A Saudi Sheikh is reportedly involved in a feud over a 2 million outstanding debt to the iconic Les Ambassadeurs Club. Sheikh Al Balawi Has a 2 Million Debt to Iconic Mayfair Casino Sheikh Salah Hamdan Al Balawi is allegedly involved in a gambling debt with a private London casino. The sheiks assets are estimated…
Brex, last valued at $2.6 billion, is restructuring its credit card for startups business and cut 62 staff members, the co-founders Pedro Franceschi and Henrique Dubugras said in a blog post. “Today we’re restructuring the company to better align our priorities with this new reality, while simultaneously accelerating our product vision. With that, I have…
Joint administrators for NMC Health, the holding company of the UAE-based healthcare provider NMC Group, have said the company will probably be dissolved or put into liquidation. Administrators from the consulting firm Alvarez & Marsal Europe were appointed in April to oversee the hospital operator, after an application from one of its biggest creditors, Abu…
Latest reports emerging, talk about the potential sale of the Williams F1 team. Now another team may be following suit. French Car manufacturing company, Renault recently announced that they will be cutting 15000 jobs worldwide. This comes under a massive restructuring plan by Renault. The French car manufacturing company saw car sales plunge dramatically this…
Plans for debt relief for the world’s poorest countries inched forward on Thursday as private creditors laid out a blueprint for their involvement, though it received immediate criticism for not going far enough. The proposal shepherded by the Institute of International Finance (IIF) said creditors would grant debt breaks on a case-by-case and voluntary basis…
Credit: Dreamstime Sydney-based Private Data Clouds has gone into voluntary liquidation with more than $140,000 owed to creditors. According to liquidation documents, the companys unsecured creditors include Telstra, 5G Networks and Digital Pacific, who are all owed an unspecified amount. Private Data Clouds is also embroiled in a legal dispute with its largest debtor, company…
A LAND development company headed by Toowoomba businessman Mark Peart that was to undertake a multimillion-dollar project north of Toowoomba has been tipped into liquidation. Homestead Highfields was placed in voluntary administration by Mr Peart on April 21. At a second meeting of creditors on Tuesday, creditors knocked back a proposal from company directors Mr…
Australias bleak retail climate has claimed another scalp with the owner of high-street clothing brands Review, Black Pepper and Yarra Trail sinking in to administration. PAS Group, which employs 1300 people and operates 225 shops in Australia and New Zealand announced on Friday it had entered voluntary administration. The ASX-listed group owns a portfolio of…
The UK government introduced the Corporate Insolvency and Governance Bill (CIGB) to Parliament on 20 May 2020. As well as including temporary measures to help support businesses affected by COVID-19, it proposes significant permanent changes to UK insolvency law. These proposed permanent changes include a new company moratorium: a mechanism to give a company in…