SUDBURY Laurentian University filed for creditor protection on February 1, citing years of operational deficits alongside decreasing enrolment and increased expenses due to the pandemic. As a result of recurring operational deficits in the millions of dollars, Laurentians factum says, LU is experiencing a liquidity crisis and is insolvent. Court documents indicate that the university…
2008 and 2020 arent the only times Australias economy has teetered. It was in the drink in the 1930s too. After the Wall Street stock market crash in New York in 1929, the world was plunged into The Great Depression. Black Tuesday hit Australia hard, with the collapse of international commodity prices, including wheat and…
Perini Navi declared bankrupt Last week, the Court of Lucca (Tuscany) rejected the plan to debt restructuring presented by the Perini Navi shipyard, declaring the company bankrupt. Founded in 1983 by Fabio Perini, the superyachts builder, known especially for the Maltese Falcon, has a cumulative debt close to 100 M. The bankruptcy comes despite british…
Despite the doom and gloom of the pandemic year of 2020, the Corporate and Personal Insolvency statistics for England and Wales appear to be a surprise. It is only when you unpack the reality of the figures that perhaps the true extent of the problem that companies and individuals in the UK are going to…
The Simplified Insolvency Programme (SIP) has been instituted to facilitate the restructuring or liquidation of micro and small companies (MSCs). The SIP was ushered in by the Insolvency, Restructuring and Dissolution (Amendment) Act 2020 (IRDA Amendment Act), with the relevant provisions recently commencing on 29 January 2021. It modifies the Insolvency, Restructuring and Dissolution Act…
BTN News Tuesday, 02 February 2021 The China-basedand formerly all-powerful HNA Group has been declared bankrupt. The diversified group controlled 14 airlines, had a global fleet of 900 aircraft and held shares in firms in a multitude of travel, tourism, logistics, finance and property verticals that made it one of the most prolific investors in…
Member Article Eleanor Temple, chair of insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, comments on the 2020 corporate and personal insolvency statistics for England and Wales: Corporate insolvencies There were 12,557 underlying corporate insolvencies in 2020 a fall of 27.1% from 2019s figure of 17,224. Underlying…
BELGRADE (Serbia), February 1 (SeeNews) Serbia’s Bankruptcy Supervision Agency is inviting bids for the sale of assets of insolvent bus transport company ATP Vojvodina, it said. The assets of ATP Vojvodina, with a combined estimated value of about 5.3 million euro ($6.4 million) will be offered for sale in three lots andinterested investors will be…
Small businesses have been urged to secure their assets and business loans on the Australian governments register of security interests ahead of an anticipated rise in insolvencies. Australian Small Business and Family Enterprise Ombudsman Kate Carnell believes many small businesses are not fully utilising the Personal Property Securities Register (PPSR) as protection in the event…
Liquidators for STA Travel Group have confirmed that creditors of the now-defunct agency network will not receive a cent by way of a return. The group made up of STA Travel Pty Ltd, STA Travel Academic Pty Ltd and IEP Pty Ltd collapsed in August last year after its parent companyfiled for insolvency, before being…