Oil prices imploded earlier this year, which has decimated many oil stocks. Things have gotten so bad that several have already declared bankruptcy. That trend islikelyto continue in the coming months. The list of at-risk oil stocks seems to be growing by the day as companies update the market on their deteriorating credit profiles. Four…
One of the companies involved in the development of a prototype hybrid tractor has been declared bankrupt in the Netherlands. Dutch company MTT Tractors, which manufactures the Multi Tool Trac tractor, was declared bankrupt by a court in the Netherlands at its own request on May 1. MTT Tractors, based in the city of Arnhem,…
Thailand’s cabinet has approved a plan to restructure troubled Thai Airways’ finances through a bankruptcy court. The plan for a court-led restructuring of the national carrier replaces a previous proposal of a government-funded rescue package that was heavily criticised in the country. The state-controlled airline’s troubles are the latest example of how the coronavirus pandemic…
The creditors of insolvent cosmetics producer AS Dzintars have submitted claims for a total amount of EUR 16.961 million, according to information published in the Insolvency Registry. According to the companys administrator Jnis Ozoli, the claim from creditors was submitted as part of the insolvency process and covers the total amount of EUR 16 961…
Over the weekend, Colombias Flagship airline Avianca declared bankruptcy. While that might not seem notable to many U.S. travelers, diehard points and miles collectors had cause for concern. The airlines mileage program, LifeMiles, can be lucrativefrom domestic flights on United starting at 6,500 miles to flying some of the best first-class products in the skies…
The Thai government has given its approval for Thai Airways International to reorganise under the supervision of the local bankruptcy court. The Thai Cabinet approved the reform plan for [Thai Airways] which will be implemented through the business reorganisation chapter under the auspices of the Central Bankruptcy Court of Thailand and the Bankruptcy Act, the…
Published by: Stibbe on 28 Apr 2020 Last week Royal Decree No. 15 on the temporary suspension of enforcement measures and other measures duri… Last week Royal Decree No. 15 on the temporary suspension of enforcement measures and other measures during the COVID-19 crisis was published, which created a temporary moratorium whereby any debtor-company is…
Friday, 22 May 2020, 4:18 pmPress Release: MinterEllisonRuddWatts This Article has been updated following the commencement of the COVID-19 Response (Further Management Measures) Legislation Act (the Act), on 16 May 2020. MinterEllisonRuddWatts welcomed the Governments announcement on 3 April of several measures to support businesses during the period of unprecedented uncertainty created by COVID-19. The…
Published 21 May 2020 Lord Brodie A man who had an insurance policy in respect of commercial premises in Glasgow had has his appeal against a decision that his insurer was not bound to indemnify him refused. The defender,Royal and Sun Alliance Insuranceplc, declined to indemnifyWayne Stephen Gardner Youngon the basis that he had failed…
For some businesses, the tremors are shaking the foundations. For others, the earthquake has already knocked the house down. Jack Libbis made no more than $42 in his last week of business. Not enough to make him reopen the doors of Canberra’s oldest photographic store. Ninety years of history shut for good. “I’m still in…