Feb 15 Bulgaria’s central bank on Monday launched an independent asset quality review of commercial banks in an effort to restore trust in the banking system after the collapse of its fourth-largest lender in 2014. The central bank has approved auditors who will check the credit portfolios of the 22 banks that operate in the…
Current Insolvency provisions under the Australian Corporations Act impose a duty on Directors not to trade while insolvent, but also not to trade in a manner that will lead it to insolvency. Although this may not appear too onerous an obligation, it can actually be trickier than it seems. Some companies regularly flirt with insolvency,…
The taxman and small businesses face losing out on millions of pounds after clothing retailer Blue Inc used a controversial insolvency procedure to close loss-making stores. HMRC could lose £3m and suppliers £31.6m after Blue Inc, which also owns the Officers Club, used a pre-pack administration to get rid of 76 stores and cut 500…
Under the feudal mode of production, peasants were often allowed to cultivate plots of land for themselves on a rental basis. However, those tenant farmers rarely succeeded in becoming landowners in their own rights because a major share of what they harvested was taken away by landlords as rent, often leaving them with a bare…
Nathan Tinklers company Australian Pacific Coal has taken a crucial blow, with Tinkler stepping down from the board over a new bankruptcy ruling. Newcastle Herald reported that a Federal Court judgement found Tinkler bankrupt over the sale of a luxury jet. Trading in Australian Pacific Coal shares was suspended on Tuesday following the ruling. Tinkler…
On Feb. 11, German Pellets GmbH announced a German court has appointed a provisional insolvency administrator with regard to insolvency proceedings that have been initiated against the assets of the company. A statement issued by German Pellets indicates the insolvency court in Schwerin, Germany, has appointed Bettina Schmudde, a lawyer with the firm Kanzlei White…
On Feb. 11, German Pellets GmbH announced a German court has appointed a provisional insolvency administrator with regard to insolvency proceedings that have been initiated against the assets of the company. A statement issued by German Pellets indicates the insolvency court in Schwerin, Germany, has appointed Bettina Schmudde, a lawyer with the firm Kanzlei White…
A property developer who used the gravestones of children to pave his patio has been declared bankrupt . Kim Davies, 61, fought a costly three-year legal battle after he was accused of vandalising the house that inspired All Things Bright and Beautiful. He was fined £60,000 after admitting planning offences last year and was ordered…
Forge in court win The receivers for collapsed engineering Forge Group have won a circa $50 million court victory in a dispute over the ownership of four gas turbines. The NSW Supreme Court yesterday ruled in favour of Forge Group Power and against General Electric and APR Energy in the biggest award since new personal…
A court has overturned the refusal of a bank to agree to an insolvency deal for a Co Monaghan couple. The development means the original proposal of a 50% write-down of mortgage debt, or a 150,000 reduction in the loan on the family’s home, will now proceed. This is the first time a court has…