The retail apocalypse claimed another victim after shopping mall operator CBL and Associates Properties (NYSE:CBL) declared bankruptcy on Sunday. Although the real estate investment trust was struggling for years, rumors of a possible collapse have been circulating since the summer. It may have been a foregone conclusion after J.C. Penney (OTC:JCPN.Q), one of CBL’s biggest…
Barcelona appear to be a club in crisis both on and off the field. The Blaugrana have managed just eightpoints in sixleague games so far, enduring their worst start to a LaLiga campaign in 18 years. Their struggles off the field have been well documented as well, with multiple reports discussing Barcelona’s financial status, pointing…
FC Barcelona | LLUIS GENE/Getty Images FC Barcelona could be declared as bankrupt if they don’t find a way around reducing their wage bill by 190 million euros by the end of next week. AS quote RAC1, who reports that negotiations to lower player and staff salaries began on Friday at Barcelona, with a meeting…
How does anyone end up going bankrupt with debts of over 2.5 billion, never mind if youre the brother of one of the worlds richest men? The answers include some of the usual business explanations; this was all about the risks of bad timing, betting big on commodity prices and signing unlimited personal guarantees. Pramod…
Tax experts have warned that an incoming law which moves HM Revenue & Customs higher up the list of creditors in insolvencies could further damage the economy and cause more companies to go bust. From December 1, the UK tax authority will be ranked higher in the pecking order used to decide which creditors get…
Barcelona could be declared bankrupt if they are unable to reduce their wages bill by 190 million euros by the end of next week, RAC1 reports. Negotiations to lower salaries began on Friday with a meeting between lawyers representing the club and the players. For Bara, it is a race against time. They need to…
Under the new Law, both individuals and corporate entities can be declared insolvent. It provides for separate insolvency proceedings designed to address different debtor categories based on the size of the liabilities involved. Large scale insolvencies will be conducted under the traditional insolvency process, ending either in the sale of the insolvent business in whole…
For the past several years, data has consistently shown that more and more people are going bankrupt at a young age. Between 2015 and 2019, about 85,000 Malaysians below the age of 25 were declared bankrupt, a Sinar Harian article shows. According to Hijrah Wealth Management founder and consultantRohani Mohd Shahir, the main reason for…
Fewer Tasmanians have become insolvent and more have been paying down debts during the pandemic period, as government support measures temporarily put more money into the pockets of some people. Key points: New Tasmanian personal insolvencies were at a 30-year low for the last financial year A debt collection business is seeing more Tasmanians able…
Ministers have sent in a taskforce to oversee Croydon council after an audit report revealed the Labour-run authority is on the verge of bankruptcy following a string of risky property investments and a failure to keep control of social care budgets. Auditors heavily criticised the south London council for ignoring more than three years of…