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wikipedia) Breaking News: Pastor Chris Oyakhilome's Christ Embassy Church Declared Insolvent - News Paper
The Charity Commission United Kingdom which regulates charity organisations in the country, has declared Pastor Chris Oyakhilome's church insolvent.
Pastor Chris
The United Kingdom branch of Christ Embassy, owned by popular Nigerian televangelist, Chris Oyakhilome, is broke and has been declared insolvent by the Charity Commission, the agency that regulates charity organisations in the country.
The ministry also admitted in its belated 2015 financial Statement (the church’s last annual return, which it published in 2017) that its subsidiary, Christ Embassy Limited, valued with a net asset of more than N1 billion (£2 million) entered into liquidation from November 1, 2016.
On its website, the Charity Commission flagged Christ Embassy as “charity insolvent”. According to the commission, a charity is considered as being insolvent when it is “unable to pay its debts.”
“In practice there are two separate tests for insolvency and failure of either might be an indication of insolvency: The charity cannot pay its debts as they fall due for payment; The value of its liabilities exceeds its assets.
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from The Eye Newspaper http://ift.tt/2F7Am6B
Breaking News: Pastor Chris Oyakhilome's Christ Embassy Church Declared Insolvent - News Paper
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