Abengoa SA won support from creditors to allow more time to approve a 9.4 billion-euro ($10.5 billion) debt restructuring and avoid insolvency. More than 75 percent of the companys lenders agreed to continue talks for as much as seven months, Seville-based Abengoa said in a regulatory filing Monday. The support from creditors is higher than…
Percy Bysshe Shelleys famous sonnet Ozymandias, first published in 1818, tells the story of a traveller in the desolate Egyptian desert who comes upon a broken statue of King Rameses II, who the Greeks called Ozymandias. What remained of this pharaohs statue were two huge stone legs and, half sunk in the sand, a shattered…
Consumer Affairs Minister Jane Garrett has serious concerns about debt management firms. Photo: Josh Robenstone The Turnbull government is under growing pressure to crack down on “debt vultures” that fleece money from vulnerable people by falsely promising to provide solutions to their financial distress. Victoria has written to Canberra warning about the conduct of debt…
With wilful defaulters and the enormous stockpile of non-performing assets on the books of public sector banks making headlines every day, several commentators have made hopeful references to the impending new insolvency legislation. The finance minister recently stated that the Insolvency and Bankruptcy Bill is likely to be passed in the second half…
“Republicans are so worried that Donald Trump will be their president … maybe Republicans will be convinced to do something on Puerto Rico to try to provide balance to the racist language that Donald Trump uses,” he told a local Connecticut radio station. ADVERTISEMENT Asked if that meant Trump was a “blessing” on the issue, Murphy fired…
Auto insurer Affirmative Insurance Co. was declared insolvent by about $31 million on March 1, 2016 by Acting Illinois Insurance Director Anne Melissa Dowling; a hearing on the complaint for liquidation is set for this Thursday, March 24. Dowling filed with the Illinois Supervising Court a Complaint for Liquidation with a Finding of Insolvency against…
Published 25/03/2016 | 02:30 Owner worried her home will be repossessed. Our property expert advises on the tax implications of renting to a family member and on how a Personal Insolvency Arrangement might help a person in arrears on a buy-to-let property. Share Go To Question: We are selling our large family home and will…
A NURSERY school owner from Prestwich has been banned from running a company for six years after failing to pay staff the minimum wage. Joanne Ward, aged 43, underpaid 12 employees at her nursery, Cygnets to Swans in Whittaker Lane, dating back to April 2010 and totalling £11,789. The amounts underpaid to each employee range…
Troubled Spanish renewable energy group Abengoa may already have the support of around 40 per cent of its creditors for a restructuring proposal to avoid what could be the biggest bankruptcy in Spanish history, but ratings agency Moodys is maintaining its negative outlook, pointing out that a deadline by which it needs to strike an…
March 24, 2016 1:05 p.m. ET FRANKFURTGerman fashion company Steilmann SE jolted investors Thursday by saying it would file for insolvency less than five months after going public, a move that raises questions about its bank advisers and auditor. The clothing maker, which focuses on women over 45, said late Wednesday recent developments and failed restructuring negotiations led to…