By Reuters Staff 3 Min Read KUALA LUMPUR (Reuters) – Malaysias former prime minister Najib Razak has been served with a bankruptcy notice for failing to pay more than $400 million in unpaid taxes, a move that the ex-premier described as an attempt to destroy his political career. FILE PHOTO: Former Malaysian Prime Minister Najib…
Japanese insurer Tokio Marine and the Australian Tax Office were listed as yet to be quantified. The shift to liquidation from administration will give Grant Thornton greater powers to investigate Greensills collapse and gather documents, including examining whether former directors or officers of the company had committed any offences that need to be reported to…
A closely-watched report has noted the largest quarterly leap in the number of businesses suffering significant financial distress since 2014 following a year of coronavirus disruption. The latest Red Flag Alert produced by insolvency specialists Begbies Traynor measured a jump of 93,000 firms in the first quarter of 2021, a period that took in the…
EXECUTIVE SUMMARY A Pre-Pack Sale is the sale of all or substantially all of an English companys assets to a third-party purchaser immediately or shortly after the distressed company goes into a UK rescue procedure called administration. The attraction of a Pre-Pack Sale is the speed of the transaction, which helps preserve the value of…
However, even where businesses have failed, their brands have survived. For example Topshop and Topman were bought by ASOS for 330 million, with the deal meaning the survival of their brand names while the physical stores closed down. Those in the fashion industry need to evaluate and assess their intellectual property (IP) assets and licensing…
Diamonds are forever. Diamond dealers, not so much. Swamibu/Wikimedia The Antwerp prosecutor has started an investigation into the mysterious bankruptcy of the company that formerly stood in first place among the citys diamond dealers. Eurostar Diamond Traders, owned by the family of 71-year-old Kaushik Mehta, was at one point the diamond citys major trader in…
Law360 (April 20, 2021, 5:56 PM EDT) — A California federal judge Tuesday rejected Bank of America’s bid to dismiss claims it violated state law when it incorrectly reported that a customer had declared bankruptcy, saying a failure to do a reasonable cross-check of his information would have violated California law. In her ruling, U.S.…
Debts to the state and social security entities will be forgiven for debtors who are also relieved of other arrears in case of bankruptcy, according to a ministerial decision regarding the application of the new bankruptcy code. The exemption from the payment of requirements will concern both individuals and companies and will be granted 36…
Tue, 20 Apr 2021 | BUSINESS NEWS Government figures show that UK company insolvencies rose 44.8 per cent from 685 in February to 992 in March, as the impact of the COVID-19 pandemic on businesses began to become clearer. UK company insolvencies, as well as administrations, have largely remained low since the onset of the…
According to the reports sent to the commercial court number 2 of Alicante by the bankruptcy administrator of the Agricultural Cooperative of Altea, which started its insolvency procedures on February 13, 2020, and was declared bankrupt on February 11, 2021, the cooperative and its Villaranja subsidiary have debt amounting to 28 million euro, 4 million…