In Oakland, California, the Roman Catholic Cathedral of Christ the Light is difficult to miss. Towering over Lake Merritt in the heart of the city, its modernist glass dome reflects the East Bay sun in all directions. The building, which was completed in 2008 and financed by the Roman Catholic diocese of Oakland, cost $175m.…
99 Cents Only Stores LLC has filed for bankruptcy after announcing plans in April to wind down its business operations. The California-based discount retailer listed assets of $1 billion to $10 billion and liabilities of a similar range in a Chapter 11 petition filed in Delaware. Filing Chapter 11 will give 99 Cents Only time…
Award-winning ACT and NSW-based construction company – Project Coordination (Australia) Pty Ltd – today entered voluntary administration. Company Directors – father and son, Paul and Gavin Murphy – today appointed RSM Australia Partners Jonathon Colbran, Frank Lo Pilato and Brett Lord as joint and several Administrators of the company. The long-standing family-run company,…
China wealth manager Zhongzhi flags insolvency, $64 billion in liabilities Reuters Read the original article here
A woman who owned a Melbourne bar that went bust has revealed she is in the “scary situation” of having to file for bankruptcy as she faces $150,000 in debt. Liv Franklin was the owner of Follies, a vegan antipasti bar in Fitzroy, which closed down at the end of March. She said there were…
The director of collapsed Canberra-based fitout and refurbishment business Rork Projects says a “tsunami of impossible economic conditions” is hitting the construction industry as the latest official figures point to a 32 per cent surge in insolvencies across the sector this financial year. As of March 10, 1913 construction companies had entered administration or appointed…
Building of the People’s Bank of China in Beijing. The Chinese trust sector has once again set off alarm bells with the announcement that Zhongzhi Enterprise Group is declaring itself “severely insolvent.” The Beijing-based conglomerate has reported that it faces a shortfall of 260 billion yuan, the equivalent of $36 billion, and has warned of…
Gemini customers get back over $2 billion in crypto from Genesis bankruptcy Reuters Read the original article here
Australia regulator flags surge in company insolvencies to 11-year high Reuters Read the original article here
Birmingham City Council had to issue a section 114 notice in August 2023 facing a bill for equal pay claims of up to £760m. Photo by Shutterstock Councils across the country find themselves in a turbulent financial position. Since 2021 six local authorities have declared themselves effectively bankrupt, with a raft of councils warning they…