News / UK and world by Press Association November 8, 2018, 7:23 am FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter Toshiba is to wind up its nuclear arm, which was leading a project to build a new power station in the UK. The decision by the Japanese firm’s board is a huge blow to plans for a new nuclear plant at Moorside in Cumbria. Unions attacked the Government for not intervening to ensure the project went ahead. Toshiba said its NuGen business would start being wound up in the new year. A statement from Tokyo said: “After considering the additional costs entailed in continuing to operate NuGen, Toshiba recognises that the economically rational decision is to withdraw from the UK nuclear power plant construction project, and has resolved to take steps to wind up NuGen.” NuGen said the announcement came after 18 months of negotiations with a range of potential new owners. “Unfortunately, it has not been possible to … [Read more...] about Blow to Moorside power station plans as Toshiba winds up nuclear arm
Winding up a company uk
News / UK and world by Press Association October 24, 2018, 12:57 pm FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter Patisserie Valerie has staved off another threat to its existence, less than two weeks after it was forced to raise emergency funding to stay afloat. The chain’s parent company Patisserie Holdings announced on Wednesday a winding-up order issued against it by the taxman was dismissed in court. The petition was issued by HMRC against the company’s principal trading subsidiary, Stonebeach Limited, over an unpaid tax bill of more than £1 million. But the High Court of Justice, Business and Property Courts dismissed the claim on Tuesday. The revelation of the unpaid bill in early October coincided with the discovery of a black hole in Patisserie’s accounts, over which it suspended finance director Chris Marsh. Mr Marsh was later arrested on suspicion of fraud. Chairman Luke Johnson pledged £20 million … [Read more...] about Patisserie Valerie winding-up order dismissed at High Court
(Reuters) - The winding up petition against Patisserie Valerie owner Patisserie Holdings' <CAKEP.L> operating unit has been dismissed by the UK's High Court of Justice, Business and Property Courts the company said on Wednesday. Britain's HM Revenue & Customs (HMRC) had filed a winding up petition against Stonebeach Limited, the main trading subsidiary of the cafe chain owner, over 1.14 million pounds the tax office says it is owed. (Reporting by Shariq Khan in Bengaluru; editing by Patrick Graham) … [Read more...] about Winding up petition on Patisserie unit dismissed
News / UK and world by Press Association October 10, 2018, 3:09 pm FacebookTwitterLinkedInWhatsAppEmail Sign up to our Daily newsletter Cake chain Patisserie Valerie is facing a fight for survival after receiving a winding up petition over unpaid taxes and unearthing potentially fraudulent accounting irregularities. In a stock market update issued on Wednesday afternoon, parent firm Patisserie Holdings said it has received a winding up petition for its principal trading unit Stonebeach. It relates to £1.14 million owed to HMRC and was filed at the High Court of Justice, Companies Court. The winding up hearing is scheduled for October 31 and Patisserie Holdings said it is in communication with HMRC as it scrambles to “understand better the financial position of the group”. It caps a dramatic day for the firm, which earlier saw its shares suspended following the discovery of an accounting black hole. Patisserie Holdings said it has been notified of … [Read more...] about Luke Johnson’s Patisserie Valerie faces winding up order
FINANCIALLY troubled companies can be hit by a court process known as a winding up order - which could destroy your business completely. But what is the court order, and how could it affect football club Aston Villa? Here's the lowdown... What is a winding up order? A winding up order is a court order that forces an insolvent company into compulsory liquidation. It's the process whereby a company's assets are collected and sold in order to pay its debts. All money that remains after debts and expenses are paid off are then distributed among the company's shareholders. To wind up a company you must be owed £750 or more or be able to prove the company can't pay you. Can it be stopped? Once the court has issued there is nothing that can stop the company from being liquidated. But, there is a short period of time when you can take action to stop the order from being issued. When HMRC or a creditor issues a winding up petition, the insolvent company has seven days to take action and … [Read more...] about What is a winding up order, can it be stopped and what would it mean for Aston Villa?