Scottish councils are under a legal duty to produce a balanced budget each year. As such, they cannot go bankrupt in the true sense. If necessary they can use their cash reserves to produce balanced budgets although the reserves of some councils are getting low. But what would happen if a council failed to agree…
Fugitive former lawmaker Ted Hui Chi-fung has been declared bankrupt for failure to pay the legal costs of proceedings and criminal offences he was involved in before he fled Hong Kong in 2020. High Court Master Kent Yee Kai-siu issued the bankruptcy order against Hui on Tuesday. Hui, who failed to pay the fees for…
One of China’s largest shadow banks warned it’s “severely insolvent”, with a debt pile more than two times higher than assets, according to a letter seen by Bloomberg News. In a further sign of trouble for the nation’s $US3 trillion ($4.6 trillion) trust sector, Zhongzhi Enterprise Group told investors on Wednesday that it has debts…
Cisalfa Sport Spa, one of Italy’s largest sportswear retailers, has been selected as the new business partner of SportScheck GmbH, a leading German omnichannel sports retailer that had filed for voluntary insolvency proceedings on Nov. 30 after that Signa, its previous owner, was declared insolvent. As a result of this deal, Cisalfa Sport will enter…
Hong Kong’s High Court has declared self-exiled activist Ted Hui bankrupt for failing to pay costs of legal proceedings involving him. The former lawmaker, who left Hong Kong in November 2020, is among 13 self-exiled pro-democracy activists accused of breaching the Beijing-imposed national security law. Ted Hui in the UK. File Photo: May James/HKFP. High…
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…
Holland Norway Line’s only ship MS Romantika will remain in Emden following the ferry company’s … [+] bankruptcy. dpa/picture alliance via Getty Images Tens of thousands of travelers must make alternative travel plans following the bankruptcy of car and passenger ferry company Holland Norway Lines. Originally serving the route between Eemshaven in the Netherlands and…
Former Nexus Independent founder Kerry Nelson has been declared bankrupt, official records show. The Gazette has been updated to show a bankruptcy order for Kerry Kathleen Nelson, as at November 2023, ‘occupation unknown’, of Stroud Green Lane, Fareham. The filing was made in the county court at Portsmouth. A spokesperson for the Official Receiver’s office…
Economic downturns create opportunities for the restructuring or acquisition of challenged assets, and we anticipate increased activity in this space in 2023. The indicators pointing in that direction are: inflation remains elevated, with the Reserve Bank of Australia successively hiking interest rates in response; ASIC’s insolvency statistics for Q3 and Q4 2022 showing an escalating…
Citing the story of Sudbury’s Laurentian University, federal gov’t made the announcement in this week’s fall economic statement The federal government has signalled it will move to prevent post-secondary institutions from declaring insolvency. This in the wake of Laurentian University’s 2021-2022 insolvency, which included mass layoffs and program cancellations, the severing of ties with federated…