Collapsed Estonian peer-to-peer lenders Envestio and Kuetzal have officially been declared bankrupt. Business registry documents in Estonia show Andres Hermet was appointed as bankruptcy trustee for both companies this month. The move means investors will have to file claims with the bankruptcy trustee to try to get their money back. Claims forms can be obtained…
The Office of the Supervisor of Insolvency (OSI) and Office of the Government Trustee (OGT) are encouraging persons who have been facing financial obstacles as a result of the COVID-19 pandemic to engage the organisations for assistance. Speaking with JIS News, Deputy Supervisor of Insolvency, Fayola Evans-Roberts, said the organisations offer services that can assist…
Tuesday, June 9, 2020 As set out in the firstblogin this series, the Corporate Insolvency and Governance Bill (the Bill) introduces a new debtor-in-possession moratorium to give companies breathing space in order to try to rescue the company as a going concern. The first blog outlined how the moratorium will work and the secondblogfocused on…
This significant recent decision of the Supreme Court of Canada confirms (i) that a CCAA supervising judg… This significant recent decision of the Supreme Court of Canada confirms (i) that a CCAA supervising judge enjoys broad discretion and the necessary jurisdiction to prevent a creditor from voting on a plan of arrangement when the creditor…
Passengers wait to get on a Hertz shuttle bus at Los Angeles International Airport. Patrick T. Fallon | Bloomberg | Getty Images To get a slice of one of the market’s most epic rallies, investors are snapping up stocks everywhereincludingshares in bankrupt companies, which in theory will be worth nothing. Hertz, Whiting Petroleum, Pier 1and…
Farhan Akhtar and Shibani Dandekar in a throwback photo at a BKC restaurant. The two spent the lockdown making music.; FILE PHOTO: GURUJEET SINGH DEVGUN Flexing muscle SUNNY Deol is keeping a good deed silent. The actor-turned-MP has been hugely active in helping migrant workers from across the world come back home to Punjab, we…
A recent paper from academics at Leiden Law School suggests that if a crypto exchange or crypto custodian goes bankrupt, investors could well lose control over their stored coins. This happened in Japans Mt. Gox exchange collapse, and more recently with the failure of Italys BitGrail exchange. Thus, it could happen again. Indeed, the paper…
A fraudster who was fined more than 1m and declared bankrupt over a separate scam costing investors 3.7m has been approved by City regulators to run a new financial company. Samuel Nathan Kahn, 49, was fined 1.1m in 2011 by the Financial Services Authority (FSA), the regulator at the time, for inflating a companys share…
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When public oil and gas companies are doing relatively well, many are happy to adopt a pay-for-performance model to reward CEOs and executives. However, the tables are quickly turned when things go to the dogs. When these companies go bankrupt, the misery is shared by employees who lose their jobs; retirees see their benefits and…