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…
The day started with very bad news for anime fans and lovers of Neon Genesis Evangelion. Gainax, the studio behind the animated series of the franchise, declared bankruptcy and closed its doors, bringing an end to a 40-year history in the industry. According to details, the Tokyo District Court recognized the studio’s bankruptcy, caused by…
Thousands of travellers are likely to be affected as a number of package holidays are cancelled or cut short. ADVERTISEMENT FTI Group, one of Europe’s biggest tour companies, has filed for insolvency. The Munich-based business, which has recently been hit by a number of problems including poor bookings said in a press release: “After a…
The Berlin-based startup unu was founded with the goal to accelerate the shift towards electric mobility with its stylish e-scooters. However, their business seemed to have been running smoothly for only for a rather short time. As we learned from sources close to the company, unu has just filed for bankruptcy. The Berlin-based e-scooter manufacturer had…
Credit: SMIC China’s semiconductor industry is facing a resurgence of unfinished projects as smaller companies go bankrupt, reports the China Times. Recent insolvencies, such as that of Shanghai Wusheng Semiconductor, have raised concerns about widespread closures. Additionally, the market has seen 23 semiconductor companies withdraw their IPO applications since last year, which reflects growing investor caution.…
In short: Armaguard has rejected a lifeline deal worth $26 million to prevent it from becoming insolvent. It comes after Coles temporarily paused its use of the company over the Easter long weekend, but has since resumed using its services. What’s next? The cash transportation company says it is working with its customers and is…