The global pandemic has signalled the end for another travel company, with STA Travel left unable to pay its bills. The youth travel advisor has filed for insolvency, advising in a statement that an external administrator will be taking over in the next few days to determine the next steps. While the parent company STA…
We should take note of lessons from the past and seize the opportunity to build a better corporate insolvency system. In its January 2020 annual survey of perceptions of thirty global risks, the World Economic Forum (WEF) ranked infectious diseases tenth in terms of impact, though well down in the bottom-half of expected likelihood. There…
Facts Supreme Court decision Comment In its decision in Mineral Libin (HR-2020-257-A) the Supreme Court clarified the mandatory scope of the Insurance Contract Act and the application of the general Time Bar Act in direct actions against protection and indemnity (P&I) insurers under Norwegian law. Facts The dispute arose out of an incident that took…
Eleanor Temple, chair of the insolvency and restructuring trade body R3 in Yorkshire and a barrister at Kings Chambers in Leeds, comments on todays publication of the July corporate and personal insolvency statistics: The month-on-month rise in corporate insolvencies in July is largely down to an increase in administrations, Compulsory Liquidations, and Creditors Voluntary Liquidations…
Philip Winterborne, chair of insolvency and restructuring trade body R3 in Wales and a partner at Temple Bright solicitors, comments on the recent publication of the July corporate and personal insolvency statistics: The month-on-month rise in corporate insolvencies in July is largely down to an increase in administrations, Compulsory Liquidations, and Creditors’ Voluntary Liquidations (CVLs).…
Pizza Hut operator NPC International, which declared bankruptcy in July, reached an agreement with the pizza chain to permanently close up to 300 stores. NPC entered bankruptcy with more than 1,200 Pizza Hut locations. Most of the potentially closing units are dine-in, which is in line with Pizza Huts ongoing strategy to move toward off-premises.…
Economy Why broke Kenyans are shunning bankruptcy Monday, August 17, 2020 10:20 By OTIATO GUGUYU The Supreme Court of Kenya. FILE PHOTO | NMG Kenyans are avoiding filing for bankruptcy amid mounting debts and a rise in seizure and auction of defaulters properties. Official data shows that only four Kenyans filed for bankruptcy in the…
Member Article Corporate insolvencies in England and Wales increased by 29% when compared to June 2020 but are 34% lower than in July 2019 Personal insolvency numbers in England and Wales decreased when compared to June 2020 (12% lower) and July 2019 (40% lower) Eleanor Temple, chair of the insolvency and restructuring trade body R3…
With household financial stress levels rising as a result of the economic impact of COVID-19, it would be a fair bet that debt management companies like FSA Group would be doing good business. But thats not the case. FSA released its 2019/20 financial report on Friday, disclosing a significant reduction in the number of consumers…
The former owner of Wigan Athletic, Au Yeung Wai Kay, sought to put the club into administration before he had even completed his controversial takeover, key documents reveal. A new timeline of the Wigan takeover is pieced together in the written reasons detailing the rejection of an appeal against the clubs 12-point deduction for insolvency,…