A judge in Vanuatu has ordered a temporary stay on a decision to liquidate the company which owns a prominent resort. Port Vila, Vanuatu. Photo: RNZI Iririki Island Holdings, the owners of the prominent resort that sits on an island in Port Vila Harbour, was last week declared insolvent by the Supreme Court. Justice Geoghegan…
Middle-aged mothers are being plunged into insolvency in record numbers, researchers say. According to a study, women between 35 and 54 are suffering most from the economic crisis. Bankruptcy and other types of insolvencies are said to be rising faster in this age group than any other, as women struggle to balance family life with…
One of Vanuatu’s most prominent resorts has been declared insolvent by the Supreme Court. Port Vila, Vanuatu. Photo: RNZI The court has ordered that Iririki Island Holdings be put into liquidation after Justice Geoghegan said he was confident the company was unable to pay its debts. The case was brought by the construction company Mocha…
A federal grand jury has opened a criminal inquiry into the $1 billion collapse of First NBC Bank, a onetime darling of the New Orleans business community that failed earlier this year and was seized by regulators in the costliest collapse of an American bank since the height of the 2008-10 financial crisis, according to…
CHENNAI: Private power producer Ind Bharath Group has filed an insolvency petition against the States power utility Tamil Nadu Generation and Distribution Corporation (Tangedco) for non-payment of dues of over 700 crore under the Insolvency and Bankruptcy Code, 2016. This is the first time the insolvency route has been used to recover non-payment of dues…
Nigeria: Restructuring & Insolvency Review 2017 September 2017 Etigwe Uwa SAN, Streamsowers & Köhn In legal parlance, restructuring of a corporate entity is effected upon a declaration of insolvency or to avert insolvency or in some cases for the expansion of the business base of such organisation. In the case of statutory…
Business News Gigs & Festivals Live Business By Chris Cooke | Published on Friday 1 September 2017 The company behind the disastrous Fyre Festival has been put into bankruptcy by a US judge, according to the Wall Street Journal. Though its Fyre Festival LLC currently facing the bankruptcy proceedings, rather than parent company Fyre Media Inc.…
THE daughter of a Wide Bay Burnett cattleman, who was evicted and allegedly forced into bankruptcy, has had the stud Brahmans she bought from her parents seized by bank trustees. The 14 stud Brahman cows and calves are set to be sold, despite Brooke Dingle offering evidence of her full ownership. The females were originally purchased by Ms Dingles parents but were bought…
NEWCASTLE has the highest rate of personal insolvency in regional NSW according to figures released by the Australian Financial Security Authority. Across the Hunter there were 215 cases of personal insolvency in the June quarter of 2017, with Newcastles 43 debtors the largest in the state outside of Sydney. Across Australia there were 7,729 debtors who entered a…
ICICI Bank‘s win on Friday against defaulter Innoventive Industries in the Supreme Court could set a precedent for other insolvency cases. The apex court ruled that Insolvency and Bankruptcy Code (IBC) is superior to the Maharashtra Act and that management of a company undergoing bankruptcy proceedings cannot continue in its role and must step aside.…