After months of public consultations and revision, the Singapore parliament passed the Companies (Amendment) Bill (the “Bill“) on 10 March 2017 amending the Singapore Companies Act (the “Companies Act“). The Bill contains, among others, significant and novel changes to Singapore’s insolvency laws. This is no doubt a giant step towards positioning Singapore as…
Dive Brief: Bankrupt electronics retailer HHGregg will proceed with liquidation of its business if it doesnt attract a buyer within the week, according to a March 29 filing with the Securities and Exchange Commission. A request for comment or further details from Retail Dive to HHGregg was not immediately returned. Tiger Capital Group, LLC and…
A precision engineering company based in Portslade has gone into liquidation, leaving all 16 members of staff redundant. C P Mechanical Designs Limited, which was first registered at an address in Goring Road, Worthing and is now based on Wellington Road in Portslade, has stopped trading after it called in insolvency and restructuring experts from…
CALGARY Major Canadian oil companies could face tens of millions of dollars in liabilities as a result of tiny Lexin Resources Ltd.s insolvency and its inability to clean up over 1,500 oil and gas wells in Alberta, which has doubled the number of orphan wells in the province. Receivership documents reviewed by the Financial Post…
By Corina Pons and Eyanir Chinea | CARACAS Venezuela’s central bank is negotiating about $500 million in financing with a New York-based investment fund by using PDVSA bonds as collateral to help meet almost $3 billion in debt payments coming due in April, a lawmaker said on Monday. The bank began talks with U.S. investment…
Cloud DC, the Queensland-founded developer of a virtual application service that ran on Amazon Web Services, has entered liquidation. David Whyte and Andrew Fielding of BDO were appointed administrators on 22 February. A report from the first creditors meeting saw claimed debts totalling more than $380,000. Whyte and Fielding were then appointed as liquidators of the…
Chinas so-called bad banks are thriving as alternative lenders, evolving from bad-debt managers into some of the countrys largest financial conglomerates just as margins at the big state-owned banks come under pressure. Chinas four centrally controlled asset management companies (AMCs) were set up in 1999 to swallow toxic assets from banks, and have had their…
Over the past several years, Jack Remondi, chief executive of student loan giant Navient Corp., has gone out of his way to tout the companys devotion to helping Americans cope with student debt. Hes mentioned it in meetings with investors, on calls with Wall Street analysts, in testimony before Congress, and even on his Medium…
A precision engineering company based in Portslade has gone into liquidation, leaving all 16 members of staff redundant. C P Mechanical Designs Limited, which was first registered at an address in Goring Road, Worthing and is now based on Wellington Road in Portslade, has stopped trading after it called in insolvency and restructuring experts from…
MARTIN VAN BEYNEN/FAIRFAX NZ Dave Henderson is seeking damages after it was found his personal documents were accessed unlawfully. An Official Assignee solicitor unlawfully accessed Christchurch developer Dave Henderson’s personal information, including correspondence with a “well-known” politician about a diet programme. Henderson, a discharged bankrupt who famously battled Inland Revenue in the mid 90s, sued the Attorney-General over…