Briefing highlights Insolvencies on rise Global markets tame so far New York closed for Independence Day Canadian dollar at about 76.5 cents What to watch for today Required Reading Insolvencies on rise More Canadians are finding they cant juggle their finances. Insolvencies among consumers rose in May to 12,375, up 5 per cent from April…
According to a newly-published report almost half of adults are currently in debt and owe an average of 6,465. But while credit cards and general overspending are responsible for this debt in some cases, it would seem the spiralling costs of paying for basic living is the most common reason adults are getting into financial…
When a business entity that is regulated by the Federal Energy Regulatory Commission (FERC) is closely related to another business entity, FERC takes the position that under some circumstances it may treat the two different legal entities as if they were one single entity. FERC ruled recently that it may disregard the corporate form in…
* Italian banks trying to offload unlikely to pay loans * Hedge fund DKCM in talks to take on some from Intesa * Deal could herald others, vital to restoring banks health By Valentina Za MILAN, July 3 (Reuters) – How do you value a bank loan on the brink of default in an economy…
A local company, led by a group of familiar Iron Range names, has successfully secured a portion of the assets of ERP Iron Ore with the hope of reviving scram mining operations. Scram mining previously was conducted on the West Range by Magnetation, a company experiencing rapid growth from 2008 to 2015. The firm got…
SAN JUAN, Puerto Rico (AP) A federal control board overseeing Puerto Ricos finances filed a lawsuit on Sunday to recover what it called massive fraudulent payments made by the islands power company to fuel suppliers for more than a decade. The lawsuit was filed against fuel companies Trafigura and Vitol for allegedly supplying low-grade oil…
Anyone who has ever set up their own business knows that, despite the cliche its not personal, its just business, when things start to go wrong and your business starts to struggle, it can feel very personal indeed. Whatever the reasons for the situation you and your business find yourselves in, its very unlikely that…
We appear to have another casualty in the increasingly competitive strobe market. According to ProfiFoto, TheDistrict Court of Wrzburg has ordered the provisional insolvency administration of the assets of German lighting manufacturer Hensel-Visit GmbH & Co. KG (Hensel). This isnt bankruptcy or the end of the business, yet, although the company does have a significant…
Enchanted Diamonds, an international online diamond retailer headquartered in New York City, has unexpectedly declared bankruptcy leaving customers in the lurch. The business which was registered as Online Diamonds International Corporation and formerly operated a showroom in Times Square filed for Chapter 7 bankruptcy in a New York court on 20 June. In the…
Johnston Carmichael, an independent accountancy and business advisory firm, has strengthened its leadership team with the appointment of a restructuring director. Jenn Stewart, brings 16 years of experience to her new role which forms part of Johnston Carmichaels strategic expansion of its restructuring team across the country. Having been based in Dundee for the last…