EU among group pushing for relaxation of debt relief rules – EURACTIV
EU among group pushing for relaxation of debt relief rules EURACTIV Read the original article here
Labour hire company at centre of immigration probe estimated to owe creditors $4.01 million – MSN
Labour hire company at centre of immigration probe estimated to owe creditors $4.01 million MSN Read the original article here
EV maker Canoo ends its journey—files for bankruptcy and liquidation
Months after struggling to secure a firm source of funding and of watching its shares lose value on an almost daily basis, the people behind Canoo decided Friday to park the EV venture, flat tires and all and filed for Chapter 7 bankruptcy. Since it’s not a reorganization or Chapter 11 bankruptcy filed…
10 of the restaurant industry’s most impactful bankruptcies of 2024
This year’s myriad restaurant bankruptcies make it possible to draw many individual lessons about tactics that burdened balance sheets. But if the filings of bankrupt brands and operators elucidate specific, flawed business practices, like Thai Union Group’s sale-leaseback process at Red Lobster, are there generalizable lessons, given the sheer number of bankruptcies? 2024 offers a…
Here are 12 well-known companies that went bankrupt in 2024
New York CNN — This year was brutal for a number of well-known companies and their bottom lines. As inflation continued to rear its ugly head, consumers slashed their discretionary spending, tilting some companies to file for bankruptcy. Other brands fell victim to changing trends or even more malicious ailments, like cyberattacks. At least 19…
Shane Filan dips toes back in property market years after losing millions
Westlife singer Shane Filan, who went bankrupt during the property crash, is dipping his toes back into the housing market with a newly registered company, Extra.ie can has learned. Furthermore, Extra.ie can also reveal that Mr Filan is a newly minted millionaire for a second time, as his music accounts have just posted profits of over a million euros. Sligo star…
St Asaph hotel and wedding venue closes as firm enters liquidation
Employees at the Oriel Hotel were reportedly told yesterday (January 17) that the venue had closed due to the firm going into liquidation. The Journal made attempts to contact the hotel, and received a recorded message stating the “hotel is now closed due to the company being in liquidation”. A hotel since the 1960s, the property was…
Aussie building company collapse leaves homeowners out-of-pocket – MSN
Aussie building company collapse leaves homeowners out-of-pocket MSN Read the original article here
Temporary changes to insolvency laws
Summary On 23 March 2020, the Federal Parliament passed the Coronavirus Economic Response Package Omnibus Bill 2020 (the COVID Act). The COVID Act received Royal Assent on 24 March 2020 which amended, amongst other things, the Corporations Act 2001, the Bankruptcy Act 1966 and the Bankruptcy Regulations 1996 to temporarily release directors from a risk…
What does the Temporary Relief from Wrongful Trading Tell Us about Singapore’s New Insolvency Law Regime?
Stacey Steele* The Singapore Government introduced temporary measures to relieve officers from new wrongful trading provisions as part of its response to COVID-19 in April 2020. The provisions establishing liability for wrongful trading are set out in the Insolvency, Restructuring and Dissolution Act 2018 (Singapore) (the “IRDA”) – which is yet to become effective. Singapore’s…