Czech Airlines insolvency petition sets out the scale of the companys financial problems, which it partly attributes to the inability to source rescue funding from the Czech government. The company has 266 creditors, with the total liability to suppliers amounting to Kc809 million ($37.1 million) as of 25 February, its petition to a Prague municipal…
By Reuters Staff 2 Min Read MILAN (Reuters) – A revamped Alitalia will start with 45 planes, have around 4,500 workers and get just over 1 billion euros ($1.2 billion) in state support, less than half of what was previously envisaged, newspaper La Repubblica reported on Tuesday. FILE PHOTO: An Alitalia Airbus A320-200 passenger aircraft…
Greensill Capital has sought protection from Australias insolvency regime, as the finance group races to strike a rescue deal and another fund severed ties. The company is hoping to invoke safe harbour protection in Australia, which shields directors from personal liability for a company trading while insolvent, according to people familiar with the matter. Greensill…
Back in 2003, just a year after his loss to fellow legend Lennox Lewis, Mike Tyson declared bankruptcy with reported debts of $23 million (16.5 million). And while he has made more than $300 million (216 million) in his entire carrier, Tyson was forced to sell off many of his assets, which also included his…
The multi-billion dollar financial empire built by Bundaberg farmer’s son Lex Greensill faces unravelling. London-based Greensill Capital, founded by Mr Greensill a decade ago, has appointed Grant Thornton to look at restructuring options as it faces the possibility of filing for insolvency, according to people familiar with the company. The financial strife came after Credit…
By Reuters Staff 2 Min Read MILAN (Reuters) – A revamped Alitalia will start with 45 planes, have around 4,500 workers and get just over 1 billion euros ($1.2 billion) in state support, less than half of what was previously envisaged, newspaper La Repubblica reported on Tuesday. FILE PHOTO: An Alitalia Airbus A320-200 passenger aircraft…
PREMIUM By Bongani Qangule – 01 March 2021 I am on the verge of being declared insolvent. In the next few years I will receive pension payouts from my pension fund. I am concerned, though, that my pension will also fall into my insolvent estate and I will lose my pension. Will this happen?.. Please…
Convicted Shepparton financial planner Amanda Ritchie has been fined in the Shepparton Magistrates Court. Ritchie, who is currently serving a four-year jail term after pleading guilty to obtaining financial advantage by deception and a string of theft charges after ripping off clients for almost $500,000, faced court charged with failing to provide a statement of…
SMEs TO BENEFIT FROM CHANGES TO INSOLVENCY REGIME The new insolvency reforms introduced by the Australian Government for incorporated small businesses with liabilities of less than $1 million have far reaching benefits for the pandemic-ravaged economy and Aussie families, according to a leading tax accountant. The reforms, which include new debt-restructuring, offer some other major…
The Insolvency Service paid out 453.4 million in missing wages and benefits to workers at firms that went bust last year, according to new data. The payments made by the agency, which is part of the Department for Business, Energy and Industrial Strategy (BEIS), were at the highest levels in a decade although the various…