Companies going bankrupt/into administration

woodburner · Post by **woodburner** » 01 May 2016, 15:30

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.

Post by **kenneal - lagger** » 01 May 2016, 16:25

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!

AutomaticEarth · Post by **AutomaticEarth** » 05 May 2016, 12:37

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!

For sure, not my words btw. That's what I kept hearing about a decade back when he was on the rise.

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.

PS_RalphW · Post by **PS_RalphW** » 02 Jun 2016, 15:12

BHS liquidated , 11,000 jobs gone.

**** Green keeps his yachts.

Post by **adam2** » 02 Jun 2016, 16:01

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.

PS_RalphW · Post by **PS_RalphW** » 02 Jun 2016, 16:15

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 · Post by **biffvernon** » 02 Jun 2016, 18:12

It may not bee 'illegal' for capitalists to steal the pensions of their workers, but that's because capitalists wrote the laws.

Post by **kenneal - lagger** » 03 Jun 2016, 01:42

Not all capitalists are psychopathic Kleptocrats, Biff. Look at Dyson, for instance. Many laws were written by the last Labour government.

Little John · Post by **Little John** » 03 Jun 2016, 06:38

kenneal - lagger wrote:Not all capitalists are psychopathic Kleptocrats, Biff. Look at Dyson, for instance. Many laws were written by the last Labour government.

Blairism, arguably, is the worst kind of capitalism. The kind that pretends is it anything other than what it is.

emordnilap · Post by **emordnilap** » 03 Jun 2016, 09:42

biffvernon wrote:It may not bee 'illegal' for capitalists to steal the pensions of their workers, but that's because capitalists wrote the laws.

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.

raspberry-blower · Post by **raspberry-blower** » 21 Jun 2016, 21:15

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

raspberry-blower · Post by **raspberry-blower** » 01 Sep 2016, 12:42

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

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.

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.

Post by **clv101** » 01 Sep 2016, 22:21

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

That's incredible.

johnhemming2 · Post by **johnhemming2** » 01 Sep 2016, 23:04

I wonder what proportion is fuel costs. AFAIK the energy demands of ships are linked to a really high power of velocity.

fuzzy · Post by **fuzzy** » 02 Sep 2016, 08:57

I am guessing it's cube law, as a ship is 3d and the load carrying of a river is the cube of speed.