The former head of a contracting firm charged with embezzling almost $6.5 million during construction of a Russian spaceport and spending money on luxury goods has received a suspended sentence and escaped jail time. The Vostochny Cosmodrome, a $3 billion project seen in Moscow as vital to secure Russias independent access to space, has been…
German TV Company Loewe which is 96 years old has called in the administrators, but insiders are tipping that a new look Company could emerge as investors snap up assets and investors take advantage of the strength of the Loewe name and history. In Australia the brand is distributed by Indi Imports. According to people…
Avante Recruitment Ltd was incorporated in February 2015 as a company that specialised in recruiting candidates for finance, accountancy and insolvency roles. From mid-2016, however, Avante Recruitment failed to make adequate tax payments and did not always file tax returns when due. This eventually led to the company entering into Creditors Voluntary Liquidation in September…
Some are trying to keep cars and properties out of the hands of the bankruptcy officials and their creditors, with others suspected of illegally transferring assets to relations before opting for bankruptcy. The Insolvency Service of Ireland has disclosed it is investigating 210 cases. Hidden assets worth 3.8m were recovered in one instance, according to…
Image Source: Metal Bulletin x DOWNLOAD French SKTB Aluminium Declared Insolvent French SKTB Aluminium Declared Insolvent SKTB Aluminium a French downstream aluminium producer went into administration earlier this month after the local commercial court declared the company insolvent. The closure of SKTBs factory in Gorcy in north-eastern France followed a failed last-minute attempt to secure…
The High Court has delivered a landmark decision in prioritising employee entitlements in insolvency, irrespective of whether the company was trading in its own right or as a trustee. Last week, the High Court dismissed an appeal in Carter Holt Harvey Woodproducts Australia Pty Ltd v The Commonwealth of Australia and Others [2019] HCA 20.…
environment Insolvency documents for fossil-mining company Plaman Resources show there aremillions in the bank and few current liabilities. The offshore company, which had plans to mine a fossil-laden maar in Middlemarch for diatomite, quietly went into receivership late last week. When information from a leaked Goldman Sachs report hit the press, local support for the…
The Insolvency Resolution Professional (IRP) appointed by the National Company Law Tribunal (NCLT) has told the pilots and staff of Jet Airways that their salary dues may not be settled fully as the company is undergoing the insolvency process. In a meeting with the Jet management the IRP, Ashish Chhawchharia, Partner, Grant Thorton, charted out…
New Delhi: Insolvency proceedings have been initiated against debt-ridden Jet Airways, which formally stopped flying on 17 April and saw lenders voting for bankruptcy earlier this month. The cash-strapped company became the first domestic airliner to go into bankruptcy after the Mumbai bench of the National Company Law Tribunal (NCLT) admitted an insolvency petition filed…
A Russian metal and mining group whose biggest shareholder is the billionaire oligarch Roman Abramovich is interested in acquiring part of British Steel, according to people aware of the situation. As the clock ticks down on efforts to find a buyer for the UKs second-largest steelmaker following its collapse into insolvency, Evraz is eyeing up…