23 Jul 2020 Nearly two thirds of insolvency professionals who expect personal insolvencies to rise this yearbelievethe increase will kick inbetween October and December,a study has found. Lauren Tavener Recent History and Economics graduate and content writer for Credit Strategy. Lauren Tavener Recent History and Economics graduate and content writer for Credit Strategy. R3, the…
When the pandemic eventually recedes and you feel comfortable shopping in malls again, theres a good chance the retail landscape will look very different. For instance, there will be far fewer Ann Taylor, Lane Bryant, and Loft stores to shop from. Ascena Retail Group, the umbrella company that owns these brands along with Catherines, Justice,…
Throughout the coronavirus crisis, CBS is providing weekly updates on the number of bankruptcies pronounced by Dutch courts. The weekly updates are normally released on Thursdays at 12.00 p.m. Not including sole proprietorships, there were 46 bankruptcies in week 29. This is 10 down on the previous week. In addition, 11 sole proprietorships were declared…
Andorra-based European LED screen and lighting manufacturer Llum Creativa, trading as ARCH LED, has been declared insolvent. An administrator, Lourdes Alonso Martnez, has been appointed by the court in Andorra and creditors have 30 days to make contact. The company was founded in 2003 by Belgian entrepreneur Sebastian Clement, and initially served the entertainment and…
A French court on Tuesday placed long-distance coach company Eurolines into compulsory liquidation, a lawyer for the firm’s employees told AFP. After 35 years, the French transport giant will stop operations on Friday. It came after Eurolines was bought out by German group FlixBus last year, but unions have claimed the holding company refused to…
The number of people going financially insolvent is poised to spike in the run-up to Christmas as businesses fail and unpaid debts mount up, a survey of experts suggests. The majority of personal insolvency experts who think there will be an increase in cases in the coming year think the spike will happen towards the…
The airline Jet Time has filed for bankruptcy, but will re-emerge under the name Jettime A / S as a new Danish charter company. “I am convinced that post-coronavirus there is room for a strong, independent and profitable Danish charter airline that can serve Nordic charter customers. The charter market is not expected to return…
Secondly, the companys response to enhanced risk and the high claims environment has been to significantly increase premiums. In the second quarter, the group-wide insurance renewal rate was boosted by 10.1 per cent. At this stage QBE expects COVID-19 to cost it $840 million over the next 18 months. Of this, it will take a…
A separate accounting firm, McGrath Nicol, had been providing ”safe-harbour” advice to the McWilliam’s directors before that. Safe-harbour provisions in the Corporations Act are aimed at helping directors navigate through complex rules as a company attempts to restructure in pursuit of a better overall outcome. “McGrath Nicol, who had been providing Safe Harbour Advice to…
Company insolvencies are forecast to rise sharply in the UK over the coming months as government support measures are unravelled. Begbies Traynor, the insolvency specialist, warned businesses were facing the double whammy of accruing liabilities and the withdrawal of state support schemes. I expect well see numbers of insolvencies in excess of what we saw…