On Friday 14th August, the firms auditors, Deloitte Touche Tohmatsu Jaiyos, declined to sign off on the airlines accounts to June 30th citing concerns about financial liquidity, debt defaults and the ongoing losses of the venture as reasons. It comes as the airline industry association IATA points to government support for national airlines worldwide facing…
Philip Winterborne, chair of insolvency and restructuring trade body R3 in Wales and a partner at Temple Bright solicitors, comments on the recent publication of the July corporate and personal insolvency statistics: The month-on-month rise in corporate insolvencies in July is largely down to an increase in administrations, Compulsory Liquidations, and Creditors’ Voluntary Liquidations (CVLs).…
Residents at Mount Providence Village aged care facility have been told to leave following the organisation’s announcement it has gone into liquidation. The news comes just 30 months after the venture began, with COVID-19 and a shortage of public support being suggested for the facility’s lack of success. The company which owns Mt Providence, New…
Pizza Hut operator NPC International, which declared bankruptcy in July, reached an agreement with the pizza chain to permanently close up to 300 stores. NPC entered bankruptcy with more than 1,200 Pizza Hut locations. Most of the potentially closing units are dine-in, which is in line with Pizza Huts ongoing strategy to move toward off-premises.…
[Opinion column written by Shadow Legal Affairs Minister Scott Pearman] How are you with multiple-choice? Try this one: which of the following things is the biggest threat facing Bermuda? Is it: [A] Bermudas flat-lining economy; [B] The COVID-19 global health pandemic; [C] Bermudas eye-watering Government debt [with newly increased ceiling of $3.5 billion]; or [D]…
The governments early super access scheme has once again come under fire, after new research showed almost half of successful applicants had suffered no drop in income. An analysis of bank transaction data by economic consultants AlphaBeta and credit bureau illion found that 38 per cent of those making early withdrawals had suffered no loss…
In the first six months of 2020 the company has continued to implement the restructuring introduced in the summer of 2019. In the first half of 2020, Hochdorf Group processed 187.9m kg of milk, whey, cream and butter milk in Switzerland. It also sold 46,357 tonnes of product and achieved a net sales revenue of…
Residents at Mount Providence Village aged care facility have been told to leave following the organisation’s announcement it has gone into liquidation. The news comes just 30 months after the venture began, with COVID-19 and a shortage of public support being suggested for the facility’s lack of success. The company which owns Mt Providence, New…
Economy Why broke Kenyans are shunning bankruptcy Monday, August 17, 2020 10:20 By OTIATO GUGUYU The Supreme Court of Kenya. FILE PHOTO | NMG Kenyans are avoiding filing for bankruptcy amid mounting debts and a rise in seizure and auction of defaulters properties. Official data shows that only four Kenyans filed for bankruptcy in the…
STOCKHOLM–(BUSINESS WIRE)–Global professional services firm Alvarez & Marsal (A&M) continues to expand its Financial Restructuring capabilities in Europe with the hiring of two new Managing Directors in the Nordics. Jonas Rickardsson has joined as the Head of Financial Restructuring in the region, and Dan Andersson has been appointed to lead the Nordic Operational Restructuring and…