Trading suspension might be underway. A new company, COSCO Shipping Heavy Industry Co., Ltd, has been established by China COSCO Shipping Corporation group as it proceeds with the restructuring of its shipyard business, according to a media release at the SGX. China COSCO Shipping Corporation said that the shipyard business restructuring is geared towards centralising…
China Construction Bank Corporation (0939) proposed yesterday to spend 12 billion yuan (HK$13.4 billion) to establish a wholly-owned subsidiary, CCB Asset Management Co, that will take charge of converting debts into shares. “CCB AMC is proposed to specialize in market-driven debt-to-equity swap business and will mainly operate and conduct financial business, such as acquisition of…
Administrators have recommended a security firm that owes creditors more than $1 million be wound up, as workers at the company face an uncertain Christmas. Voluntary administrators from Mackay Goodwin were appointed to Kudos Australasia Pty Ltd, trading as Kudos Audio Visual and Kudos Security Solutions, on November 9, however, SmartCompany understands employees of the…
Facts Decision The Supreme Court of Justice’s July 5 2016 decision in Case 6034/13.8TBBRG-N1.S1 examined whether the payment due for the termination of an employment contract as a result of a collective dismissal following an employer’s declaration of insolvency was a debt of the insolvent estate or the insolvent company. Facts An employee brought an…
Limited Stores is planning to file for bankruptcy within weeks and most likely liquidate its business, according to people with knowledge of the matter. The struggling retailer has retained Kirkland & Ellis as its legal adviser, said the people, who asked not to be named because the hire is private. Guggenheim Securities and RAS Management…
Goshen Holdings’ creditors might have to fork out more to receive and money owed. People owed money by a failed freight and logistics services company ordered to pay a former employee $20,000 won’t see a cent unless they bankroll further legal action. Palmerston North-based company Goshen Holdings folded in 2013 after it lost its only…
Ten years from now the new gambling district in Japan, wherever it will end up being built, could be on the way to becoming the new Macau. As of last week, Japans parliament surprisingly legalized gambling in the island nation, despite the fact that opinion polls show that the Japanese public is against it. So…
Photo Credit: Canadore College Swiss Space Systems has been declared bankrupt by a court in Switzerland, and thats bad news for Canadore College. The two had forged a partnership in 2014. Then MP Jay Aspin announced funding for a partnership between Canadore Aviation and Swiss Space Systems.…
Wexford TD Mick Wallace, who was declared a bankrupt on Monday, has arrears totalling 235,571 on mortgages associated with three houses he owns, according to his statement of affairs. All three semi-detached properties are in negative equity and are secured against mortgages from AIB and also secured against loans from ACC. Mr Wallaces family home…
Cape Town – The Western Province Rugby Union has been granted a final liquidation order of their commercial arm, the WP Rugby (Pty) Ltd, in the Western Cape High Court on Tuesday. The WP Rugby Union were handed a provisional liquidation order for the company on November 7, but the final liquidation was opposed by…