Florida insurance regulators have placed workers compensation carrier Guarantee Insurance Co. in receivership due to inadequate reserves. According to documents from the Florida Office of Insurance Regulation (OIR), the company was materially under-reserved at year end 2016 and consented to being placed in receivership on Nov. 13, 2017. Guarantee Insurance Co. (GIC) provides workers compensation…
China Railway Rolling Stock Corp, the Chinese manufacturer of locomotives and rolling stock, has split its struggling freight train manufacturing business into two units to reduce competition and eliminate excess capacity, as part of a corporate restructuring. The Beijing-headquartered CRRC said on Monday that the new units will be created under the aegis of Heilongjiang-based…
Centrelink will enlist up to 1,000 staff from labour-hire firms to help it recover debts and enforce the compliance of welfare recipients. The move has prompted a furious response from the main public sector union, which labelled it yet another example of the government privatising our safety net. But a spokesman for the Department of…
Michael McGrath, Fianna Fáil’s finance spokesperson, has introduced legislation that will give borrowers the right to appeal a banks veto over a Personal Insolvency Arrangement. Fianna Fáils Personal Insolvency (Amendment) Bill 2017 has been drafted in response to a September decision from the Circuit Court that decided that the borrower has no such legal authority.…
With rising number of cases under the Insolvency and Bankruptcy Code, the government has set up a 14-member panel to identify and suggest ways to address issues faced in implementation of the law. The Insolvency Law Committee, chaired by Corporate Affairs Secretary Injeti Srinivas, would take stock of the implementation of the Code, according to…
Boris Becker says he doesn’t feel German any more and wants to be buried in his “home” – Wimbledon. The three-time Wimbledon champ, who was this year declared bankrupt, was born and raised in Leiman, Germany, but has lived in London for several years. He currently lives just 2,300 steps away from the All England…
ST. PAUL, Minn.–(BUSINESS WIRE)–Patterson Companies, Inc. (Nasdaq: PDCO) today reported consolidated net sales of $1.4 billion (see attached Sales Summary for further details) in its fiscal second quarter ended October 28, 2017, a decline of 2.3 percent compared to the same period last year. Adjusting for the effects of currency translation, sales declined 2.8 percent,…
One of Zetta Jets lessors and customers will provide up to $8.5 million in loans to help it restructure and exit Chapter 11 bankruptcy protection. The loan has been provided by Scout Aviation, a lessor, owned by financier Nathanial Rothschild. Scout is now officially known as a stalking-horse bidder and will compete against other companies…
World Rugby has denied a claim by the Samoan Rugby Union (SRU) that they are bankrupt and have promised to continue to back development of the sport in the Pacific Islands. Samoan rugby was declared bankrupt by Prime Minister and SRU chairman Tuila’epa Sailele Malielegaoi before the team faced Scotland on Saturday (November 11). However…
OXFORD East MP Anneliese Dodds has backed Citizens Advice Oxfords campaign to stop residents getting mired in debt despite temptations from Black Friday this week followed by Christmas. The charity is encouraging people to think carefully about how they will spend before they start their Christmas shopping, while Black Friday, when retailers traditionally bring in…