Abengoa SA, the Spanish renewable energy firm fighting to avoid bankruptcy, plans to shrink itself by about a third under a business plan aimed at convincing creditors it can survive as a smaller company, according to a person familiar with the matter. The company will reduce revenue by about 30 percent from the 7.15 billion euros…
The financial services sector has been reeling under the pressure of mounting bad assets, including failed restructuring attempts, and the situation seems far from over. The proposed Bill on bankruptcy, consolidating the existing scattered laws relating to insolvency of companies, is a noteworthy move by the government for accelerating the winding up process for defaulting…
ROBERT KITCHIN/FAIRFAX NZ Dick Smith stores have remained open while receivers and administrators try to get the business sorted for sale. Almost 200 Dick Smith New Zealand employees are owed $353,000 by the company and it is uncertain whether they will get their money. Dick Smith’s administrators McGrathNicol held the first New Zealand creditors meeting…
What effect does a licensor filing for insolvency have on a licence? The answer depends not only on the terms of the licence agreement and the law that governs that agreement, but also on the laws of the place where the insolvent party is located. Under Swiss law, a contract will not automatically be terminated…
Market watch top headlines Australian reports World reports AAP 2016-01-12 Significantly more businesses went under last year compared to 2014, led by a rise in company failures from NSW. With 9,573 businesses having gone into administration up to November last year, the numbers for 2015 have already eclipsed 2014’s total of 8,794 companies slipping under,…
ROBERT KITCHIN/FAIRFAX NZ Dick Smith stores have remained open while receivers and administrators try to get the business sorted for sale. Dick Smith’s administrators have successfully defended an attempt to replace them, after lifting the lid on the debts of the retailer’s New Zealand business. At a meeting in Auckland on Friday, creditors voted on…
ROBERT KITCHIN/FAIRFAX NZ Dick Smith stores have remained open while receivers and administrators try to get the business sorted for sale. Dick Smith’s administrators have successfully defended an attempt to replace them, after lifting the lid on the debts of the retailer’s New Zealand business. At a meeting in Auckland on Friday, creditors voted on…
Jeff Parsons PHOTO BY PATRICK YEAGLE Faced with a federal criminal investigation, entrepreneur Jeffrey Parsons can keep his mouth shut in court fights pitting the trustee in his bankruptcy case against car dealer Todd Green and a Texas auction company. Trustee Jeffrey Richardson wants Green to return money he made in deals with Parsons for…
Vale of Clwyd, Stoke-on-Trent North and Torbay were the parliamentary constituencies with the highest personal insolvency rates across England and Wales last year, according to official figures. Coastal areas featured strongly among the areas with the highest personal insolvency rates, while many areas of London were among the constituencies with the lowest rates, the Insolvency…
In Australia, there is a lingering belief that bankruptcy should not be too easy. The federal governments plan to reduce the period of bankruptcy from a minimum of three years to one year, announced in Decembers Innovation Statement, has been criticised for allowing debtors to avoid the consequences of their misconduct. But this view misunderstands…