The city of Birmingham has issued what is known as a section 114 notice. This signals that the council is unable to balance its budget, due to lack of financial resources. That the largest local authority in Europe and the second largest city in the UK should effectively declare itself bankrupt should come as no…
Katie Price has been declared bankrupt for a second time over an unpaid tax bill of £761,994.05. The former glamour model had not responded to HM Revenue & Customs (HMRC) over the debt, a court was told on Monday. The demand for payment was made by HMRC last October. Price – who was first declared…
Arbitration and Insolvency: Australian court determines when arbitration costs orders can be recoverable against a company in administration Herbert Smith Freehills Read the original article here
England’ second largest city Birmingham‘s city council on 5 September, declared itself bankrupt, putting a pause on all spending except essential ones. The Birmingham city council issued a 114 notice last Tuesday, thereby joining a string of local authorities, which include Woking, Croydon, and Thurrock, that have announced it did not have the resources to…
Fisher King, the leading Finnish company behind some of Scandinavia’s biggest scripted hits including “Bordertown” and “The Helsinki Syndrome,” has gone bankrupt amid challenges that have thrown the Scandinavian TV industry into turmoil. Beta Film, which acquired Fisher King in 2019 and subsequently launched the umbrella banner Beta Nordic Studios, said the company was declared…
Need to know Only 15 out of 61 travel insurance policies in our comparison cover insolvency of an airline No travel insurance policies we review cover insolvency of a travel agent If your travel insurance won’t cover you, you’ll need to process a credit card chargeback The…
Scottish councils are under a legal duty to produce a balanced budget each year. As such, they cannot go bankrupt in the true sense. If necessary they can use their cash reserves to produce balanced budgets although the reserves of some councils are getting low. But what would happen if a council failed to agree…
Fugitive former lawmaker Ted Hui Chi-fung has been declared bankrupt for failure to pay the legal costs of proceedings and criminal offences he was involved in before he fled Hong Kong in 2020. High Court Master Kent Yee Kai-siu issued the bankruptcy order against Hui on Tuesday. Hui, who failed to pay the fees for…
One of China’s largest shadow banks warned it’s “severely insolvent”, with a debt pile more than two times higher than assets, according to a letter seen by Bloomberg News. In a further sign of trouble for the nation’s $US3 trillion ($4.6 trillion) trust sector, Zhongzhi Enterprise Group told investors on Wednesday that it has debts…
Cisalfa Sport Spa, one of Italy’s largest sportswear retailers, has been selected as the new business partner of SportScheck GmbH, a leading German omnichannel sports retailer that had filed for voluntary insolvency proceedings on Nov. 30 after that Signa, its previous owner, was declared insolvent. As a result of this deal, Cisalfa Sport will enter…