Philip Winterborne, chair of insolvency and restructuring trade body R3 in Wales and a partner at Temple Bright solicitors, comments on the recent publication of the July corporate and personal insolvency statistics: The month-on-month rise in corporate insolvencies in July is largely down to an increase in administrations, Compulsory Liquidations, and Creditors’ Voluntary Liquidations (CVLs).…
Pizza Hut operator NPC International, which declared bankruptcy in July, reached an agreement with the pizza chain to permanently close up to 300 stores. NPC entered bankruptcy with more than 1,200 Pizza Hut locations. Most of the potentially closing units are dine-in, which is in line with Pizza Huts ongoing strategy to move toward off-premises.…
Economy Why broke Kenyans are shunning bankruptcy Monday, August 17, 2020 10:20 By OTIATO GUGUYU The Supreme Court of Kenya. FILE PHOTO | NMG Kenyans are avoiding filing for bankruptcy amid mounting debts and a rise in seizure and auction of defaulters properties. Official data shows that only four Kenyans filed for bankruptcy in the…
Member Article Corporate insolvencies in England and Wales increased by 29% when compared to June 2020 but are 34% lower than in July 2019 Personal insolvency numbers in England and Wales decreased when compared to June 2020 (12% lower) and July 2019 (40% lower) Eleanor Temple, chair of the insolvency and restructuring trade body R3…
With household financial stress levels rising as a result of the economic impact of COVID-19, it would be a fair bet that debt management companies like FSA Group would be doing good business. But thats not the case. FSA released its 2019/20 financial report on Friday, disclosing a significant reduction in the number of consumers…
The former owner of Wigan Athletic, Au Yeung Wai Kay, sought to put the club into administration before he had even completed his controversial takeover, key documents reveal. A new timeline of the Wigan takeover is pieced together in the written reasons detailing the rejection of an appeal against the clubs 12-point deduction for insolvency,…
A former Ferrari-driving businessman has declared bankruptcy after his four companies collapsed within eight months owing about 200 creditors $13 million. Sunshine Coast businessman Gordon Smith, who last year promoted his investment company as being “solid as a rock”, is unable to pay back the creditors of his four property development and wealth businesses, liquidators’…
A former Ferrari-driving businessman has declared bankruptcy after his four companies collapsed within eight months owing about 200 creditors $13 million. Sunshine Coast businessman Gordon Smith, who last year promoted his investment company as being “solid as a rock”, is unable to pay back the creditors of his four property development and wealth businesses, liquidators’…
It has been a catastrophically bad year for shale, and few (if any) could have predicted the industrys struggles this year. The most notable of those struggles came in April when the West Texas Intermediate crude benchmark plunged below zero and into uncharted territory. The previously unthinkable price crash was spurred by a series of…
ANCHORAGE, Alaska (AP) – The largest rural airline in Alaska has declared bankruptcy and laid off more than 1,000 workers but wants $250,000 in bonuses to be awarded to its chief executive and other employees. Alaska Public Radio reported that RavnAir Group filed the request Tuesday in Delaware bankruptcy court. Lawyers for the company say…