Incoming Ford CEO Jim Farley (left) and Ford Executive Chairman Bill Ford Jr. pose with a 2021 F-150 during an event Sept. 17, 2020 at the company’s Michigan plant that produces the pickup. Michael Wayland / CNBC Ford Motor‘s new CEO Jim Farley is shaking up the company’s top ranks and restructuring operations as the…
DUBAI (BLOOMBERG) – Shareholders of United Arab Emirates-based Arabtec Holding PJSC, which helped build the world’s tallest skyscraper, voted to dissolve the debt-laden firm in a move likely to threaten thousands of jobs and scores of suppliers and sub-contractors in the Persian Gulf. Construction companies that sprang up more than a decade ago as a…
By Marc Jones 5 Min Read LONDON (Reuters) – The worlds poorest countries could soon be facing a tough decision — double up on debt relief from the G20 with the caveat they must default on private creditors, or quit the programme to try to keep financial markets on side. FILE PHOTO: A man stands…
For businesses in crisis due to the impact of Covid-19, the German Federal Government had in March suspended the duty to file for insolvency until 30 September 2020. This suspension was extended, but only for overindebted businesses as far as they are still solvent. For the majority of businesses the duty to file for insolvency…
People smuggler caught trafficking two Vietnamese migrants into UK through Channel Tunnel in boot of his car is jailed for more than two years Gavin Charters, 40, was stopped at the Channel Tunnel by Border Force Officers found two Vietnamese migrants in his boot and arrested him He absconded from bail but was found following…
In her early 20s, Andrea Contreras says her life was out of control. While in college near her hometown of Austin, Texas, she started partying every night, drinking too much and spending recklessly. In 2011, she even had to take a year off from school. But in 2015, she decided she wanted to change.Eventually, she…
The former Bruce Woollen Mill in Milton. PHOTO: GERARD OBRIEN The liquidation of the Bruce Woollen Mill in Milton has been completed. In 2017, Insolvency Management Ltd principal Iain Nellies, of Dunedin, sold off the companys plant and equipment, which allowed secured creditors to be paid $350,000 as well as nearly $400,000 for costs such…
By Marc Jones LONDON (Reuters) – The world’s poorest countries could soon be facing a tough decision — double up on debt relief from the G20 with the caveat they must default on private creditors, or quit the programme to try to keep financial markets on side. Rich countries on Friday backed an extension of…
Top industrialists are now facing the music with personal guarantors being brought under the Insolvency and Bankruptcy Code in November 2019. Also, banks have been directed by the Finance Ministry to set up a monitoring mechanism to pursue personal insolvency proceedings against all those promoters who had furnished personal guarantees for borrowing by their companies…
By Hadeel Al Sayegh 3 Min Read DUBAI (Reuters) – Arabtec Holding shareholders authorised the board of the Dubai-listed construction company on Wednesday to file for liquidation due to its untenable financial position following the fallout from the coronavirus pandemic, an internal company email said. Slideshow ( 2 images ) Shareholders also authorised Arabtec to…