Virgin Atlantics rescue deal is something of a watershed in how companies can escape insolvency. The deal, which will involve Richard Branson and US hedge fund Davidson Kempner Capital Management injecting US$1.6 billion (1.2 billion) into the airline, uses the new restructuring plans made possible by the UK Corporate Insolvency and Governance Act 2020. While…
BELGRADE (Serbia), August 12(SeeNews) – The board of directors of Serbia’sJugoremedija has received three bids for the purchase of the insolvent pharmaceutical company’s assets, local media reported on Wednesday. The bids were placed by Czech Republic-based APS Capital Group’s subsidiary Project One, Turkey’s Birgim, and an unnamed Belgrade-based company,Tanjug news agency quoted the bankruptcy administrator…
A former Ferrari-driving businessman has declared bankruptcy after his four companies collapsed within eight months owing about 200 creditors $13 million. Sunshine Coast businessman Gordon Smith, who last year promoted his investment company as being “solid as a rock”, is unable to pay back the creditors of his four property development and wealth businesses, liquidators’…
I need some advice about my personal finance situation. I work for a company in Dubai, which has not paid my monthly salary of Dh14,000 since January. They put me on unpaid leave from April 2020 and there is no sign of going back to work in the near future. I have six credit cards…
US bankruptcies are on track to hit a 10-year high as the coronavirus pandemic recession continues to slam businesses, according to a Monday report from S&P Global. This year, 424 companies have gone bankrupt through August 9, surpassing the number of filings during any period since 2010, according to the report. Consumer-focused companies such as…
US bankruptcies are on track to hit a 10-year high as the coronavirus pandemic recession continues to slam businesses, according to a Monday report from S&P Global. This year, 424 companies have gone bankrupt through August 9, surpassing the number of filings during any period since 2010, according to the report. Consumer-focused companies such as…
The biggest threat to farmers with financial issues is that they are going to the wrong people for advice or looking for that advice too late, according to Gary Digney. he chartered accountant and personal insolvency practitioner devised a recent landmark Personal Insolvency Arrangement (PIA) for a Roscommon farming couple who owed more than 500,000…
NEW data has revealed the number of personal insolvencies recorded in Mackay and Whitsunday in June quarter 2020, compared to March quarter 2020. The figures by Australian Financial Security Authority show new personal insolvencies fell 21.6 per cent in capital cities in the June quarter compared to the previous quarter. They decreased in all capital…
Payment freezes on personal loans are masking the true nature of deteriorating personal finances, an insolvency expert has warned. Analysis by debt industry data company TDX Group found the volume of individual voluntary arrangements (IVAs) and trust deeds decreased by 39 per cent between the first and second quarter of 2020 and is down 38…
Understanding how your marriage contract will impact the management of your familys finances is essential to a happy marriage and a secure financial future, notes Cyber Finance, a debt management company. If you get married without drawing up an ante-nuptial contract, you will automatically be regarded as being married in community of property because this…