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, data from the Australian Securities and Investments Commission shows. NSW…
UPDATE 2 (15th January 19:32 BST): The website for Cryptsy has been taken offline. Embattled digital currency exchange Cryptsy is now claiming that it is insolvent. The exchange alleges in a newly released blog post that it was the target of a hack in July 2014, an incident that it said cost it approximately 13,000 BTC ($7.5m…
Portugal’s central bank on Friday relaunched the sale of Novo Banco, created as part of the rescue of Banco Espirito Santo (BES bank), after a first attempt last year was halted due to unsatisfactory bids. The Bank of Portugal’s Board of Governors said it had “decided to renew the sale process” of Novo Banco with…
A recent brouhaha at our citys Gucun Park in Baoshan District, famous for its springtime cherry blossoms, is providing food for thought on the issue of public spaces, and what responsibilities our city and we as local citizens have for supporting these places. The case revolves around the parks decision to rent out a large…
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…