Singapore introduces regulatory regime for insolvency practitioners as new law comes into force – Out-Law.com

The act will make substantial changes to Singapores corporate insolvency laws in particular, while retaining most existing personal insolvency provisions. It sets out common principles and aligns procedures across the previous regimes under a single law, rationalising existing inconsistencies and minimising uncertainty that has previously existed due to cross-referencing across the various pieces of legislation.…

Remington files for Chapter 11 bankruptcy protection, again – CBS News

Remington Arms, the nation’s oldest gunmaker, has declared bankruptcy for the second time in as many years. Remington first soughtbankruptcy protection in 2018after reporting nearly $1 billion in debt. Although the company exited court supervision that same year, it remained weighed down by lawsuits and retail sales restrictions following the2012 Sandy Hook school massacre. The…

UK Corporate Insolvency and Governance Act: Standalone Moratorium – The National Law Review

Tuesday, July 28, 2020 On 26 June 2020 theCorporate Insolvency and Governance Act 2020(the Act) came into force, introducing a number of permanent reforms to English insolvency and restructuring law. Among these reforms is a standalone moratorium available to any eligible company that is, or is likely to become, unable to pay its debts. Eligible…

Big Retail Group Offers Up $1.4 Billion To Settle Accounting Scandal After Off loading Harris Scarf – ChannelNews

Steinhoff, the corrupt South African retail group who changed their name to Greenlit Brands in Australia and were responsible for the questionable sale of Harris Scarf, that saw consumer and appliance distributors owed millions is offering up A$1.4 Billion dollars to settle a multi-billion dollar accounting scandal. Greenlit Brands CEO Michael Ford, he was not…