Insolvency Practitioners Bill brings new protections for consumers and creditors – Mirage News

Legislation passed last night means liquidators will need to be licenced and meet basic standards of honesty and competence moves enacted to protect creditors and the public, Commerce and Consumer Affairs Minister Kris Faafoi says. The Third Reading of the Insolvency Practitioners Regulation Bill and the Insolvency Practitioners Regulation (Amendments) Bill address some failings of…

Collapsed CBL owes creditors $179 million – Insurance Business New Zealand

The liquidators of CBL Corporation have published their first report on the New Zealand-based insurers financial position, showing that it owes more than $179 million to creditors. Kordamentha, the appointed liquidator, stated that preferential creditors are owed $566,766, secured creditors are owed $6,617,438 and unsecured creditors are owed $172,801,592. CBL Corporation was placed in voluntary…

Leisure Cargo files for insolvency after loss of major contracts – theloadstar.com

Richair By Alexander Whiteman 11/06/2019 Leisure Cargo (LC) is to enter insolvency following the loss of contracts with TUI and another carrier. Aspokesperson for the GSSA confirmed to The Loadstarit had begun insolvency proceedings at a court in Dusseldorf, with White & Case appointed trustees. Reorganisation manager Tillmann Peeters, of Falkensteg Restrukturierung, said: We want…