Companies going bankrupt/into administration
Moderator: Peak Moderation
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Green (not "Sir" anything) has offered a voluntary £80m repayment/contribution. Well thanks Phil, a bit less than your damn boat cost, I note.
I'm not bitter, he just deserves a bloody hard time, as does every nine-bob note.
I'm not bitter, he just deserves a bloody hard time, as does every nine-bob note.
To become an extremist, hang around with people you agree with. Cass Sunstein
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For sure, not my words btw. That's what I kept hearing about a decade back when he was on the rise.kenneal - lagger wrote:Captain of industry? The bloke's an amoral thief! Just because something is legal doesn't mean it is right. If you or I had done this to a company we would be in court in a trice!
The newspaper New Day gone bust after 9 weeks in circulation...
http://www.bbc.co.uk/news/uk-36209318
It makes you wonder who would have gone and bought this, given that everyone is now either reading the established MSM outlets online, or increasingly, online alternative news.
- adam2
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Whilst the actions of Mr green are in poor taste, they are PROBABLY not illegal, he no doubt has some highly paid legal advisors to ensure compliance with the letter of the law.
High street retailing is in general decline, and no amount of complaining about the management of any particular retailer will arrest this general decline.
Basic clothing is increasingly purchased on line, either from fleabay or from the well known tax avoiding outlet.
Electrical and electronic goods are likewise increasingly purchased on line.
Most grocery and similar shopping is still done from an actual shop, but increasingly at large out of town superstores rather than in local shops.
It is very sad for those thrown out work.
High street retailing is in general decline, and no amount of complaining about the management of any particular retailer will arrest this general decline.
Basic clothing is increasingly purchased on line, either from fleabay or from the well known tax avoiding outlet.
Electrical and electronic goods are likewise increasingly purchased on line.
Most grocery and similar shopping is still done from an actual shop, but increasingly at large out of town superstores rather than in local shops.
It is very sad for those thrown out work.
"Installers and owners of emergency diesels must assume that they will have to run for a week or more"
However, there are considerable questions of how much cash *** Green withdrew from the company in the years before he sold it, even if it was technically legal, given the £0.5B shortfall in the company pension scheme. It was certainly more than the £80M he offered as a goodwill gesture, and I strongly the suspect the tax paid would be less than 7 figures.
- biffvernon
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- emordnilap
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Indeed, it's established practice for governments to take legal advice from professional law firms who can then use their knowledge of their legislation to ensure the Philip Greens exploit every last loophole of those laws.biffvernon wrote:It may not bee 'illegal' for capitalists to steal the pensions of their workers, but that's because capitalists wrote the laws.
I experience pleasure and pains, and pursue goals in service of them, so I cannot reasonably deny the right of other sentient agents to do the same - Steven Pinker
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Here's a lesser known company whose failure highlights the absurdity of the stealth privatisation of the NHS
Brighton & Hove News: Unions call for inquiry as bailiffs seize ambulances as contractor goes bust
Brighton & Hove News: Unions call for inquiry as bailiffs seize ambulances as contractor goes bust
A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools - Douglas Adams.
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The Baltic Dry Index has regularly plumbed new depths, therefore this should come as no surprise:
Zero Hedge: Hanjin, 7th Largest Shipping Group, Files for Bankruptcy
Zero Hedge: Hanjin, 7th Largest Shipping Group, Files for Bankruptcy
There is still an inordinate amount of oversupply in shipping - there will be other companies that will either be taken over or shutter for good.Finally, while jarring Hanjin's bankrtupcy was inevitable: shipping industry economics have deteriorated. Charter rates for medium-sized container ships have dropped from around $26,000 a day in 2010 to $13,000 per day now. Container rates from Shanghai to the U.S west coast have more than halved since then, from around $2,000 per 40-foot container in January 2010 to $596 per 40-foot box last week, data from the Shanghai Shipping Exchange shows.
Shares in Hanjin Shipping have been suspended after plunging 24% on Tuesday.
The global implications from the bankruptcy are unknown: if, as expected, the company's ships remain "frozen" and inaccessible for weeks if not months, the impact on global supply chains will be devastating, potentially resulting in a cascading waterfall effect, whose impact on global economies could be severe as a result of the worldwide logistics chaos. The good news is that both economists and corporations around the globe, both those impacted and others, will now have yet another excuse on which to blame the "unexpected" slowdown in both profits and economic growth in the third quarter.
A common mistake that people make when trying to design something completely foolproof is to underestimate the ingenuity of complete fools - Douglas Adams.
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