If youre in a deep financial hole, is it worth considering bankruptcy and what happens if you do? We get some expert insight. By Mark van Dijk It can happen to anyone even famous folks like Mike Tyson, 50 Cent and Donald Trump (six times!) but what exactly does it mean? And what happens when…
Virgin Atlantic has declared itself bankrupt and is seeking protection from creditors in the US, according to a court filing in New York on Tuesday. The airline is seeking the protection under chapter 15 of the US bankruptcy code, which allows a foreign debtor to shield assets in the country. The announcement comes little more…
Updated: 2:12 p.m., Tuesday, Aug. 4, 2020 FBI agents raided a Downtown Cleveland high-rise office building that has been linked to Ukrainian oligarchs in a 2019 lawsuit alleging money laundering. A bureau spokeswoman confirmed agents were present at One Cleveland Center on East 9th Street Tuesday morning. The building belongs to Optima Management Group, a…
These are without doubt, unprecedented times. Small businesses in virtually every sector are struggling financially and facing concerns about what is ahead and how they will survive. Since May over a million bounce back loans have been issued, the 100-per-cent Government-backed loan scheme to support small businesses during the pandemic. But according to banks, its…
How did you move into specialising in insolvency? Newcastle born and bred, I moved to Sydney after finishing my commerce degree at Newcastle Uni. I joined accounting firm Grant Thornton when they were handling the restructure of Patrick Stevedores during the 1988 Australian waterfront dispute, which helped change Australian workplace law forever. I also handled…
Many Indian households are likely to experience financial distress in the aftermath of the Covid-19 pandemic. Unemployment rates, according to the Center for Monitoring Indian Economy, increased from around 8 per cent in February to approximately 23 per cent in May 2020. In many cases, especially for migrant workers, the situation has metamorphosed into a…
But in 2010 he brokered a Part X personal insolvency deal to repay creditors $3.3 million, plus a profit-sharing deal, to restructure $495 million in debt. He was subsequently declared bankrupt in 2012, and this was discharged in 2015. But he was arrested in 2017 and declared he is not guilty of 12 fraud charges…
How did you move into specialising in insolvency? Newcastle born and bred, I moved to Sydney after finishing my commerce degree at Newcastle Uni. I joined accounting firm Grant Thornton when they were handling the restructure of Patrick Stevedores during the 1988 Australian waterfront dispute, which helped change Australian workplace law forever. I also handled…
Unsecured creditors from across the cotton industry are being warned to expect to be repaid maybe just a fifth of their losses following the collapse of Chinese-owned merchant Weilin Trade owing about $58 million. Latest estimates suggest about 195 cotton growers, brokers, merchants and other service providers have lost money after Weilin bought cotton for…
Even before Belgian fashion group FNG was declared bankrupt this morning, the banks have blocked its wages: it is possible employees have worked for nought last weekend. Strike The wages for July have been paid normally for the employees of chains like Brantano, CKS, Claudia Strter and Miss Etam, but the banks are blocking the…