free accommodation and travel, often as an inducement to attend marketing seminars for holiday clubs. |
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16 Dec |
KIRKBURN Mill has gone into receivership - with workers saying they are only guaranteed pay until Christmas. The cruel blow comes after mill bosses failed to find a buyer for the site. It was put on the market in June, and a mystery buyer - understood to be Asda - was interested but an agreement was not reached and the near 200-year-old firm has had to call in receivers PricewaterhouseCoopers. |
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13 Dec |
Either bankrupts are getting younger, or Matt Henderson is getting older. Decide for yourself! Third quarter sequestrations are 9% up on last year. |
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11 Dec |
For Courts, the furniture retailer, this week started with an angry customer throwing one of its security guards in Milton Keynes through a shop window, breaking his arm. Up and down the country, furious customers have attacked staff and thrown bricks through car and shop windows. Police were called to the store at Hedge End, near Southampton, to break up a crowd. And at Port Talbot in Wales, customers held staff hostage by chaining them into their store. Concerns about safety have made it impossible for KPMG to reopen Courts' 88 UK stores this week. |
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11 Dec |
Alvin Hall comments on the stress of not being able to afford everything you want for your family this Christmas. |
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7 Dec |
Company director Scott Taylor (35) has failed in his attempt to use self-incrimination to prevent questioning under oath by a liquidator in the Court of Session. Lady Paton ruled that section 236 of the Insolvency Act 1986 should be applied the same way in Scotland as in England. She also held that as proceedings under section 236 were "essentially investigative in nature", they were not covered by the "fair trial" provisions of article 6 of the European Convention on Human Rights. |
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9 Dec |
The Pensions Act 2004, in particular the ‘moral hazard’ sections of it, looms like a black cloud on the horizon for companies, corporate and and corporate recovery lawyers alike. Ron Thom reports. Issues relating to pension schemes have been pushed up the corporate agenda over the past couple of years as companies wrestle with pension scheme deficits, face the impact on their accounts of FRS17 and try to restructure their pension benefits — normally by switching from defined benefit to defined contribution arrangements. Now, a new pension cloud has come up over the horizon and it is not just companies, but also corporate and corporate recovery lawyers, who will need to take notice. |
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8 Dec |
Game show cheat Charles Ingram petitioned Bath County Court on November 25, declaring himself bankrupt. Ingram and his wife Diana were convicted of deception. and each was fined £15,000 and ordered to pay £10,000 costs, in addition to 18-month suspended jail sentences. Despite the bankruptcy, Ingram, of High Street, Easterton, near Devizes, Wiltshire, could face a jail term if he fails to pay the £15,000 court fine. |
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7 Dec |
A last-ditch attempt to revive stricken textile manufacturer Richards of Aberdeen has failed - to the dismay of former workers at the firm which closed its doors last month. Not enough firms who used to buy yarn from the company were ready to back a plan to set up a workers' co-operative. |
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5 Dec |
Dominic Keane, the former chairman of Livingston, had agreed a compromise deal with Halifax Bank of Scotland, who forced the club into administration earlier this year, in which his shares would be transferred for free to the new operators of the West Lothian club, the Lionheart consortium. Keane asked that any potential future pay-out from litigation should be paid to himself or his family, but this was not accepted by lawyers acting for Kroll and the bank. |
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1 Dec |
LIONS SHARE OF A KINGS RANSOM : THE INSOLVENCY GRAVY TRAIN THAT KNOWS NO BOUNDS |
There always has been a lot of money in insolvency, if you happen to be on the right side of it that is, but the £104m of professional fees run up on the restructuring of British Energy really does take the biscuit. The lion's share of this king's ransom goes to the lawyers. Other lucky beneficiaries are investment bankers and accountants. In the context of such largess, it hardly seems worth mentioning the £1.2m spent on public relations, except to question why a company that has essentially gone down the Swanee needs public relations at all. |
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23 Nov |
Thomas McMahon, who had been disqualified from acting as a company director for three years following the failure of another business he managed, breached his disqualification by acting as the shadow director of Hendon Construction Ltd, based in London. He was sentenced to four months in prison, and fined £1,000 for failing to cooperate with the liquidator. |
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25 Nov |
ICAS has moved to 'fight fire with fire' by allowing its insolvency practitioners to advertise. The Scottish institute moved to tackle the 'unfair' advantage which unregulated debt management companies had. Anne Bryce, head of insolvency at ICAS, said the idea came to her when she picked up the free paper. I just opened a Metro one day and thought "blast it". |
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20 Nov |
MILLIONAIRE MICHAEL KARUS DISQUALIFIED FOR 7 YEARS
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Edinburgh Solicitor Michael Karus has been found guilty of professional misconduct by the Scottish Solicitors Discipline Tribunal and restricted to acting as an assistant for a period of five years. Karus, who was suspended from practising as a solicitor two years ago, was disqualified from holding a directorship for seven years at Edinburgh Sheriff Court. Arrowbay Ltd went bust in 2002. |
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19 Nov |
Michael Reid, a partner in Aberdeen accountancy firm Meston Reid and Co, was appointed provisional liquidator late yesterday. The 196 employees only learned that Richards was going under when they turned up for work at Granitehill Road yesterday morning. The news is also a financial blow for multimillionaire city businessman Ian Suttie. He is understood to have spent more than £10million of his own money on the troubled venture which he had rescued. |
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17 Nov |
The founder and chairman of family-owned Offshore Crane Engineering claimed the receivership happened because somebody had "spooked" the Bank of Scotland. I'm a bit bitter," he added. While the directors of the firm estimated there would be a dividend of 5p in the pound on unsecured creditors' claims totalling £1,028,000, the interim liquidators report said this was over-optimistic. |
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16 Nov |
Judge Lyons of the Delaware Bankruptcy Court will be presented with the Chapter 11 plan for the reorganisation of Federal-Mogul – one of the most complex ever. But there’s a problem. The UK administrators Kroll aren’t having any of it – they’re not satisfied that it delivers more to creditors than a liquidation would. And if their objections are not taken into account, Federal-Mogul will make legal history as the first Chapter 11 plan that is unenforceable in the UK. |
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9 Nov |
A Birkenhead woman who formerly owned a pub has agreed to a six year Bankruptcy Restriction Order. She borrowed £6,000 and give it to her adult children rather than her creditors. |
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6 Nov |
CORPORATE failures in Scotland are rising, in sharp contrast to the much healthier picture south of the Border. Between the second and third quarter, the number of firms going under in Scotland rose 14.2 per cent, but fell 5.6 per cent in England and Wales. |
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3 Nov |
MOSCOW, Nov. 3 (Xinhuanet) -- Russian oil giant Yukos is very close to insolvency, Yukos' CEO Steven Theede was quoted by the Interfax news agency as saying. Theede said a meeting of shareholders is scheduled for Dec. 20 to discuss the possible implementation of anti-crisis measures, or the liquidation or bankruptcy of the company. |
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2 Nov |
Begbies Traynor figures have revealed a dramatic growth in the use of administration. The procedure, which aims to rescue troubled companies as going concerns, more than doubled, from 155 to 368 year on year for the second quarter of 2004. It was also increasingly used for much smaller companies, averaging £1.5m compared with £13m. By contrast, the number of receiverships has plummeted. |
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1 Nov |
Fort William based aquaculture engineering specialist Norfab Ltd are reported to have ceased trading and to have gone into voluntary liquidation and/or receivership. |
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31 Oct |
EDINBURGH PRINTERS FORCED INTO LIQUIDATION AND FURTHER CLOSURES EXPECTED |
George Waterston (Security Printers), one of Scotland’s oldest companies, was forced into liquidation on Thursday after running up debts of more than £1m. And Pillans & Waddies, formed from the merger of two of Scotland’s biggest printers, is expected to announce the closure of its Leith Walk press within weeks. |
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31 Oct |
The Citizens Advice Bureau is up in arms at internet searches for its debt advice being hijacked to unscrupulous advisors. |
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31 Oct |
The House of Lords has confirmed that where a seller is sequestrated before the purchaser has registered the disposition in their favour, there is a race to register between the purchaser and the trustee in sequestration. |
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28 Oct |
Macfarlane group has put its loss making IT arm into liquidation. The subsidiary was losing £45,000 per day. |
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28 Oct |
Anthony Byrne, the director of a company which failed with debts estimated at £663,000 has given an undertaking not to hold directorships or take any part in company management for five years. He had been a director of Mallstream Packaging, which operated from South Street, Glasgow. |
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28 Oct |
A JUDGE’S has wiped out a couple’s debt of £384,000 which had spiralled from an original loan of less than £6,000. The APR was 34.9%. Judge Nigel Howarth, sitting at Liverpool County Court yesterday dismissed the claim brought by London North Securities. "I know an extortionate agreement when I see one and this is one of them," he told the court. |
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27 Oct |
Eileen Blackburn gives her view on the proposed Enterprise Bill provisions being fairer on those who unfortunately encounter severe financial difficulties through no particular fault of their own, whilst simultaneously putting in place measures to protect against the rogues who would become serial bankrupts with no intention of repaying their debt. |
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26 Oct |
Graham Martin of PwC revealed a strategy was in place to develop all existing building sites. Nairn, Belhelvie and Whitecairns have been assessed. He said: "My priority was to have a strategy in place realising the value of the existing sites.” |
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26 Oct |
Bank chiefs were berated by members of the Commons treasury committee for the way they run their lucrative credit-card operations, which have contributed to Britain’s £1 trillion personal borrowing habit. The bankers were unable to work out which of two credit cards would be the better value by looking at the APRs. Nigel Beard MP could scarcely have been less impressed. Shouldn’t you just put your hands up and say, ‘It’s a fair cop, guv?’" he demanded. |
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25 Oct |
ICAS is to allow insolvency practitioners to advertise, and hope their “See a CA” compaign will help crack down on unscrupulous debt counsellors. |
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24 Oct |
A DISGRACED lawyer accused of fleecing cash has gone bankrupt owing up to £750,000. Douglas Criggie, 47, was investigated by the fraud squad after allegations that he swiped clients' money at his Edinburgh practice. |
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21 Oct |
The Aberdeen Press and Journal has reported the managing director, David Watson, as saying that a winding up order has been averted. A Public Notice that proceedings had started appeared on the same date that the MD’s parents were quoted commenting that “We can financially support him” and “There should not be anything going in the paper”. |
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20 Oct |
THE UK’S debt crisis was brought under the spotlight again yesterday when it emerged that a deaf 21-year-old had committed suicide because of the extent of his borrowing. Scott Smith owed £15,000 when he took his own life in August - just three years after he passed the legal borrowing age. He had been allowed to run up debts on three credit cards and a Halifax personal loan. The case was raised by Norman Lamb, the Liberal Democrat MP for North Norfolk, who said he wanted to "emphasise the tragic consequences of irresponsible lending to young people". |
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16 Oct |
Devastated newly-weds from Coventry have been left without their wedding presents after the failure of an online gift company. Lucie and Brian Bennett, of Tile Hill Lane, Tile Hill, face losing all their presents worth more than £1,300 after wedding list company The Gift Registry went into administration on October 8 with losses of over £300,000. The pair are just one of hundreds of couples across the country without their gifts and with many wedding guests out of pocket. |
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14 Oct |
Hundreds of small law firms that took on "no win, no fee" cases from The Accident Group are having to reimburse claimants millions of pounds under new guidelines from the Law Society. The firms' professional body has instructed solicitors to return to claimants a £364 "investigation fee" after the High Court ruled that the payment was a "referral fee", which breaches the profession's rules, and had merely been dressed up as an "investigation fee". |
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13 Oct |
£4M OF DEBT IN THE NORTH-EAST IS BORROWING 'SPIRALLING OUT OF CONTROL' |
Borrowers in the north-east have clocked up more than £4million of debt in the last year - more than three-and-a-half times the Scottish average. Staff at the Banff and Buchan Citizens Advice Bureau fear the situation is "spiralling out of control" and they are blaming easy access to credit cards and loans, coupled with recent job losses. The total, which is £1million up on last year's figures, only represents a small fraction of the constituency's 75,000 population.According to the bureau's annual report, in a 12-month period beginning April 1, 2003, the office dealt with more than 4,653 cases of debt - 1,000 more than last year. |
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11 Oct |
FORMER Livingston chairman Dominic Keane today accused the Halifax Bank of Scotland of launching a "dirty tricks" campaign against him. Keane has been involved in a long-running feud with the bank since the West Lothian club plunged into administration in February with debts of around £7.2 million. In a statement released this morning, he said: "I am only a tiny part of the story about the actual financial state of Scottish football. "The common denominator is Bank of Scotland and the corporate behaviour of Bank of Scotland which now needs thorough forensic investigation. Nothing less. |
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10 Oct |
Dominic Keane, the businessman and former chairman of Livingston Football Club is facing personal bankruptcy. Keane has 14 days to respond to a Court of Session sequestration order. If he fails to do so he will lose control of his business affairs. If sequestration, the Scottish equivalent of bankruptcy, does go ahead an administrator will be appointed by the court to sell off Keane’s assets including his 80% stake in Livingston Football Club. |
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9 Oct |
Businessman Brian Taylor today claimed he was as "shocked as anyone" by the £12.1 debt run up by his own firm. Mr Taylor claimed he had endured "the worst day of his life" when the true scale of his debts was revealed yesterday. The full extent of the financial crisis faced by Chimes owner Brian Taylor was revealed to creditors yesterday. They sat stunned as they were told Chimes debts included: £10.9 million to the Clydesdale Bank, £1 million to nearly 300 other companies, and almost £80,000 to Chimes staff For a full list of creditors, click here |
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4 Oct |
NEGATIVE EQUITY - ENTERPRISE ACT AMENDMENTS (England & Wales) |
Despite concerns regarding the ease with which one can become bankrupt and be discharged, it seems that the real cause of increases in the numbers of bankruptcies is more likely to be a result of economic pressure and not a desire to shed one’s creditors. |
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4 Oct |
More than two years on from its introduction and the European Insolvency Regulation can clearly be seen to have had an impact on cross-border insolvencies, sometimes pitting courts in various member states against each other. The regulation provided, for the first time, a system of recognition and priority throughout the EU for insolvency proceedings. It allows insolvency practitioners appointed in the EU country where a company has its “centre of main interests” to exercise powers across the EU. The insolvency is governed by the laws of that main centre. |
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4 Oct |
THE PENSIONS BILL - CONTRIBUTION NOTICES AND UNINTENDED CONSEQUENCES |
Restructuring and insolvency professionals will also have to consider the so-called ‘moral hazard’ provisions in the bill. Clauses 35-46 provide for the new Pensions Regulator to issue contribution notices and financial support directions to any “connected” or “associated” party (defined in Insolvency Act terms) of a company involved in a final salary scheme. In essence, these new provisions will allow the regulator to require a wide range of companies and individuals to make good a final salary deficit – even if they were not directly involved in the scheme. The moral hazard provisions will apply to companies going through a restructuring or insolvency process and may extend to the professionals who have been called in to assist. |
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2 Oct |
A LEADING economic think-tank today warned house prices may fall by 20 per cent over the next few years but said this would not derail the economy. Capital Economics estimated 400,000 households would suffer negative equity, meaning they will owe more on their mortgage than their house is worth. |
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30 Sep |
PENSIONS PROTECTION FUND WOULD BE “WIPED OUT” BY ONE LARGE CORPORATE INSOLVENCY |
The government's pension protection fund (PPF), designed to protect pensions when companies go bust, could be 'wiped out' in the event of a large corporate insolvency, according to a pensions specialist. Gary Cullen, pensions partner at law firm Maclay Murray & Spens, warned the PPF may not be a 'white knight', particularly if it took a big hit before sufficient reserves were built up. |
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30 Sep |
The possibility of accountants taking over nuclear plants across the country emerged this week, as rebel shareholders moved to block a restructuring deal at British Energy they say unfairly favours bondholders, writes Brian Moher. |
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28 Sep |
Intermet Corporation has announced that it expects to report a third-quarter 2004 net loss of between $19 million and $24 million, and for the nine months ending September 30, 2004, a net loss of between $33.0 million and $38.0 million. Intermet’s cost of scrap steel has increased from $160 per ton at the beginning of 2003 to $395 per ton at the end of August 2004. |
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23 Sep |
A software company that until recently was under the chairmanship of the new head of Highlands and Islands Enterprise, is going into voluntary liquidation. HIE chairman William Roe was chairman of Mysterian. MSP Mary Scanlon said: "I would question Mr Roe's suitability as the chairman of HIE where he is in the most powerful position of advising businesses in the Highlands.” |
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20 Sep |
A five foot Claymore was taken from Jesse Rae as he arrived at Selkirk Sheriff Court to fight his long running sequestration dispute with The Royal Bank of Scotland plc |
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20 Sep |
The Insolvency Service is now consulting on people who use English bankruptcy rules to “escape their obligations”, and the DTI is again looking at Individual Voluntary Arrangements |
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18 Sep |
An order has been made at Stonehaven Sheriff Court effectively declaring Chimes boss Brian Taylor bankrupt. A statement on behalf of Mr Taylor said he had instigated the process so his financial affairs could be straightened out. It could mean he will lose his luxury house in Newtonhill. |
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15 Sep |
ILLEGAL loan sharks who prey on vulnerable people are the targets of a new government-funded project. The pilot project will tackle criminal gangs throughout Scotland who illegally give out quick cash loans, often using intimidation and threats of violence to extort large sums of money in return. |
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9 Sep |
Gillian Thompson met with Insolvency Practitioners, and brought them up to date on the relocation of her office, initially to temporary premises in Irvine. Recruitment and training, efficient government, freedom of information, the Debt Arrangement Scheme, the provision of legal advice and “It was not me, gov” were discussed. |
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9 Sep |
The government has been told it could face a £2.5bn bill for failing to protect pensioners - in the case of corporate insolvency - in accordance with its duties under European law, after the main steel union decided to sue. |
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8 Sep |
Speculation is rife that the suspension is connected with the Chimes building company fiasco. |
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6 Sep |
EIGHT MONTHS FOR DISPOSING OF PROPERTIES, PLUS CONFISCATION ORDER FOR BANKRUPT |
His Honour Judge Hamer found that Hurley had benefited from the offences to the extent of £86,347 and that he has hidden assets of £65,000. Mr Hurley was ordered to pay a confiscation order of £65,000 within three months or serve an additional six months in jail. |
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3 Sep |
TAM McGraw, the crime godfather known as the Licensee, was threatened with bankruptcy yesterday in a court action seen as a move by the tax authorities to destroy his business empire. |
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3 Sep |
One of Scotland's main ski centres has been saved by a management buy-out. |
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2 Sep |
Lord Johnston granted the order at the Court of Session in Edinburgh for the sequestration of the estates of McGraw, of Carrick Drive, Mount Vernon, in Glasgow. |
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1 Sep |
It's emerged that the newly elected Moray councillor who replaced disgraced convener Eddie Aldridge could be disqualified from the authority because he is bankrupt. Peter Farquharson, who won the by-election just three weeks ago, is stepping aside while his legal position is clarified. |
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1 Sep |
The preferred bidder, Glenisla Golf Centre, led by Hamish Somerville, secured the 18-hole course for an undisclosed sum last week. |
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27-Aug |
The boss of a troubled Aberdeen building firm Chimes today called in police claiming he was the victim of theft and fraud. He was a director of Welltrain Ltd, which folded 10 years ago owing nearly £1 million |
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26-Aug |
William Dunn, 39, undertook the self-imposed ban after an investigation into A&E Building Services, of Back Sneddon, Paisley, |
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24-Aug |
Begbies Traynor, the UK's biggest specialist insolvency and corporate recovery practice, has delayed its IPO by around four weeks. |
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24-Aug |
PORTLAND CONSERVATORIES LTD (IN ADMINISTRATIVE RECEIVERSHIP): UPDATE |
Mark Orton of KPMG, joint administrative receiver of the BHD Group Limited, announced the closure of the Portland Conservatories business in Manchester, with the redundancy of 68 staff. |
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23-Aug |
Doreen Noble filed for bankruptcy last month. It was granted on August 9. Former fellow director, Barry Laden, said: "She is laughing at the law." |
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23-Aug |
Godskitchen has crashed into receivership amid questions about the £1 million refurbishment of its Birmingham venue. |
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22-Aug |
Under the proposals going through Parliament, the assets of a bankrupt Comminity Interest Company (CIC) could be taken over only by another CIC. |
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20-Aug |
KLD administrator David Hunter said he was trying to agree the basis of a deal to sell the business by today with the preferred bidder thought to be the Norwegian-owned Scottish Sea Farms. |
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18-Aug |
The joint receivers of farming equipment business SBF Agrico announced yesterday that the sale of Rothienorman-based Fraser Manufacturing Ltd had collapsed. |
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19-Aug |
Parmalat is suing its former auditors claiming damages of "at least $10 billion" and broadening a legal battle to claw back funds from financial partners which it says helped drive it into insolvency. |
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20-Aug |
No less than 851 Scots were either sequestered or declared themselves bust in the second quarter of the year - up from 720 in the first quarter. |
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18-Aug |
Joint receivers Blair Nimmo and Tony Friar of KPMG Corporate Recovery had traded the business for five months |
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14-Aug |
Jim Haddow, senior manager of insolvency practitioner Tenon Recovery, said: “I have to be very careful what I say because the last thing I want to do is to jeopardise the negotiations that are currently going on.” |
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12-Aug |
The 31-year old began plundering the funds in 1998 by tampering with cheques written by bankrupt firms to pay off their creditors. |
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11-Aug |
Personal insolvency hit an all-time high last week, just as UK consumer debt passed the symbolic £1 trillion mark |
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10-Aug |
Two of the UK's last remaining vinyl records businesses have collapsed into receivership |
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09-Aug |
All classifications of failure fell with the exception of administration orders, which increased by 132 per cent from 169 in the second quarter of 2003 to 393 in the second quarter of 2004. |
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8-Aug |
THE taxman has launched a court bid to bankrupt multi millionaire gangster Tam 'The Licensee' McGraw. |
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08-Aug |
AN UNDERCOVER team of investigators will film loan sharks in the street and blend into communities in an effort clamp down on their dealings. |
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6-Aug |
The figures show company insolvencies have fallen when compared to the same period last year, however individual insolvencies (bankruptcies) have risen. |
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4-Aug |
PwC said that it was time for a 'simplified' alternative to bankruptcy for those who struggle with debt. |
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2-Aug |
BANKS and other lenders should set aside 0.01 per cent of their annual profits to invest in improved debt counselling services |
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2-Aug |
KMPG's Jane Moriarty and Blair Nimmo, joint administrative receivers of Valleyhill Ltd, have confirmed the sale of 30 of its pubs to the bar chain, Brannigans Ltd for an undisclosed sum |
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1-Aug |
The controversial businessman is battling to avoid personal bankruptcy |
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25-Jun |
The Court of Session has rejected the appeal of a shareholder against the £69,000 fee fixed by Reporter James McIntyre (Reporters Fee £8,500) and approved by a Sheriff |
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