New Australian Securities & Investments Commission (ASIC) data has revealed mounting financial pressure is leading to more Australian transport and logistics operators being pushed to the brink. The latest data shows insolvencies in the sector is rising, with businesses continuing to struggle amid rising costs, labour shortages, regulatory burdens and falling asset values. Business recovery…
Popular DNA testing company 23andMe has filed for bankruptcy after multiple failed takeover bids by its CEO, petitioning the US Bankruptcy Court to be allowed to sell its assets. Chief financial officer Joe Selsavage will take over as interim CEO from co-founder Anne Wojcicki, who resigned along with the announcement after multiple failed attempts to…
Insolvency proceedings against the employer’s assets (insolvency debtor) are initiated if one of the grounds for insolvency as defined in Sections 17f et. of the German Insolvency Code (Insolvenzordnung, InsO) applies (§ 16 InsO), i.e. if the insolvency debtor is either unable to pay (Section 17 InsO), at risk of being unable to pay (Section…
The Supreme Court on May 29 issued notice in set of appeals challenging the National Company Law Appellate Tribunal’s (NCLAT) decision allowing insolvency proceedings against embattled edtech giant Byju’s parent company, Think & Learn Pvt Ltd. The apex court sought responses on petitions filed by the Board of Control for Cricket in India (BCCI) and…
Forever 21 filed for bankruptcy protection for the second time in six years on Sunday and blamed fast-fashion e-tailers Shein and Temu for its demise. The retailer’s operating company is expected to cease all operations in the U.S. and has already begun liquidation sales at its more than 350 locations, but it’s still open for…
Microsoft continues to scale back its operations in Russia, with a notable development for one of its local subsidiaries. Reuters cited a note filed on the official Fedresurs registry on Friday as revealing that one of Microsoft subsidiaries in Russia plans to file for bankruptcy. Soon after Russia’s illegal invasion of Ukraine in February 2022,…
Uetersen-based Feldmuehle GmbH, a German manufacturer specializing in coated label papers and flexible packaging papers, has filed for insolvency under self-administration as it seeks to restructure and stabilize its operations. Feldmuehle submitted a petition to the local court in Pinneberg to initiate insolvency proceedings in self-administration on 27 May. The court has since approved the…
The struggle for democracy persists as we come into the second half of 2023. As the year progresses, we face lies, corruption, and violence. And so the fight for America will continue as Senate Republicans strive to prevent Democrats from passing even the most popular measures under Biden’s presidency. While prices skyrocket across the country…
Australians who say they have been left stranded overseas and broke after their travel agency collapsed have now been told the company was likely trading while insolvent. Melbourne-based agency Traveldream — which was registered as Australian Travel Deals Pty Ltd and sold discounted flights, cruises and international tour packages — collapsed in April and went…
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