Germany-based GSA Leisure Cargo has filed for bankruptcy following the loss of a major contract. The company at one time counted 14 leisure airlines amongst its customer base, but last year lost a major contract with TUI to the ESC Group. Tillmann Peeters of restructuring firm Falkensteg Restrukturierung said that the company has applied to…
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…
A total of 347 people agreed deals with their lenders in the first three months of this year in situations where they are unable to pay the full amount. This was up 16pc on the number of arrangements put in place in the first quarter of last year, figures from the Insolvency Service of Ireland…
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…
If there is one word to describe Jet Airways it is this: beleaguered. The former Indian aviation giant is staring down the barrel of yet another major blow that could prevent them from returning to the skies. After collapsing in April, Jet Airways now could be headed towards bankruptcy as creditors seek to recover their…
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…
With the rise of online shopping and the e-commerce industry, it is no surprise that a number of high street stores, such as HMV and House of Fraser, have faced difficulties in recent times. Due to the ever-growing uncertainty of the market, more and more companies are becoming insolvent. But what does it mean if…
KEMMERER, Wyo. (AP) – A federal judge has approved the sale of a Wyoming coal mine following the owners bankruptcy. The Casper Star-Tribune reports that a judge in Houston, Texas, approved the sale of the mine in Kemmer… Read the full article at: https://www.washingtontimes.com/news/2019/jun/10/federal-judge-approves-sale-of-bankrupt-wyoming-co/
14:09, 10 June, 2019 YEREVAN, JUNE 10, ARMENPRESS. Surik Khachatryan, a former politician who twice served as Governor of Syunik (2004-2013, 2014-2016), has been declared bankrupt by a court, according to the Datalex online judicial information platform. According to the available documents the Armenian “ARMBUSINESSBANK”bank requested a court to declare the ex-governor bankrupt for…
Less than two months ago, gasoline prices were headed for $3 a gallon. Today theyre headed for $2 a gallon. This is good news for summer vacationers traveling by car on road trips to theme parks and national parks. Nearly a third of Americas drivers will take a trip by car this summer, burning more…