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.... It’s how Sun Edison, once a darling of the stock market, saw its share price soar from $1. 50 in 2012 to $31 by mid 2015 – then go bankrupt. ... [Read full article on Guardian ]
Saturday 18th of March 2017 07:01:32 AM
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....The collapse of BHS last year led to the loss of 11,000 jobs and left a £571m pension deficit. Green owned BHS for 15 years until he sold it to Dominic Chappell, a former bankrupt with no retail experience, for just £1 in March 2015. ... [Read full article on Guardian ]
Tuesday 21st of March 2017 06:30:06 AM
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....State spending, although decried by market fundamentalists as a drag on the economy, is actually a boon to employers. The NHS saves British business thousands on health insurance, compared with their counterparts in the supposedly more flexible US, as well as being cheaper and having the benefit of not condemning millions of people to bankruptcy and death. ... [Read full article on Guardian ]
Friday 17th of March 2017 08:59:05 AM
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Latest Finance News related to Bankrupt

Sir Philip Green 'could get £15m refund from £363m BHS payout' image
Source : Guardian [Read Article] Tuesday 21st of March 2017 06:30:06 AM
....The collapse of BHS last year led to the loss of 11,000 jobs and left a £571m pension deficit. Green owned BHS for 15 years until he sold it to Dominic Chappell, a former bankrupt with no retail experience, for just £1 in March 2015. ...
Netflix and Tesla overrated? Yes, in this mad, mad world image
Source : Guardian [Read Article] Saturday 18th of March 2017 07:01:32 AM
.... It’s how Sun Edison, once a darling of the stock market, saw its share price soar from $1. 50 in 2012 to $31 by mid 2015 – then go bankrupt. ...
If big business is to thrive, it needs a strong welfare state | Phil McDuff image
....State spending, although decried by market fundamentalists as a drag on the economy, is actually a boon to employers. The NHS saves British business thousands on health insurance, compared with their counterparts in the supposedly more flexible US, as well as being cheaper and having the benefit of not condemning millions of people to bankruptcy and death. ...
Replacing EU hospitality workers after Brexit 'will take 10 years' image
Source : Guardian [Read Article] Saturday 11th of March 2017 08:00:29 AM
.... to children between the ages of 11 and 14,” Ibrahim said. In the meantime, she says Britain has to have continued access to a low-skilled EU workforce otherwise businesses face bankruptcy. ...
Volkswagen pleads guilty to all criminal charges in emissions cheating scandal image
....Summing up the scandal, assistant US attorney John Neal said it was a “calculated offense”, not a “momentary lapse of judgment”. Although the cost is staggering and would bankrupt many companies, VW has the money, with $33bn in cash on hand. ...
Theresa May must give Vauxhall assurances over Brexit, says Labour image
Source : Guardian [Read Article] Monday 6th of March 2017 08:03:56 PM
....He stressed that he had not closed a single factory since he took over at PSA in 2014. The carmaker, which came close to bankruptcy and was bailed out by the French government and Chinese investors, shut a French factory just before the former Nissan executive took the helm. ...
German chain store tycoon Schlecker in fraud trial with family image
....A former giant of German retail - Anton Schlecker - has gone on trial with his wife and two children over the collapse of his pharmacy chain, which once employed some 50,000 people. Mr Schlecker is accused of offences relating to the 2012 bankruptcy, and his family allegedly helped him. ...
Peugeot-Citroën chief vows to save jobs in Vauxhall/Opel takeover image
Source : Guardian [Read Article] Monday 6th of March 2017 12:35:46 PM
....Tavares stressed that he had not closed a single factory since he took over at PSA in 2014. The carmaker, which came close to bankruptcy and was bailed out by the French government and Chinese investors, shut a French factory just before the former Nissan executive took the helm. ...
Topshop owner to double contributions to plug pension deficit image
Source : Guardian [Read Article] Sunday 5th of March 2017 03:28:55 PM
.... BHS collapsed last April, leading to the loss of 11,000 jobs and leaving a pension deficit assessed at the most pessimistic measure as £571m. Green owned BHS for 15 years until he sold it to Dominic Chappell, a former bankrupt, for just £1 in March 2015. ...
Every time we take an Uber we’re spreading its social poison | Laurie Penny image
....There are very few things that $5bn can’t buy, but one of them is manners. This week video emerged of Travis Kalanick, the CEO and founder of ride-share app Uber, patronising and swearing at one of his own drivers, who complained that harsh company policies had forced him into bankruptcy. ...
Cheers! Pub saved by its customers rated best in the UK image
Source : Guardian [Read Article] Friday 3rd of March 2017 12:01:31 AM
. A small north Yorkshire village pub which was saved by its local community after going bankrupt has been named the best in the UK. ...
Dominic Chappell to fight legal action forcing him to pay BHS pensions image
Source : Guardian [Read Article] Wednesday 1st of March 2017 06:44:02 PM
.... However, it is continuing with legal action against Chappell and his company Retail Acquisitions and is understood to be seeking as much as £17m. Green owned BHS for 15 years until he sold it to Chappell, a former bankrupt with no retail experience, for just £1 in March 2015. ...
Sir Philip Green's reputation 'still stained' despite BHS pension deal image
....Mr Wright and Work and Pensions Select Committee chairman Frank Field led questioning of Sir Philip over the sale of the chain and its eventual collapse. He owned BHS for 15 years before selling it for £1 to former bankrupt Dominic Chappell. ...
Sir Philip Green hasn't pushed the boat out with his BHS pensions deal | Nils Pratley image
.... The process towards securing the £363m has been shambolic and has exposed serious flaws in the pensions system. The trouble at BHS began, remember, when Green sold the business in 2015 to Dominic Chappell, a thrice-bankrupt individual lacking the experience or cash to execute a turnaround at a business employing 11,000 people. ...
Philip Green agrees to pay £363m into BHS pension fund image
Source : Guardian [Read Article] Tuesday 28th of February 2017 02:42:06 PM
.... MPs voted in favour of stripping Green of his knighthood. The billionaire tycoon owned BHS for 15 years until he sold it to Dominic Chappell, a former bankrupt, for just £1 in March 2015. ...
Sir Philip Green strikes BHS pension deal with regulator image
Source : BBC [Read Article] Tuesday 28th of February 2017 02:38:18 PM
....MPs had also called for the Topshop billionaire to be stripped of his knighthood. He was grilled by a committee of MPs over the sale of the chain, which he owned for 15 years before selling it for £1 to former bankrupt Dominic Chappell. ...
Business rates a 'ticking time bomb' for small firms image
Source : BBC [Read Article] Sunday 26th of February 2017 08:29:46 PM
....". Labour's plan would include a fund worth £150m a year for the next three years for small and medium-sized firms at risk of bankruptcy due to "sharp and unmanageable" increases. ...
Vauxhall production guaranteed until at least end of decade, PSA tells union image
.... The takeover would make PSA Europe’s second biggest carmaker after Volkswagen. Comments from Tavares on Thursday – his first public remarks on the deal – suggested he would carry out a major restructuring of GM’s Opel operations in Germany and Vauxhall in the UK, similar to the one he oversaw at PSA, which nearly went bankrupt three years ago. ...
Vauxhall job fears rise as Peugeot boss mentions 'speedy' savings image
Source : Guardian [Read Article] Thursday 23rd of February 2017 11:00:40 AM
....However, Tavares also hinted that if the deal goes ahead he would carry out a major restructuring. At PSA, which came close to bankruptcy in 2014 but was saved by a state-backed bailout and Chinese investment, he has overseen a cost-cutting plan that involved a pay freeze, a factory closure and thousands of job cuts. ...
Peugeot owner PSA sees profits nearly double image
Source : BBC [Read Article] Thursday 23rd of February 2017 10:11:37 AM
....PSA said its operating margin, the level of profit it makes on sales, had risen from 5% in 2015 to 6% in 2016. It is the third year in a row that operating margin, sales and net profit have improved at the group, which flirted with bankruptcy in 2014. ...
Do we need a credit check to find out whether we can remortgage? image
Source : Guardian [Read Article] Thursday 23rd of February 2017 07:00:00 AM
....What lenders do look at is how much you owe compared with your income, how much of your available credit you are using and how much spare cash you have after paying living expenses. They will also take into account the historical information held by credit reference agencies, which tells them how well you manage your debts and whether you have missed repayments, as well as whether you have defaulted on any loans and/or been declared bankrupt in the past six years. ...
‘From bad to worse’: Greece hurtles towards a final reckoning image
Source : Guardian [Read Article] Sunday 19th of February 2017 12:05:16 AM
....As Greece hurtles towards another full-blown confrontation with the creditors keeping it afloat, and as tensions over stalled bailout negotiations mount, it is a question many are asking. The country’s epic struggle to avert bankruptcy should have been settled when Athens received €110bn in aid – the biggest financial rescue programme in global history – from the EU and International Monetary Fund in May 2010. ...
How Donald Trump became Deutsche Bank's biggest headache image
Source : Guardian [Read Article] Thursday 16th of February 2017 12:31:47 PM
.... In 2010 the parties settled their legal differences. But rather than walking away, the bank’s private wealth division then resumed lending to Trump, the troublesome four-times bankrupt client who had defaulted on a major loan. ...
Deutsche Bank examined Trump's account for Russia links image
Source : Guardian [Read Article] Thursday 16th of February 2017 12:31:00 PM
Unite leader warns GM his union will not accept any Vauxhall job losses image
Source : Guardian [Read Article] Wednesday 15th of February 2017 02:13:22 PM
....GM, the world’s third largest carmaker and the biggest in the US, has racked up more than $15bn of losses at Opel since 2000. It nearly sold the division after going bankrupt in 2009 and the Ellesmere Port Vauxhall factory – dubbed“home of the Astra” – came very close to closure in 2012. ...
Greece defies creditors over more cuts as economy shrinks unexpectedly image
Source : Guardian [Read Article] Tuesday 14th of February 2017 07:57:17 PM
.... Amidst the uncertainty the real economy has been put on hold with non-performing bank loans and private debt ballooning. This week the head of the Greek public power corporation, DEH, said lack of liquidity was such that the body was on the verge of bankruptcy. ...
General Motors looks to sell loss-making Vauxhall and Opel image
Source : Guardian [Read Article] Tuesday 14th of February 2017 01:42:44 PM
....GM, the world’s third-largest carmaker and the biggest in the US, has suffered more than $15bn of losses at Opel since 2000. It nearly sold the division after going bankrupt in 2009 but reversed the decision in a bid to maintain a foothold in the potentially lucrative European market. ...
Candy brothers accused of blackmail and extortion in high court image
Source : Guardian [Read Article] Wednesday 8th of February 2017 11:40:18 AM
....Ian Roberts, the founder of technology startup Crowdmix, is to break a six-month silence over the collapse of his venture in order to give evidence. Roberts was ousted from his company, in which Nick Candy was the largest investor, weeks before it filed for bankruptcy. ...
Grexit? Greece again on the brink as debt crisis threatens break with EU image
Source : Guardian [Read Article] Friday 3rd of February 2017 02:36:32 PM
.... It is now more than seven years since the Greek financial crisis erupted and the debt drama has often had a deja vu quality about it. Eclipsed last year by the UK’s vote to exit the EU, and Donald Trump’s equally unlikely US electoral victory, the nation’s epic struggle to keep bankruptcy at bay has been out of the spotlight. ...
Is it too easy to go bankrupt? image
Source : Independent [Read Article] Wednesday 1st of February 2017 11:59:00 AM
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Ex-HBOS manager and five others face jail over £245m scam image
Source : Guardian [Read Article] Monday 30th of January 2017 04:41:50 PM
....In return, Scourfield, who had previously pleaded guilty to charges relating to his role in the scam last year, agreed to give inappropriate loans to struggling businesses, which allowed Mills and his associates to profit from imposing high consultancy fees on those firms. Many of the businesses went bankrupt as a result and some of the owners lost their homes. ...
Mark Carney: internet-only lenders pose risk to UK financial system image
Source : Guardian [Read Article] Wednesday 25th of January 2017 06:24:20 PM
....The Bank of England governor has warned that a new breed of internet-only lenders are beginning to pose risks to the financial system and without tighter regulation they could trigger the next financial crash. Mark Carney said high street banks were being displaced by online lenders that were untested in a recession, when bankruptcies might make their loans worthless. ...
Can I buy a flat while I'm paying off debts through an IVA? image
Source : Guardian [Read Article] Thursday 19th of January 2017 07:00:30 AM
....Q I have a few questions about whether I have any chance of buying a flat while I am on an IVA (individual voluntary arrangement) and repaying my debts. As I am on an IVA, rather than bankrupt, are there any special options for me? And how many months after I finish my repayments will my credit score be OK for me to get a loan? I want to avoid paying a deposit as I have no savings so what are my options? My income is £24,000 a year so how big a loan I can apply for? PG. ...
Takata shares rise on US airbag settlement reports image
Source : BBC [Read Article] Friday 13th of January 2017 03:26:11 AM
....Takata has acknowledged some of its airbag inflators exploded with too much force and sprayed metal shrapnel into the car. Takata has not disclosed the total cost of the global recall, but there have been multiple reports it is working on a restructuring deal and potential bankruptcy protection. ...
Obama's legacy image
Source : BBC [Read Article] Friday 13th of January 2017 12:03:44 AM
....Already heavily indebted, by the turn of the Obama administration it looked like they would simply run out of cash and cease operations within weeks. President Obama's decision to bail out General Motors and Chrysler with bridging loans and managed bankruptcies (Ford managed to turn itself around without government money) was deeply controversial. ...
Robbie Williams tickets put directly on resale sites image
Source : BBC [Read Article] Wednesday 11th of January 2017 02:42:08 AM
....Neither Viagogo or Live Nation UK have responded to repeated requests for a statement. Andy Inglis, an artist manager from 5000 management, called the practice "morally bankrupt". ...
BHS liquidator pores over details of   Green and Chappell property deals image
Source : Guardian [Read Article] Monday 2nd of January 2017 04:16:53 PM
.... A parliamentary investigation into the failure of the department store chain concluded that it had been systematically plundered under the ownership of Green and Chappell. Green owned BHS for 15 years until he sold it to Chappell, a former bankrupt, for £1. ...
Tech startups to make your life more slick, secure and stylish in 2017 image
Source : Guardian [Read Article] Sunday 1st of January 2017 12:00:00 PM
....This year was a mixed bag for startups. Powa Technologies, an e-commerce company that was one of Britain’s so-called unicorns (a startup valued at over $1bn), crashed hard, declaring bankruptcy early in 2016. ...
Boohoo set to bid for US fashion label Nasty Gal image
Source : Guardian [Read Article] Wednesday 28th of December 2016 06:11:19 PM
. Online fashion retailer Boohoo is lining up to buy the rights to the Nasty Gal fashion label after the US internet business fell into bankruptcy last month. ...
Santa Rally sends FTSE 100 to new record high image
Source : BBC [Read Article] Wednesday 28th of December 2016 09:49:18 AM
....8% to 136p after revealing a $20m (£16m) deal for failed US fashion retailer Nasty Gal. The online retailer wants the brand and customer databases of Nasty Gal, which filed for bankruptcy in November. ...
Brexit, strikes and pay revolts: the year in business image
Source : Guardian [Read Article] Wednesday 28th of December 2016 06:00:27 AM
.... In August, BHS tores closed their doors for the last time after 88 years of trading. A parliamentary inquiry was looking into why the chain collapsed barely a year after being sold by Sir Philip Green to the thrice-bankrupt entrepreneur Dominic Chappell. ...
BHS workers swamp Charles Dickens charity with help requests image
Source : Guardian [Read Article] Tuesday 27th of December 2016 05:53:33 PM
.... A postmortem into the BHS scandal by MPs concluded that Green had “systematically extracted hundreds of millions of pounds from BHS” and demands that he be stripped of his knighthood. Green owned BHS for 15 years until he sold it to Dominic Chappell, a former bankrupt, for £1. ...
Philip Green demands Dominic Chappell pays into BHS pension deal image
Source : Guardian [Read Article] Monday 26th of December 2016 03:16:29 PM
.... The demise of the 88-year-old retailer sparked a public and political outcry because Green and Chappell, the former owners, made millions from the business. Green owned BHS for 15 years until he sold it to Chappell, a former bankrupt, for £1. ...
American Apparel shuts 12 of its 13 UK stores with loss of 150 jobs image
Source : Guardian [Read Article] Friday 23rd of December 2016 11:31:33 AM
....Gildan is buying the worldwide rights to the American Apparel brand for $66m (£54m) and taking on its stocks, but does not want the group’s 230 global stores, just under half of which are in the US. American Apparel in the US has also filed for bankruptcy and the retailer has begun winding up its businesses in Spain, Japan and Australia as part of the deal with Gildan, which is expected to be finalised early next year. ...
Pensions Regulator needs stronger powers, MPs say image
Source : BBC [Read Article] Wednesday 21st of December 2016 12:16:28 AM
....Mr Field has been running a vigorous campaign against Sir Philip over the wealthy retailer's apparent reluctance to put sufficient of his own money into a rescue of the BHS pension scheme. The fund was left with a huge deficit of £571m when BHS went bust in April this year with the loss of 11,000 jobs, just over a year after Sir Philip had sold the department store chain to a former bankrupt, Dominic Chappell, for just £1. ...
Lloyds's MBNA deal: good for the bank, bad for competition | Nils Pratley image
Source : Guardian [Read Article] Wednesday 21st of December 2016 12:01:02 AM
.... And it is vital that the regulator should have powers to block takeovers when pension deficits are large. If such a rule had been in place, Green would surely not have been allowed to sell BHS to the thrice-bankrupt Dominic Chappell. ...
Sir Philip Green could face £1bn BHS fine under MPs' plan image
Source : Guardian [Read Article] Wednesday 21st of December 2016 12:00:02 AM
.... They said the regulator must consider recovery plans for pension schemes in deficit that last more than 10 years as “exceptional” and that it should approve every major corporate transaction. These powers would have allowed the regulator to block a 23-year plan drawn up by Green for the BHS pension scheme while he owned it in 2012, and stop the sale of the retailer to Chappell, a three-time bankrupt. ...
Tsipras’s spending spree may be relief to Greeks but it won’t end crisis image
Source : Guardian [Read Article] Saturday 17th of December 2016 04:00:26 PM
....But, inexorably, the next act has already begun. Seven years after the scale of its deficit was revealed, prompting the first of three bailouts to avert bankruptcy, Greece is nowhere near economic recovery. ...
Pensions Regulator fires BHS warning shot with £255m Coats Group deal image
Source : Guardian [Read Article] Friday 16th of December 2016 05:47:42 PM
....“This is the most important settlement the Pensions Regulator has ever reached,” he said. “With all other warning notices [of legal proceedings], the company is already bust, so the regulator has been picking over the carcass in the bankruptcy courts. ...
Wells Fargo fails US bankruptcy test for a second time image
Source : BBC [Read Article] Wednesday 14th of December 2016 12:41:33 AM
. US bank Wells Fargo has been hit with restrictions after attempts to fix issues with its bankruptcy plan failed. ...
Christine Lagarde in court over €400m payout to French tycoon image
Source : Guardian [Read Article] Monday 12th of December 2016 02:26:44 PM
....Bernard Tapie, 73, is a businessman, former government minister, one-time actor, singer, TV host and football club owner, who spent eight months in jail for match-fixing and tax fraud. Described as France’s answer to Donald Trump, he made his fortune acquiring and reviving bankrupt companies including Adidas, which he turned around. ...
Donald Trump's talk of 'draining the swamp' rings hollow image
Source : Guardian [Read Article] Saturday 10th of December 2016 01:00:03 PM
....Ross is a more complex character. He has made his money as a turnaround investor, taking near-bankrupt companies and salvaging them when possible. ...
Lego appoints British boss in brand expansion image
Source : BBC [Read Article] Tuesday 6th of December 2016 11:10:19 AM
...."It was tough. We were nearly bankrupt at the time. ...
Greece must reform or leave eurozone, says German minister image
Source : Guardian [Read Article] Sunday 4th of December 2016 04:29:20 PM
....Time is of the essence. The economic crisis enveloping Greece is far from over despite more than €300bn of emergency loans since 2010 when, after its first brush with bankruptcy, it received its first EU-IMF sponsored bailout. ...
BHS placed into liquidation after pressure from biggest creditor image
Source : Guardian [Read Article] Friday 2nd of December 2016 05:20:38 PM
.... In the summer it pressed for FRP Advisory’s appointment after it was argued that Duff & Phelps was too close to Green. Duff & Phelps were accused of being the retail tycoon’s “ponies” by Dominic Chappell, the former bankrupt who bought BHS for £1 in 2015. ...
Mnuchin promises to boost US growth as Treasury boss image
Source : BBC [Read Article] Wednesday 30th of November 2016 02:21:46 PM
....As head of the Commerce Department, Wilbur Ross will be responsible for managing America's business and trade policies. The 78-year-old financier has been called the "king of bankruptcy" for buying distressed companies and turning them around, and has personal wealth of about $2. ...
Steve who? image
Source : BBC [Read Article] Wednesday 30th of November 2016 01:23:09 PM
Former US banker Steve Mnuchin confirms he will be US treasury secretary image
....But it is not yet clear whether Mr Trump's first key economic policy move, potentially picking a consummate Wall Street insider to helm the nation's financial system, will be welcomed by supporters who were energised by the Republican's vow to "drain the swamp" of special interests. Billionaire investor Wilbur Ross - known as "the king of bankruptcy" for his restructuring of failing industries - is tipped to be named as Mr Trump's commerce secretary. ...
Steven Mnuchin nominated for US treasury secretary image
Source : Guardian [Read Article] Wednesday 30th of November 2016 10:49:30 AM
....Trump said Ross’s role would be “reducing burdensome government regulations and unleashing America’s energy resources will strengthen our economy at a time when our country needs to see significant growth”. Ross, 79, is chairman and chief strategist of private-equity firm WL Ross & Co, a company known for deals that included combining bankrupt steel producers. ...
Petition urges Philip Green to tackle BHS pension deficit image
Source : Guardian [Read Article] Tuesday 29th of November 2016 06:00:40 AM
.... A parliamentary investigation into the demise of the retailer found that BHS had been systematically plundered under Green and Chappell. Green controlled the business for 15 years until he sold it to Chappell, a three-time bankrupt, for £1 in March 2015. ...
The 10 lies ​about Black Friday's consumerist circle of hell image
Source : Guardian [Read Article] Thursday 24th of November 2016 07:00:27 AM
.... But we aren’t: that’s why Nobel economics laureate Herbert Simon came up with the idea of “satisficing”. Any firm that tried to make decisions that would maximise its returns would bankrupt itself in a never-ending search for the best option. ...
Sir Philip Green's yacht and other assets could be seized, says regulator image
Source : Guardian [Read Article] Wednesday 23rd of November 2016 12:35:19 PM
....A parliamentary investigation into the demise of the retailer found that BHS had been systematically plundered under its former owners Green and Dominic Chappell. Green controlled the business for 15 years until he sold it to Chappell, a three-time bankrupt, for £1 in March 2015. ...
Pensions Regulator demands information from Sir Philip Green’s Arcadia image
Source : Guardian [Read Article] Tuesday 22nd of November 2016 07:46:56 PM
....BHS collapsed into administration in April, leading to the loss of 11,000 jobs. Green controlled the business for 15 years until he sold it to Chappell, a three-time bankrupt, for £1 in March 2015. ...
Hiring headache image
Source : BBC [Read Article] Tuesday 22nd of November 2016 12:10:06 AM
.... Now you just need to be vetted by your new employer. They want to check you're not a terrorist, bankrupt, serial killer… that sort of thing. ...
Michael Sherwood quits Goldman Sachs role image
Source : Guardian [Read Article] Monday 21st of November 2016 03:31:31 PM
.... Green said he was “1,000,000%” would not have sold the department store chain to Dominic Chappell had the buyer not passed an informal vetting by the bank. Sherwood denied there had been “sniff test” but also had to apologise to MPs for not disclosing that Goldman been approached by Green about a £40m loan to BHS when it was bought by Chappell, a serial bankrupt. ...
May obscures workers-in-boardrooms U-turn with verbal gymnastics image
Source : Guardian [Read Article] Monday 21st of November 2016 02:51:29 PM
.... The complexities of Brexit seem to have bred timidity elsewhere in government, just as critics predicted. Goldman Sachs was heavily criticised by MPs in the summer for adding “lustre” to the “otherwise questionable process” whereby Sir Philip Green sold BHS for £1 to a three-time bankrupt. ...
Film industry tax avoiders face multi-million pound bill image
Source : BBC [Read Article] Saturday 19th of November 2016 09:15:30 PM
....Courts ruled that the film investment partnership was in reality a tax avoidance scheme. But an adviser to many of the investors said some of them now faced bankruptcy. ...
SpaceX aims to launch internet from space image
Source : BBC [Read Article] Thursday 17th of November 2016 01:50:01 PM
.... . It used to be that "constellation" was a dirty word after the initial attempts at building sat phone networks in the 1990s filed for bankruptcy, unable to pay back huge loans. ...
American Apparel files for second bankruptcy protection image
Source : BBC [Read Article] Monday 14th of November 2016 09:26:05 AM
. US retailer American Apparel (AA) has filed for its second bankruptcy protection in just over a year. ...
American Apparel founder eyes European factory as company files for bankruptcy in US image
. Dov Charney is considering opening a factory in London to make T-shirts for his new business as American Apparel, the company he lost control of two years ago, files for bankruptcy in the US. ...
He’s right, the economy is sick – and businesses like Trump’s are part of the disease | Mariana Mazzucato image
....The globalisation of capital (in contrast to labour) has meant that when growth falters capital can go elsewhere. Indeed, Trump’s behaviour – setting up businesses, letting them fail, avoiding paying suppliers, using bankruptcy laws to avoid taxes for decades, then setting up another business somewhere else – is the perfect symbol of this asset-stripping form of capitalism. ...
Former BHS owner Chappell arrested for 'unpaid tax bill' image
Source : BBC [Read Article] Sunday 13th of November 2016 10:08:17 PM
. Dominic Chappell, the serial bankrupt who bought BHS for £1, has been arrested in relation to an unpaid tax bill of about £500,000. ...
BHS scandal: Dominic Chappell arrested amid tax investigation image
Source : Guardian [Read Article] Sunday 13th of November 2016 11:08:49 AM
....BHS collapsed into administration in April, leading to 11,000 job losses and leaving a £571m pension deficit. Chappell, a former bankrupt with no retail experience, bought BHS for £1 in March 2015 from Sir Philip Green through Retail Acquisitions, a consortium of which he owned 90%. ...
25 texts and emails a day: how payday loan firms hound vulnerable borrowers image
Source : Guardian [Read Article] Saturday 12th of November 2016 07:00:43 AM
....In the summer Citizens Advice said some payday lenders were still flouting the FCA’s guidance on responsible lending, with around a quarter of borrowers saying they hadn’t been asked, or could not remember being asked, about their situation. It cited the example of a client who was granted a payday loan following checks despite suffering from depression and alcoholism, having no permanent address, being previously declared bankrupt and having only benefit income. ...
Boats and bananas image
Source : BBC [Read Article] Friday 11th of November 2016 12:15:03 AM
....A global trade slowdown following the financial crash of 2007/8 has seen a reduction in demand for goods, leaving as much as 10% of the container shipping fleet sailing around empty, says Philip Damas, a director at maritime research consultancy, Drewry. South Korea's biggest container operator, the Hanjin Shipping Company, filed for bankruptcy in August. ...
Pensions Regulator seeks 'multiples of £1m' from Chappell over BHS image
Source : Guardian [Read Article] Thursday 10th of November 2016 07:43:58 PM
....The regulator is seeking about £300m from Green, but its legal claim against Chappell is significant and raises further questions about how well BHS was managed under his ownership. While Green is a billionaire tycoon, Chappell is a serial bankrupt. ...
Who will be on Trump's economic team? image
Source : BBC [Read Article] Wednesday 9th of November 2016 03:07:42 PM
....Wilbur Ross is another billionaire backer of Trump tipped for possible role. He made his money as a bankruptcy specialist at Rothschilds and is now what Forbes describes as a "distressed asset investor". ...

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