Zhongzhi Enterprise Group, a Chinese shadow bank with deep ties to the country’s property sector, filed for bankruptcy Friday. The group no longer has the means to pay off its debts, according to a statement from Beijing’s First Intermediate People’s Court, which accepted the shadow bank’s bankruptcy application. Zhongzhi has looked shaky since late November.…
WEST HOLLYWOOD, CA – JANUARY 02: A processor (R) fills orders for bud tenders (L) who sell the … [+] product at MedMen, one of the two Los Angeles area pot shops that began selling marijuana for recreational use under the new California marijuana law today, on January 2, 2018 in West Hollywood, California. Los…
Since the pandemic, during which insolvency rates were low due to Government measures, there has been a considerable rise in insolvencies in the UK and many other jurisdictions. High interest rates have significantly increased the cost of borrowing and many companies are saddled with mountains of debt that was taken out in better times and…
Croydon Council has declared bankruptcy for the third time in two years. Photo by Dan Kitwood/Getty Images. This article was originally published on 19 December. It has been republished following the news that Middlesbrough council needs emergency financial help to avoid bankruptcy. Today Nottingham City Council declared bankruptcy, becoming the latest local authority to issue…
Katie Price has launched her latest money-making scheme after being declared bankrupt for a second time. The ex-glamour model is selling video messages to fans for a hefty price in a bid to make more cash. Katie, 45, announced she’s joined Cameo, a platform which enables fans to get in contact with their celebrity idols…
In a recent decision of the Supreme Court of New South Wales (In the matter of Pacific Plumbing Group Pty Limited (in liquidation) [2024] NSWSC 525), Justice Black determined that a payment made by a third party was not an unfair preference because the payment did not diminish assets available to creditors. Key Takeaways When identifying…
Until last summer, there were few concrete links between a slowdown in China’s property sector and a domestic shadow banking industry that has for years supplied middle-class savers with high-interest products. But that suddenly changed in July when longstanding wealth management group Zhongzhi ran into payment difficulties, making it the focal point of concerns about…
Former Wimbledon champion Boris Becker’s bankruptcy has officially ended, after a UK judge found he had done “all that he reasonably could do” to fulfil his financial obligations. The German tennis player was declared bankrupt in June 2017, owing creditors almost £50m. The High Court was told he still owed about £42m – but lawyers…
Insolvency practitioner John Vouris reflects on his 50 years in the industry and the recent boom in insolvency driven by the economy. Following events such as COVID-19, the Australian economy and small business industry are still trying to regain normal operations, with some SMEs still struggling to reverse the negative impacts. Hall Chadwick Partner and…
A new financial year looms. The government is reportedly in the mood for pre-election tax cuts; the opposition talks of iron fiscal discipline. And all around us, a familiar disaster grinds on: constant increases in demand on our most crucial public services, which the financially blitzed councils charged with providing them simply cannot meet. The…