Getty Images Zhongzhi lent billions to China’s crisis-hit property developers A major Chinese shadow bank has filed for bankruptcy on the grounds it was unable to pay its debts. On Friday, a Beijing court accepted the application from Zhongzhi Enterprise Group (ZEG), which has lent billions to real estate firms. Chinese officials launched an investigation…
Express Inc., the clothing retailer that’s a staple in US malls, filed for bankruptcy with plans to sell itself. The company received an offer from brand manager WHP Global and mall landlords Simon Property Group Inc. and Brookfield Properties to purchase the company’s operations and most of its stores, according to a statementBloomberg Terminal on…
Esprit Europe GmbH and six other German companies of the fashion group will file for insolvency under self-administration on Wednesday, the company said, as Hong Kong-listed apparel group Esprit Holdings seeks to restructure its European business. This is the second insolvency procedure within four years for Esprit, which had laid off around a third of…
Stay informed with free updates Simply sign up to the Chinese business & finance myFT Digest — delivered directly to your inbox. Zhongzhi, the conglomerate at the centre of China’s $3tn shadow banking market, has filed for bankruptcy, saying that it was “severely insolvent”. A Beijing court accepted a bankruptcy and liquidation application from Zhongzhi…
Amsterdam-based Rodeo Software, a cloud-native project management software provider, has been declared bankrupt by the court in Amsterdam by termination of the suspension of payment on Wednesday, April 24. The announcement comes a week after the Dutch company got into a controversy following allegations of financial irregularities. A brief overview As a result, US-based growth…
Data from the Australian Financial Security Authority (AFSA) has found a significant rise in personal insolvencies for the March 2024 quarter. According to the report, there has been a 19.5% increase compared to the same period last year. Unsurprisingly, economic challenges have been contributing to this rise, including cost of living pressures. However, a large…
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…