The Technical University of Kenya (TUK) has been declared insolvent by Parliament amid a deepening financial crisis marked by a Ksh12 billion debt and persistent salary delays for staff. The crisis has largely been blamed on a bloated workforce that exceeds the institution’s operational capacity, with payroll consuming Ksh270 million monthly. Additionally, TUK has failed…
The Technical University of Kenya (TUK) has addressed reports that the university has been shut down days after it was declared financially insolvent by the National Assembly. The Parliamentary Committee on Education on Wednesday, April 16, declared TUK insolvent amid a deepening financial crisis marked by billions of debts and persistent salary delays for staff.…
Screenshot: Weightwatchers.com WeightWatchers (WW) announced Tuesday that it is filing for bankruptcy in an attempt to crawl out of more than $1 billion in debt. The move comes as the company refocuses on prescribing weight loss GLP-1 drugs like Ozempic. The once-iconic weight loss company, controlled by parent company WW International Inc, said it plans…
GAC Fiat Chrysler Automobiles joint venture declared bankrupt MSN Read the original article here
After many failed attempts in the past, Base Corporation Limited (in Liquidation), a company previously involved in the manufacturing of lead-acid batteries, is once again set to undergo a joint e-auction for the sale of its assets. The e-auction, which will be conducted on 4th August 2025, will offer the company’s assets on an “AS…
Christchurch residential construction company Select Building has gone into liquidation with a total estimated shortfall to creditors of $329,500. That includes about $200,000 owed to Inland Revenue (IRD), which has started legal recovery action, while $10,000 in staff wages and holiday pay is in arrears. Select Building’s demise follows a long line of building firms…
Insolvency statistics for May show a rise from April but are down from a year ago, when the Bank of Canada had yet to start lowering interest rates. The 12,395 insolvencies in May was up 2.3 per cent from April, while down 2.6 per cent from May last year, according to data released Tuesday by…
Created: Jul 08, 2025 07:57 AM Rhys Williams, of law firm Conyers (File photograph) A Supreme Court ruling that allowed the sale of US Holdings Ltd’s main asset before liquidation is being hailed by legal experts as a turning point in how Bermuda’s courts oversee high-stakes decisions made by insolvency professionals. The controversial deal, worth…
According to Ashok Jain, a director at Borosil Renewables, the Indian glass manufacturer that has been the company’s majority shareholder since October 2022, demand for its products fell as low as 40% of its production output at the beginning of this year. GMB filed for insolvency last Friday (4 July) and its operations will now…
Matilda Omonaiye/ A Federal High Court sitting in Lagos has been asked to compulsorily wind up Allianz Energy and Oilfield Support Limited over its alleged inability to pay an outstanding debt of N62.1 million owed to a maritime firm. The winding-up petition was filed by Pier Dredging and Marine Technologies Limited, which claims the debt…