Sichuan Trust, previously controlled by businessman Liu Canglong, is one of the most notorious of China’s problematic trust companies Sichuan Trust Co. Ltd., which defaulted on billions of dollars in trust products nearly four years ago, has received approval from the top financial regulator to wind down, becoming China’s second trust firm to go bust.…
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The latest insolvency data published by the corporate regulator reveals that the number of companies failing is increasing, and it looks like it won’t stop any time soon. Last week, the Australian Securities and Investments Commission (ASIC) released its latest insolvency data, covering the period from 1 July 2023 to 31 March 2024. The data…
Lusix, the synthetic diamond company founded by Benny Landa, is on the brink of filing for insolvency. The company has informed its creditors of its intention to do so, though the timing remains uncertain. Sources have told Calcalist that Lusix informed its shareholders last week that it urgently needs to raise $15 million to continue…
The Australian Digital 12 Month Plan costs $416 (min. cost) for the first 12 months, charged as $32 every 4 weeks. This automatically renews after the first 12 months to be charged as $32 (min. cost) every 4 weeks. Renewals occur unless cancelled as per full Terms and Conditions. No cancellations during the first 12…
The Government has announced a two-phase process seeking to reform corporate governance laws. In the first phase the Government is looking to update corporate legislation to reflect modern business practices, make compliance simpler and deter and detect poor business practices. In other words, this phase seeks to resolve uncontroversial problems to improve the performance of…
European subsidiary of the textile chain aims for a new start Clothing retailer Scotch & Soda has filed for bankruptcy again. As the company announced, S&S Europe BV, the Northern European retail and e-commerce organization of the clothing brand Scotch & Soda, was declared bankrupt on Wednesday. Scotch & Soda was already insolvent in 2023…
Embattled Australian electric vehicle fast-charger company Tritium is on the lookout for buyers after its directors declared the company to be insolvent and called in administrators. April 22, 2024 David Carroll Tritium has declared itself insolvent and self-appointed administrators and insolvency administrators appointed by creditors have assumed control of the Queensland-headquartered electric vehicle (EV) charging…
The city centre of Birmingham. [Photo/VCG] Fears grow over fate of more councils after Birmingham files for insolvency Local governments in the United Kingdom went into panic mode on Wednesday after Birmingham City Council effectively declared itself bankrupt. Authorities warned that more councils across the UK could declare themselves in financial dire straits. Birmingham City…
KNP Logistics, described by its administrators as one of the United Kingdom’s largest privately owned logistics groups, declared itself insolvent on Monday, blaming a ransomware attack back in June. Approximately 730 employees will be made redundant as a result of the administration process, although one of the group’s key entities has been sold, saving about…