THE number of insolvency cases in Cork has more than doubled in 2016 as bankruptcy rates fall. New figures issued by the Insolvency Service of Ireland show that 53 personal insolvency arrangements (PIAs) were filed in Cork between January and March, more than double the number for the same period last year. The shift away…
NWR’s bondholders have refused to extend the covenant waiver further and have declared the group in default of its debt obligations. By Robert Anderson in Prague April 25, 2016 Bondholders and majority owners of London-listed New World Resources (NWR) declared the Czech coalminer in breach of its debt convenants on April 25… Read the full article…
A judge has declared Daniels shopping complex in amrun as insolvent and ordered it to be closed down. Legal action was taken filed in 2014 by one of the owners creditors, Panta Contracting Ltd, over an outstanding debt of 1.5 million. The court heard that, apart from this debt, the owners of…
British retailer BHS could file for insolvency tomorrow, 25 April, putting thousands of British jobs are on the line. The company employs 11,000 people and operates 164 stores in the UK. Despite ongoing talks with Sports Direct to buy some BHS sites, reports suggest that any buyer would only consider a purchase if it did…
Last week, Detroit, the erstwhile automobile hub of the US, was in the news as it filed for bankruptcy. A tool commonly used in the West to fob off creditors and spurn bad debt, bankruptcy is not a favoured option for most Indians since it is associated with social stigma and embarrassment. However, it may…
A HIGH-FLYING accountants firm has collapsed leaving behind debts to the taxman. Blin Holdings are going through liquidation after Her Majestys Revenue and Customs (HMRC) moved to have the business wound up in February. The company was led by Raymond Blin, one of Scotlands top insolvency experts. He left last year and claims two creditors…
While Japan was making headlines for negative interest rates, regulators may have quietly handed yields on a plate to bond investors. Mitsubishi UFJ Financial Group issued $2 billion of notes in a three-part sale Wednesday at a yield premium some 25 basis points higher than what similar notes from its operational unit, Bank of Tokyo Mitsubishi, were offering in the…
Introduction Alert procedures Introduction On January 28 2015 the minister of justice set up the Rordorf Commission, a ministerial commission to develop and submit draft legislation designed to reform, review and reorganise the rules governing insolvency procedures in Italy. On December 29 2015 the Rordorf Commission completed its proceedings and submitted a draft statutory instrument…
Introduction Facts Questions of law Decision Comment Introduction Questions around the interplay between the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act 2002, the Sick Industrial Companies (Special Provisions) Act 1985, the Recovery of Debts Due to Banks and Financial Institutions Act 1993 and the Companies Act 1956 have frequently arisen…
NEW YORK–(BUSINESS WIRE)–Fitch Ratings has assigned the following ratings and Rating Outlooks to Fannie Mae’s risk transfer transaction, Connecticut Avenue Securities, series 2016-C03: –$157,758,000 class 1M-1 notes ‘BBB-sf’; Outlook Stable; –$56,342,000 class 1M-2A exchangeable notes ‘BB+sf’; Outlook Stable; –$123,953,000 class 1M-2B exchangeable notes ‘B+’; Outlook Stable; –$180,295,000 class 1M-2 notes ‘B+sf’; Outlook Stable; –$56,342,000 class…