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Date
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Headline (and link)
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Story
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26 June
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$60 OIL PRICE CREATES STABILITY
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Aberdeenshire based PSL services is busy, after being bought out of receivership in 2003.
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28 June
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FLOORING IS SHRINKING
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Larry’s Laminate Land, the Glasgow operater of 5 stores, is in receivership but retail chain Cartwright with 376 stores stuck to its expansion plans.
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29 June
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BYERS: COMPANY COOPERATES, SHAREHOLDERS LOSE OUT
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Stephen Byers has admitted that he had been prepared to pay Railtrack shareholders £1bn "to go quietly" but it had not been necessary because the company had cooperated so well with the government's bankruptcy plan.
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25 June
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A LIFELINE FOR THE CLIMBERS
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City of Edinburgh Council is attempting to raise £5m to help the Ratho Mountaineering Centre.
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21 June
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SHETLAND WEEKLY CLOSES
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The Shetland Weekly has cceased trading after 9 issued, and the MD says it has gone into receivership after failing to find its “financial footing”.
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20 June
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THIS IS DAMNED OBOLENSK
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A chilling Russian TV report on the bankruptcy of a one horse town in Moscow Region. “It has been decided to turn on the water...”
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21 June
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ENTERPRISE ACT MISFIRING
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Dishonest bankrupts in England & Wales are avoiding Bankruptcy Restriction Orders, and directors disqualifications have fallen markedly
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22 June
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LLOYDS TSB ADMITS CREDIT WOES
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Another high street bank has admitted a growing number of customers are having difficult paying off their credit cards.
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21 June
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NO SIGN OF AN END TO THE ROVER TALE
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City law firm Herbert Smith is now advising Phoenix Venture Holdings and the so called “Phoenix Four” directors, who were recently given a cautious clean bill of health by the Administrators.
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20 June
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START UP SLOW DOWN
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The number of new starts has slowed down, according to Barclays. And BDO Stoy Hayward predicts an increase in small business failures.
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20 June
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RESEARCH ON AIM FAILURES
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A Begbies Traynor study shows that one in 16 of the AIM listed companies in the last five years have gone into a formal insolvency process.
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16 June
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MOST COMPLAINED ABOUT COMPANY - 30 YEARS OF DISQUALIFICATION
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Edinburgh telesales company Berger & Co plc holds the distinction of being the most complained about business in the UK. Director Ronald Porter has now been disqualified for 5 years.
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16 June
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CAPE SETS UP FUND FOR ASBESTOS CLAIMS
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Wakefield based engineering firm Cape has paid £40m into a fund to meet asbestosis claims. £20 has been paid out in the last 5 years, with actuaries estimating further claims of another £160m
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9 June
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WHEN THE BOOKS DON’T BALANCE
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Figures from the Office for National Statistics (ONS) family spending report show the average weekly spend was £566 in 2004-05, compared with a gross household average income of only £552.
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5 June
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WHEN THE BUBBLE BURSTS
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The Observer’s advice on debt problems - pay £4,000 for an IVA (E&W).
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4 June
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10 THINGS TO KNOW ABOUT IVAs
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The Times Online gives some insight into IVAs (England & Wales).
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1 June
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ANOTHER SHETLAND FISH FARM HITS THE ROCKS
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PWC are receivers of Hoove Salmon, which owes £1.3 million to two Shetland investment trusts.
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1 June
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DTI ORDERS FULL SCALE ENQUIRY INTO ROVER
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Alan Johnson, the trade and industry secretary, yesterday ordered a full-scale inquiry into MG Rover, after the car maker collapsed with debts of £1.3billion nearly two months ago.
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31 May
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SEX OFFENDER SEQUESTRATED
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Former Boys' Brigade captain Michael Findlay, 28, is due to be sentenced tomorrow for sex offences against a 15 year old girl. His business “The Findlay Group” operated from a converted steading at Skene near Aberdeen.
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24 May
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INTEREST IN PETERHEAD PROPERTY
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The Kirkburn factory of textile firm Thomas Smith & Co is being marketed by Ryden for the receivers. A sale to Asda fall through last year. Smiths of Peterhead, took over and saved 50 jobs, and can stay in the premises for 2005. Tesco are interested in opening in the area.
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23 May
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THE LAWYER ON EU REGULATION OF CROSS BORDER INSOLVENCY
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The EU regulations mediate between conflicting jurisdictions and their impact is reviewed here.
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20 May
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HOUSEHOLD BELTS TIGHTEN AT LAST
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THE amount consumers owe on credit cards has fallen for the first time in more than a decade as people repaid more than they borrowed for the first time since 1994, with savings strong, according to the British Bankers' Association.
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16 May
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WOMEN SUSCEPTIBLE TO A TEASE
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More women risk bankruptcy by taking on too much debt, and women now represent 42% of bankruptcies, according to research in England & Wales from Wilkins Kennedy.
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8 May
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CONSUMER STRESS SETTING IN
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Matt Henderson comments on a 10% rise in bankruptcies: “Unfortunately, I have little doubt that this is likely to be the start if large scale personal debt problems in Scotland rather than a one-off difficult quarter."
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7 May
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PERSONAL BANKRUPTCY STATISTICS
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Sequestrations are up 26% for the first quarter of 2005, suggesting a 10% year on year rise,
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6 May
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KNOCK ON EFFECTS OF DEVELOPERS’ FAILURES
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Country Life Estates is now in liquidation with KPMG and Stewart Estates is in receivership with PricewaterhouseCoopers. Jim Benton, who runs housing developers Osprey Homes, said big companies got he prime sites forcing Country Life and Stewart Estates to build their "high quality" homes in areas where they were less likely to sell, and warned of other failures.
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4 May
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HUMAN RIGHTS NIGHTMARE FOR ICAS
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The Scottish Institute of Chartered Accountants disciplinary procedures were thrown into chaos by Lady Smith’s ruling that they had failed to give an insolvency practitioner a fair hearing. Manchester IP Leonard Harris failed to uncover a fraud involving a phoenix company but his censure, £25,000 fine and withdrawal of his insolvency permit for an unlimited period will now need to be reviewed for a second time.
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2 May
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FORTH AND CLYDE HELICOPTER SERVICES GETS THE CHOP
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Blair Nimmo is provisional liquidator of the Linlithgow charter service, which also gave flight lessons.
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27 Apr
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RETAIL FAILURES CLOUD THE ELECTION HORIZON
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BUSINESS failures are on the rise, casting a cloud over the Labour Government's claim of an exemplary economic record. Food retailers saw a 53% increase in the number of business failures in the first quarter, while non-food retailers saw a 30% rise in insolvencies compared to a year ago.
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26 Apr
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SPECTRUM CASE GOES TO HOUSE OF LORDS
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Seven law lords will consider the Spectrum case, where NatWest is claiming that its security over book debts at count as a "fixed" (ahead of the preferential creditors) rather than a "floating" charge. There could be implications for bank claims on directors guarantees.
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22 Apr
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FISH QUOTA CUTS LEADS TO PROCESSOR’S FAILURE
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Peterhead fish processor JH Milne has gone into liquidation after weeks of being unable to buy the fish it needed. A bid to find a buyer failed and Michael Reid is provisional liquidator.
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21 Apr
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NORTH-EAST MAN TO BE DECLARED BANKRUPT AFTER BEING FOUND DEAD
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Aberdeen legal firm Ledingham Chalmers is acting as executor for Michael Pidgeon, and lodged a sequestration petition at the city's sheriff court. His only asset is a £16,000 insurance policy and Bank of Scotland are owed £100,000. He was found with fatal shotgun wounds after being served with notice to quit his farmhouse.
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19 Apr
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THE LICENSEE HAS HIS BANKRUPTCY RECALLED
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The Court of Session has recalled Tam McGraw’s bankruptcy. (See 14 Apr below)
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20 Apr
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WANT TO BUY A ROVER?
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PWC have issued a prospectus, but the company has been “stripped bare”.
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19 Apr
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IAN SUTTIE ACCUSED OF TAX FRAUD
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The P&J reports that millionaire CA Ian Suttie is accused of failing to pay £20,000 tax and attempting to defeat the ends of justice. He was a director of collapsed Richards of Aberdeen. (See “Liquidator rubbishes malpractice allegations” below)
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18 Apr
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YOU ARE NOT ALONE - the rise and rise of Protected Trust Deeds
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10 Scots a day are going bankrupt but 20 are applying for PTDs, says Grant Thornton. In one week in April, there were 98 bankruptcies but 118 trust deeds.
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16 Apr
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ADRTOE LAB REVIVAL HOPES
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Kenny Craig of Tenon is liquidator of SAMS Ardtoe Ltd and says there is some interest in the lab, the original site for aquaculture research in Scotland and a pioneer of whitefish husbandry techniques.
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15 Apr
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MG ROVER - ADMINISTRATORS ANNOUNCE REDUNDANCIES
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Patricia Hewitt says failure to do a deal with SAIC is “devastating news for the workers” but it can’t do her much good either in the forthcoming elections.
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15 Apr
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McCOWANS SOLD BY PWC
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Receiver Graham Martin has confirmed that the Stenhousemuir based toffee business has been sold to Sally Gardens.
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14 Apr
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HAVE YOU HEARD THE ONE ABOUT THE LICENSEE AND THE IP?
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Thomas McGraw, said to be Scotland's richest criminal and worth £20m, has declared "total assets" of just £116 to authorities. He has also told the Accountant in Bankruptcy he has no income or employment and he uses a car owned by someone else. However, Mr. McGraw – known as The Licensee – has paid an Inland Revenue demand of £12,792.14 after being sequestrated over the tax bill. He has also petitioned for a recall of his sequestration. Wylie and Bisset are waiting for the punchline.
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13 Apr
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SCOTPIGS DIRECTORS AT LOGGERHEADS SOME TIME BEFORE LIQUIDATION
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A year on, and creditors of Aberdeenshire company Scotpigs, are now expected to exceed £5million. Joint interim liquidator Blair Nimmo said an ongoing legal dispute between former directors Arthur Simmers and Jim Innes, as well as doubts over property valuations, made it impossible to gauge the debts.
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12 Apr
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HUMAN GENE FIRM UNRAVELLING
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Roslin bases ExpressOn Biosystems is close to collapse, according to a report in The Scotsman.
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12 Apr
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RETAILING GETS TOUGH
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UK listed company profits warnings are up 20% on 2004, as high numbers of retailers go bust.
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12 Apr
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HOW MUCH IS THAT ROVER IN THE WINDOW?
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Administrators warned that the bill for selling Rover would be £80m, as the EU demanded an explanation of State Aid being provided.
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11 Apr
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COUNTRY LIFE ESTATES IN LIQUIDATION
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KPMG have been appointed provisional liquidators of the Insch based luxury homes developer. PWC are receivers of Aberdeen based Stewart Estates.
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9 Apr
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CENTRAL HEATING ADVISORY SERVICE HOPES FOR QUICK SALE
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One of Scotlands largest heating firms was laying off staff after owner Rod McDougall was sequestrated.
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10 Apr
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NOT WAVING BUT DROWNING
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DTI boss Patricia Hewitt is out of her depth, and the greedy phoenix four fail to line up an insolvency practitioner as MG Rover crashes into administration, according to William Lewis of The Times.
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8 Apr
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INSOLVENCY PRACTITIONER REGULATIONS PUBLISHED
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The 2005 Statutory Instrument has been published and is available on the Insolvency Service website.
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8 Apr
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CROSS BORDER DEVELOPMENTS
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Legal Week looks at the Irish courts approach to “centre of main interest” in a conflict with the Italian proceedings, and provides a cautionary note for lenders..
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8 Apr
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AVOIDING INSOLVENCY - CHIEF RESTRUCTURING OFFICERS
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Legal Week looks at the growing tendency of CROs to avoid a formal insolvency in a rescue situation.
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8 Apr
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FEES AND THEIR RANKING
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Legal Week reviews recent English cases on insolvency practitioners fees.
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8 Apr
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GOOD NEWS, BAD NEWS
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Legal Week reviews the new pensions rules
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7 Apr
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HERE WE GO AGAIN
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Consafe, which only two months ago employed 235 people in Aberdeen and Edzell, was bought out of receivership by Tyneside firm McNulty Offshore Contractors in February. But it emerged yesterday that KPMG have been appointed administrators at McNulty, which had suffered cash problems following a dispute over a contract with a major customer.
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29 Mar
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ST ANDREWS HOTEL “IN RECEIVERSHIP”
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The Buchan Observer reports the demise of the St Andrews Hotel in Peterhead, with debts of £52,000.
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28 Mar
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REINTERPRETING THE PENSIONS RULES
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Ian Gordon, chairman of the Stoddard pensions scheme's trustees, is optimistic the sacked workers will quality for up to 90% of promised pensions. He said: "...the rules were reinterpreted and it is now fairly clear that what has to happen after April 6 is an insolvency event of some kind in relation to the company in order to trigger the PPF. It can be receivership, administration or liquidation." Mr Gordon insisted ex-workers of Stoddard would qualify. Other pensions lawyers are more cautious.
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25 Mar
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LIQUIDATOR RUBBISHES MALPRACTICE ALLEGATIONS
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The TGWU reports a "worrying trend" of liquidated companies retaining their principal assets and suggested that Ian Suttie, the director of the collapsed Richards of Aberdeen, might have been guilty of malpractice. But liquidator, Michael Reid, of accountants Meston Reid and Co, dismissed the suggestions as "a lot of rubbish".
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25 Mar
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TWENTY A DAY
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158 Scots have applied for Protected Trust Deeds in the last seven days alone, according to the Edinburgh Gazette. Last year 5,669 protected trust deeds were registered. Annualising the last seven days’ figures would give a rise of 44.9%
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24 Mar
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NEW FRAMEWORK FOR SCOTTISH IPs
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THE IPA website confirms that Scottish IPs will be subject to inspections every three years, and annual self-certification of conformity with SIPs is required.
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22 Mar
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NORTH EAST BANKRUPTCY CASES SOAR
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Statistics just published show 242 cases were filed at the North East's five sheriff courts in the tax year 1996/7. But the number rose to 378 in 2003/04, with instances in Peterhead more than trebling from 19 to 68. There were also increases in Aberdeen, Banff, Elgin and Stonehaven.
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21 Mar
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DEBT DELUGE TO HIT UK
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15 million people are under threat from Britain’s 1 trillion pound debt mountain.
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16 Mar
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PIG ROW SIMMERS ON
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Lord Macphail has appointed accountants KPMG interim liquidators of the Scotpigs business which crashed a year ago after a long-running dispute between directors Jim Innes and Arthur Simmers. The news came as Mr Simmers went to the Court of Session to demand that Mr Innes keep his side of a bargain. He said that he should have been able to buy back shares and property in March last year for a total of £2.5million. Mr Innes is contesting the action, disputing the validity of the buyout clause in the agreement.
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12 Mar
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EDINBURGH FUNDING BOOST
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Edinburgh city council will take on three new debt advisers at its office on South Bridge after receiving confirmation of the £100,000 grant from the Scottish Executive.
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11 Mar
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CHESTERTON DIVISIONS SOLD
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As expected, the residential property business of failed estate agency Chestertons has been sold to CIC International. Five of the commercial property offices have also been sold to Atisreal UK, a subsidiary of French banking group Paribas.
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8 Mar
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DOWN THE AISLE AND UP THE CREEK
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MORE than 70 brides-to-be have had their wedding plans shattered after a bridal shop went into liquidation. Angry customers went to the Bride and Beauty shop in Edinburgh, to try to salvage their wedding day arrangements. The liquidators who were called in late last week said the prospective brides would almost certainly lose their money. Ferris Associates described it as "an emotive situation".
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8 Mar
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ROOF FALLS IN AT CHESTERTON
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Upmarket estate agency Chesterton has gone into receivership. The company deals in commercial property and homes generally worth more than £500,000. Grant Thornton have already made 300 staff on the commercial side of the business redundant, and say a sale of the commercial side is unlikely. They are talking to two interested parties about a potential sale of the residential business and expect to reach a deal “within days”.
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5 Mar
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GRANTOWN BASED ENGINEERING COMPANY IN RECEIVERSHIP
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Blair Nimmo and Gary Fraser of KPMG have been appointed joint receivers of Grantown-based MacKellar Engineering, which manufactures hi-tech equipment for the oil industry, and employs 87 people. Twenty-two of them have already been paid off. Local business leaders and politicians warned that a shutdown of the operation would be catastrophic for the area's economy and community.
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4 Mar
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TOFFEE COMPANY McCOWANS IN RECEIVERSHIP
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Another MBO, another government grant, another receivership. PwC go into the chew bar and bonbon market.
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2 Mar
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DISPROPORTIONATE COSTS AND CAMERON RUSSELL
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The Sheriff Principal at Dumbarton has decided that sequestration costs being disproportionate to the petitioning creditor’s debt etc. does not itself establish a human rights defence to an action by the trustee.
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2 Mar
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RICHARDS LIQUIDATION: PROGRESS
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Michael Reid, the liquidator of failed textile firm Richards, is set to sue three debtors for more than £1m. The auction of the plant realisations were “in line with what was said in the statement of affairs”, he commented.
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23 Feb
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HOW BAD DOES IT NEED TO GET?
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Mark Brandreth, 43, of Grantham, became bankrupt in 1991, 1996 and 2002. This did not stop him from operating a business selling toys and in January 2001 he purchased goods worth over 2,000 on credit and without disclosing his status He dishonestly avoided paying for the goods and has now been jailed for 6 months.
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25 Feb
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PENSIONS CLOCK TICKING
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Pensions legislation is being rushed through before the election (what election?) and Wedlake Bell questions whether dealying a winding up will disqualify a fund from PPF protection.
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23 Feb
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STODDARD PENSION FUND FACES £50m BLACK HOLE
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Ian Gordon, chairman of the scheme's trustees, said: 'We are cautiously optimistic that we will qualify for help from the PPF, provided the company does not go into liquidation until after 6 April.'
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21 Feb
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EMPLOYMENT LIABILITIES NOT PAYABLE OUT OF ADMINISTRATION EXPENSES
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In a far reaching case, the English High Court has ruled that redundancy and other employees payments rank after the administrator’s fees and expenses. Kroll’s lawyers had threatened to put Allders into receivership if the ruling went against their IP clients.
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17 Feb
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CONSAFE SOLD TO McNULTY: DELOITTES NO COMMENT
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Consafe, which employed 160 people in Aberdeen and Edzell, has been acquired by engineering services company McNulty Offshore Contractors, based at South Shields on Tyneside. It is understood the sale is unlikely to lead to work or employees being shifted south. But Deloitte, the firm handling Consafe's receivership, would not confirm the deal yesterday or say what it would mean for the north-east firm.
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14 Feb
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GLOOM FOR RICHARDS PENSION SCHEME
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The Richards Pension Scheme went bust before the company went into receivership, and as a result the DWP safety net may not be available.
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14 Feb
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GOING BUST IS A BOOMING BUSINESS
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The FT’s take on increasing personal insolvency numbers in E&W
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13 Feb
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CREDIT CARDS FUELLING YOUTH DEBT EXPLOSION
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Bryan Jackson, insolvency practitioner and managing partner of PKF Accountants and Business Advisers, conducted an in-depth analysis of his recent cases and found that 60% are aged under 30 and owed up to £60,000 each. Jackson has around 1000 open personal insolvency cases on his books currently, and receives 30 new ones each month, with PKF handling around 10% more cases year on year. He has issued a stern warning about the soaring numbers of young people who are facing bankruptcy, and has called on the Scottish Executive to face up to the problem ahead of an expected further relaxation in bankruptcy laws.
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11 Feb
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OLDER WORKERS APPEAL TO HOUSE OF LORDS
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Older workers have been given permission to take their case to the House of Lords. The Court of Appeal has already refused them compensation as they were beyond retirement age.
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5 Feb
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A BENIGN ECONOMIC ENVIROMENT - with 621 failures
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Corporate insolvencies in Scotland last year were marginally down on the year before, but still the third highest in the last 10 years. The total in 2004 was 621 - lower than the 631 recorded in 2003 and the 788 in 2002 but still more than any other year since 1995, according to a report. Matt Henderson, a corporate recovery partner with Grant Thornton, said: "The figures reveal a steadying of the corporate insolvency numbers, and it is reasonable to suggest that we have a very benign economic environment.
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4 Feb
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DTI STATISTICS - Q4 2004
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The fourth quarter statistics for England and Wales have been published.
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1 Feb
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CRUNCH TIME FOR CREDIT
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Edward Chancellor argues that both America and Britain are in a huge credit bubble, which will eventually burst with hugely destructive consequences. The cheapness and abundance of credit has created the illusion of prosperity and boosted property values and shares. Puffed-up property values have in turn provided security for more loans. "An Englishman's home is no longer just his castle," writes Chancellor. "It is also a leveraged hedge fund, a pension fund, a cash machine and a source of limitless credit creation."
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31 Jan
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ROYAL BANK SPECIALISED THERAPY SERVICES
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The FT reports on the last 12 years of David Sach’s Specialised Lending Services at RBS
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28 Jan
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FOR WHOM THE BELL CHIMES
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James Douglas’ Golden Force Services has gone into liquidation less than six months after Chimes - the business he managed - folded. Ian Fraser of Tenon is Interim Liquidator of GFS with a fiery creditors meeting expected on 7 February!
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26 Jan
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POOR MANAGEMENT CITED AS PREDOMINANT REASON FOR BUSINESS FAILURE
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DESPITE protestations by company directors to the contrary, in the vast majority of cases the full weight of responsibility for company failure rests fairly and squarely on their shoulders. Whilst directors try to lay the blame on a variety of sudden, unforeseen and unavoidable circumstances lying beyond their control, this is not a view shared by professionals. Surveys by R3 (Association of Business Recovery Professionals) in recent years show insolvency practitioners list the predominant factor in most company insolvencies as poor management.
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20 Jan
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CHIMES SAGA - ANOTHER YEAR TO GO
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The trustee of a crashed Aberdeen building firm hopes to sell off its existing housing developments within the next six months. Graham Martin revealed there have been several interested parties in the two developments. Earlier this week Mr Martin, a director with PricewaterhouseCoopers, negotiated a deal with Elgin housebuilders Springfield Properties to sell another existing development in Nairn. "It will probably take around six months for this to be done and possibly another six months to conclude the rest of the company's affairs.”
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17 Jan
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FRENCH DUNCAN PROMOTES MENZIES
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French Duncan has promoted licensed insolvency practitioner Annette Menzies from associate to partner in its business recovery department.
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12 Jan
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CARPET FIRM AXES JOBS
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More than half of the workforce at an historic carpet maker were made redundant today to give the company “a fighting chance” of survival. Receivers Ernst & Young appointed to Stoddard International said 266 workers would lose their jobs immediately with another 90 placed on short time working.
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12 Jan
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10,000 SCOTS FACE FINANCIAL MELTDOWN EACH YEAR
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More Scots than ever are getting into the debt trap with record numbers facing financial meltdown according to the latest research. Ten thousand people are going through some kind of insolvency process north of the border each year, while for many the slowdown in house prices may now reveal the full extent of their debts.
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7 Jan
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MSP BACKS DEBT ARRANGEMENT SCHEME
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Paisley South MSP Hugh Henry said “The scheme will provide an alternative to trust deeds or personal bankruptcy, which clearly have major long-term implications for the individuals concerned and their families.“This is also good news for creditors.
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7 Jan
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BEGBIES TRAYNOR NEW WORK UP 35%
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The Manchester-based company, which has more than 20 UK offices and handles company administrations and corporate rescue and recovery, said it achieved record volumes of new business in the six months to October 31.
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7 Jan
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RICHARDS TEXTILES STAFF STILL WAITING FOR REDUNDANCY CASH
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Nearly 200 former employees of Richards are still waiting for unpaid wages and redundancy cash two months after the Aberdeen textiles firm crashed owing more than £8.5million.Liquidator Michael Reid said he was "disappointed" the ex-workers had heard nothing from the relevant Government agency, despite them having put in their claims weeks ago.
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6 Jan
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STODDART INTERNATIONAL IN RECEIVERSHIP
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Scotland’s oldest carpet manufacturer (established in 1837) has gone into receivership. Ernst & Young are assessing the future of the business which has 460 employees.
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6 Jan
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BORROWERS HITS BY LOAN FEE SCAM
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The Office of Fair Trading has warned of phoney lenders who advertise in local papers, then charge an “insurance fee”. The loan never appears.
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3 Jan
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CAPITAL DEBT PROBLEMS
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The number of people struggling with huge debts in Edinburgh has surged 15 per cent in one year. Around 125 people a month are already asking for help from the city’s Debt Advice Partnership which is dealing with almost £10 million of personal debt. Citizens’ Advice Scotland (CAS) has blamed the lack of effective control over money-lenders for much of the problem.
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2 Jan
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DEALING WITH FAILURE
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If you are a director of a company facing voluntary liquidation it doesn’t have to be the end of your business career. Many successful entrepreneurs have presided over businesses that failed. The most important requirement is to face reality, follow the right procedures, and then move on.
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