Croydon council has outlined a drastic renewal plan that would result in extensive staff job losses and major reductions to services at libraries and childrens centres, in one of the most dramatic cuts programmes ever seen in local government. The Labour-run council, which in effect declared itself insolvent earlier this month after revealing a 67m…
1. How big is the problem? Chinese defaults actually dropped by 20% in the first three quarters of 2020 to 85.1 billion yuan ($13 billion), according to Bloomberg-compiled data. That was largely due to pandemic-related measures in the first half: At least a dozen companies managed to relieve pressure by delaying repayments, swapping bonds or…
November 23, 2020 08:00 ET | Source: Feronia Inc. VANCOUVER, British Columbia, Nov. 23, 2020 (GLOBE NEWSWIRE) — Feronia Inc. (Feronia or the Company) (TSX-V: FRN) announces that it has closed its previously announced third party sale and restructuring transaction. As previously reported, the Company initiated debtor in possession insolvency proceedings under the Bankruptcy and…
As it prepares for a spike in demand for restructuring services, Buchler Phillips has appointed Paul Davis as a Partner. Deputy Vice President of the Insolvency Practitioners Association, Davis brings three decades of experience to the firm. With a professional heritage dating back to the 1930s, Buchler Phillips is the UKs oldest independent corporate recovery…
Ambertech brand Onkyo Corporation is insolvent and desperately looking for a solution to keep the business from bankruptcy. The Tokyo Stock Exchange has given the Japanese Company whose products are sold at Harvey Norman a limited window to get their affairs in order before a forced delisting from the JASDAQ stock exchange is implemented. The…
The Pandemic accelerated the mess. ByNick Corbishley, forWOLF STREET: Construction and real-estate development giant and funds management firm Grocon Group which built some of Australias most iconic modern buildings, including three of its five tallest skyscrapers, as well as major projects in India and Abu Dhabi declared insolvency on Friday, according to ABC News, and…
Chinese state owned automaker Huachen Automotive Group has been declared bankrupt and has entered a debt restructuring programme, according to local reports. The company, headquartered in the north eastern Liaoning province, owns four listed companies including Brilliance China Automotive Holdingswhich has a 50:50 joint venture with BMW Group. Huachen Automotive, in a statement on 16November,…
One of Australia’s best-known builders has declared insolvency and is set to go into administration. Grocon Group has delivered several iconic developments in recent decades, including Melbourne’s casino, Eureka Tower and the Rialto Towers. On Friday after speculation it was in trouble, the company announced it was putting the group’s legacy construction companies into administration.…
On 23 September 2020, the England and Wales High Court (“High Court”) rendered its judgment in Riverrock Securities Limited v International Bank of St Petersburg (Joint Stock Company) granting Riverrock Securities Limited (“RSL”) an interim anti-suit injunction in respect of bankruptcy proceedings in Russia brought against RSL by the receiver of the International Bank of…
Executive summary On a UK companys insolvency, the UK tax authority (HMRC) will become a preferential creditor in respect of certain unpaid taxes (Crown Preference) with effect from 1 December 2020. Despite lobbying against the move (including in light of the COVID-19 pandemic), the UK government has persisted with the change, perhaps in an attempt…