Collapse of Monarch, which served more than 40 destinations from five UK bases, follows insolvency filings at Alitalia SpA and Air Berlin Plc London: UK leisure carrier Monarch filed for insolvency in Britains biggest-ever airline collapse, leaving the government to arrange the return of 110,000 tourists and marking the third failure of a major European…
British budget carrier Monarch Airlines has declared bankruptcy and halted operations, leaving up to 110,000 passengers stranded abroad after all flights and vacations were canceled. What happened: The company entered administration on Monday, in what is being described as the U.K.s biggest-ever airline collapse, after struggling to keep going amid a p… Read the full…
The eagerly anticipated poll on whether Catalans want independence from Spain turned ugly yesterday with about 800 people injured. Chaotic scenes as ballot boxes were forcibly removed and voters prevented from going into polling stations. Spanish PM Mariano Rajoy continued insisting the operation was not legitimate and that today there was no referendum on self-determination…
Monarch Airlines, the UK low-cost carrier and tour operator, has been placed in administration, leaving 110,000 holidaymakers stranded overseas and resulting in the cancellation of 300,000 future bookings. The government has asked the Civil Aviation Autrhority to charter more than 30 aircraft to bring Monarch Airlines customers overseas back to the UK in what it…
MUMBAI: Banks reeling into huge losses due to bad loans are lobbying with the regulators to do away with mandatory `liquidation value’ of companies admitted for insolvency resolution as it automatically brings down the value of bids from potential buyers. `Enterprise value’ might be a better indicator of the value of a company since it…
Once the gold-mining heart of Gauteng, Merafong City faces an economic meltdown as Eskom threatens to cut off the municipality’s electricity supply over nonpayment of millions of rands. Eskom announced electricity supply would be interrupted from October 25 if the municipality did not pay its debt. And it is not only Eskom the municipality owes…
Deputy president Maijol Mahap says annulment under Section 105 of Bankruptcy Act 1957, wipes out prior bankruptcy order, putting Lajim Ukin back as he was in party. KOTA KINABALU: Parti Harapan Rakyat Sabah founding president Lajim Ukin did not lose his position in the party despite having been declared a bankrupt recently, claims his deputy…
Eclipse Resources, the Perth waste-management company that unsuccessfully battled the State Governments landfill levy, has been placed in administration owing taxpayers tens of millions of dollars. A notice filed with the corporate regulator this week shows a meeting of creditors will be held at the CBD offices of law firm Herbert Smith Freehills next month…
MUMBAI: A subtle tension is brewing between bankers, struggling with failed borrowers, and auditors, having come under closer scrutiny. Till now auditors who signed the financial statements of banks have rarely questioned the real worth of assets and securities that banks hold to lend. But, this is about to change with auditors coming under the…
By: ENS Economic Bureau | New Delhi | Updated: October 2, 2017 12:55 am (Representational) Related News The Insolvency and Bankruptcy Code may have prescribed a minimum vote of 75 per cent in a creditors committee before any decisions are taken in the insolvency process, but the countrys courts are interpreting this quite differently. Two…