Category Archives: Bankruptcy

German court orders Greensill Bank windup, after British parent’s insolvency filing – DW (English)

Insolvency proceedings at Greensill Bank, sought by Germany’s BaFin financial regulator, now have court backing as German municipalities fear hefty deposit loses. A German court appointed an insolvency administrator to Greensill Bankon Tuesday, as requested by BaFin, Germany’s previously criticized financial regulator. Specialist lawyer Michael Frege will wind up the bank, reportedly with 3.6 billion…

Alitalia close to open tenders for units as Rome revises relaunch plan – Reuters

By Reuters Staff 2 Min Read FILE PHOTO: Two workers are seen next to an Alitalia plane at Fiumicino airport in Rome, Italy, March 5, 2021. REUTERS/Remo Casilli ROME (Reuters) – Alitalia is close to launching open tenders to sell off its handling and maintenance businesses as the government is negotiating and revising the new…

Can insolvency legislation save struggling fishing firms? – insider.co.uk – Insider.co.uk

Whether it is the continuing impact of Covid-19 or the more recently reported effects of Brexit, media comments proliferate about the financial distress faced by numerous businesses in Scotland who are involved with fish catching, processing and selling. Although a fund has been established by the UK Government to try to help businesses survive in…

Bankruptcy can be a means to an end or to a better future – UPSTATE BUSINESS JOURNAL – Upstate Business Journal

Businesses have been hit hard this year by the pandemic, with many stores closing every week. Bankruptcy has been on the rise as the economic toll continues to affect almost every industry. Here in the Upstate, stores we used to visit to often such as Brooks Brothers, Belk and Stein Mart are now going through…

Greensill-Owned Bank Declared Insolvent, Causing Losses for Small German Towns – The Wall Street Journal

A German court on Tuesday declared that a small bank tied to a collapsed U.K. finance company was insolvent, triggering losses for dozens of small German towns. Greensill Bank AG was deemed insolvent by a local court, leaving the towns as creditors that will likely sustain losses. Around Germany, at least 12 towns with a…

Bankruptcy can be a means to an end or to a better future – UPSTATE BUSINESS JOURNAL – Upstate Business Journal

Businesses have been hit hard this year by the pandemic, with many stores closing every week. Bankruptcy has been on the rise as the economic toll continues to affect almost every industry. Here in the Upstate, stores we used to visit to often such as Brooks Brothers, Belk and Stein Mart are now going through…

Kerry Katona on how passion for luxury cars led to bankruptcy – Metro.co.uk

Losing all her money taught Kerry who her real friends are (Picture: Bailey-Oscar) Kerry Katona, 40, has been on more roller coasters financially than a week at Alton Towers. As a founding member of chart toppers Atomic Kitten and a winner of Im A Celebrity she has made millions but also been declared bankrupt twice.…

Czech Airlines Declared Bankrupt After Previously Laying Off Staff – Simple Flying

Advertisement: The fifth oldest airline in the world, Czech Airlines, has been declared bankrupt in Prague last week. The airline is in debt to 266 creditors, mostly suppliers, and 230,000 passengers who are awaiting refunds for canceled flights. The total debts equal $82 million. Czech Airlines is now officially bankrupt. Photo: ERIC SALARD via Wikimedia…

Government Spyware Firm That Put Rogue Apps on Play Store Goes Bankrupt – VICE

A company that sold spyware to Italian cops has declared bankruptcy. In 2019, Motherboard reported that a company named eSurv was distributing malware on the Google Play Store. At the time, our investigation found that eSurv had infected around 1,000 targets, several of them just innocent citizens that did not commit any crime. A few…

American Equities case progresses – The Columbian

After nearly two years of waiting, investors in a group of defunct mortgage pools formerly managed by Vancouver-based firm American Equities could start to see some money find its way back to them although probably not as much as they were hoping. The 15 investment pools were declared insolvent in May 2019 and placed into…