Home builder Mahercorp, which entered administration in April last year owing $75 million and emerged from it in June, has halted agreed repayments to some creditors in a move that blows the lid on unauthorised side deals that may be used to get support for the restructure of an insolvent company. Melbourne-based Mahercorp, which sells…
Which passenger airlines have gone bankrupt this year so far? We look at what went wrong, the remaining fleet and years in operation. Aeromar ATR 42 Aeromar: ( Mexico, 1987-2023) When Aeromar declared bankruptcy they stated it had not been able to recover from financial difficulties stemming from the global downturn in travel caused by the…
“The individuals who paid Mr Scholz for his tips, to attend seminars or access private online forums, as well as those individuals who purchased shares based on his recommendations or statements of opinion, did not have the benefit of these protections.” Read the original article here
Europe’s third-largest tour operator FTI files for insolvency Reuters Read the original article here
London CNN — The UK government has moved to take control of the country’s second biggest city, Birmingham, after the local council effectively declared itself bankrupt earlier this month. In a letter to the council Tuesday, the government proposed appointing commissioners to take charge of the daily running of the local authority and to oversee…
UK town halls are slashing spending on everything from parks to adult social care and the arts in the face of an unprecedented funding crisis. Long-running financial pressures caused by central government cuts, rising demand for services and risky investment bets have been compounded by double-digit inflation, pushing many councils deep into debt. The crisis…
In this week’s TGIF, we examine the recent case of Re Eliana Construction and Developing Group Pty Ltd [2023] VSC 639 which considers guarantor subrogation rights in insolvency scenarios. Key takeaways This case provides a pertinent reminder that deeds and guarantor agreements may alter the rights of parties in a liquidation scenario. Creditors, particularly those…
Birmingham city council has voted to approve spending control measures, as well as endorsing a “financial recovery plan” that is already under way. The council debated the plan to tackle an estimated £760m equal pay liability before giving the go-ahead for the section 114 notice it issued earlier this month. The notice in effect declared…
Look, if you’ve been plotting an investment strategy using tips from Instagram influencers, you’re probably beyond our help. But we have to try – it’s our job – and the latest instalment in the sorry tale of Tyson Scholz, the online stock trading “educator” with a taste for Ferrari, Bugatti and Rolls-Royce cars, high-end champagne,…
Insolvency upswing – the surge in company dissolutions and the residual assets dilemma Dentons Read the original article here