The Midlands branch of insolvency and restructuring trade body R3 is urging company directors to plan ahead for the withdrawal of Government Covid support schemes, following a record low in quarterly insolvencies. Latest Government statistics for England and Wales show that there were 2,384 corporate insolvenciesin the first quarter of 2021, a reduction of 21.9%…
Australia has announced plans to hit its offshore industry with a levy to cover the $200m cost of decommissioning an abandoned project off the countrys northern coast. The facility, known as Northern Endeavor, consists of a floating production, storage, and offloading vessel that had been permanently moored in the Timor Sea. The project was shut…
The Insolvency Service will be given powers to investigate directors of companies that have been dissolved, closing a legal loophole and acting as a strong deterrent against the misuse of the dissolution process. The process will no longer be able to be used as a method of fraudulently avoiding repayment of Government backed loans given…
An official statement from the competition watchdog said the transaction notified by two new companies set up as part of IBMs internal reorganisationKyndryl Holdings LLC and Grand Ocean Managed Infrastructure Services Pvt. Ltdhas been approved. Livemint | By Gireesh Chandra Prasad, New Delhi PUBLISHED ON MAY 12, 2021 06:29 AM IST The Competition Commission of…
Two major Thai airlines, Thai Airways International and Nok Air, are at different stages of putting together business reorganisation plans outlining how they will restructure their businesses under court protection and emerge stronger from the Covid-19 pandemic. But a recent surge in virus cases in the Kingdom looks likely to scupper the countrys plans to…
1. Introduction On 12 January 2021, the Government published a consultation on proposed changes to the monetary eligibility criteria for debt relief orders (DROs). DROs provide low cost and easy access to debt relief for individuals with relatively low levels of unmanageable debt, and no way to pay their creditors. In order to be able…
Creditors vote Wednesday on THAI rehab plan Some stakeholders reject debt haircuts Thai Airways aircraft remain grounded at Suvarnabhumi airport as the airline’s creditors vote on Wednesday whether to accept its debt rehabilitation plan. (Photo byApichit Jinakul) If Thai Airways International Plc (THAI) were to go under on decision day, which is Wednesday, creditors would…