Share this: Bulgarias Litex Motors, the owner and operator of the sole car assembly plant in the country, has filed for bankruptcy last month, reports in Bulgarian media said on March 28. Founded in 2008, the company struck an agreement to assemble cars from kits provided by Chinas Great Wall Motors. The plant near Lovech…
Comments Share via email Share on facebook Share on twitter Share on LinkedIn Print An attempt by Ericssons new chief executive to lay out his strategy for the Swedish telecoms equipment maker backfired on Tuesday when it exposed problems related to some of its main contracts. Chief Executive Borje Ekholm, who took charge only in…
Bulgarian supermarket chain Piccadilly has been declared insolvent and a court has appointed a temporary receiver to the business. The company owes around BGN 86 million (42.9 million) of debt towards the State, banks and suppliers, reports local weekly Capital. A general meeting of creditors has been convened for April. In 2013, Piccadilly operatd 40…
I am facing problems with my debts and need a loan to clear them. My liabilities include credit cards and money I have borrowed from others. In total I owe Dh75,000 to different friends and relatives and a further Dh160,000 to the banks. I signed up for my first credit card in 2006 and then…
New laws will encourage “honest” directors to take reasonable risks so companies can trade their way out of financial difficulty, as part of a push to make Australia more entrepreneurial. Legislation introduced to federal Parliament on Tuesday will afford directors legal protection from insolvency breaches while they are undertaking a restructure. Under the “safe harbour” provision, directors…
Reuters * Does not give specific details on timing or fund-raising type * Says bullish on China business prospects in medium to long term * Says Asia equities business restructuring to continue in Q2 (Adds comments on Asia business, CEO quotes on capital raising) By Sumeet ChatterjeeHONG KONG, March 28 (Reuters) – Credit…
With ballooning student debt reaching record highs, some colleges are beginning to step in and help students shoulder some of the loans they took out to cover their tuition. And the availability of this relief is reportedly becoming a draw for prospective students. About 100 institutions of higher education around the U.S. have begun to…
LONDON (Reuters) The number of people seeking help from a leading British debt advice service hit a record high last year, reflecting a surge in borrowing by consumers and the financial strains on younger workers, the charity said on Tuesday. Last year 600,000 people sought advice from StepChange for debt problems, up 9 percent from…
The federal government has introduced draft insolvency reforms designed to offer more protection for company directors and make it easier to restructure faltering businesses. The draft legislation creates a safe harbour from personal liability for company directors and institutes a stay on ipso facto clauses during a formal insolvency process. Revenue and Financial Services Minister…