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Another airline declared bankrupt, all flights off

If an airline does not voluntarily file for bankruptcy, it can also lose its air operator’s certificate (AOC) over the state of its finances. In the U.S., the certificate that grants an airline permission to sell and run flights is given out by the Federal Aviation Administration (FAA) and requires the holder to prove that…

Personal guarantors to bankrupt firms will need to declare crypto holding, art collections in IBC proceedings

Promoters or directors who have provided surety for a stressed company’s debt will be required to declare their holdings of crypto, jewellery, works of art, high-end watches, beneficial ownerships and foreign assets, as part of reporting personal wealth during bankruptcy resolution, according to the draft regulations floated by the insolvency regulator. The personal guarantors to…

Smiths City owner declared bankrupt at High Court

The owner of collapsed large retailer Smiths City has been declared bankrupt. Colin Ashley Neal was adjudicated to be bankrupt by Justice Rob Osborne at the High Court at Christchurch just after 10am on April 1. Bankruptcy proceedings were called by Tower Rail Precinct Limited against Mr Neal over a breach of contract. His plight…