Metropolitan Sacco now insolvent, declares State – Nation
Metropolitan Sacco now insolvent, declares State Nation Read the original article here
Metropolitan Sacco declared insolvent; members lose billions in savings
Troubled Metropolitan Sacco has been declared insolvent. This was announced by the Commissioner for Co-operatives David Obonyo who said that the Sacco would require Sh7 billion to resume normal operations. “Metropolitan Sacco is technically insolvent and that is a fact. The little amount that we were able to spot and outrightly felt was mismanaged was…
Indonesian textile maker declared insolvent with $2.1bn in debts
Companies More than 12,000 Sritex workers to lose jobs in blow to nation’s manufacturing sector One of Indonesia’s largest textile manufacturers was declared insolvent on Friday after a long legal battle over liabilities of $2.1 billion. More than 12,000 workers will lose their jobs. (Photo by EPA/Jiji) ISMI DAMAYANTI February 28, 2025 19:37 JST JAKARTA —…
What This Means For The Grocery Aisle
DENYSOFF/Shutterstock An icon of American orange juice is facing a money crisis. According to Debwire (via CNN), Tropicana Brands Group, whose eponymous orange juice brand is one of the best, has recently suffered a 10% loss in quarterly income and a 4% quarterly revenue loss. The consistently lagging…
Lilium Aerospace Files For Insolvency Again After Funding Collapse
Lilium Aerospace, a prominent player in the burgeoning electric vertical take-off and landing (eVTOL) industry, has once again found itself in turbulent skies. The company has now filed for insolvency for the second time. This latest filing comes amid financial setbacks after a promise of funding support failed to materialize. Lilium becomes the latest casualty…
Strange Intervention in the Sritex Case
TEMPO.CO, Jakarta – The Sritex bankruptcy liquidators could not work properly to recover loans owed to creditors. There were threats from senior police officers. THE protracted bankruptcy proceedings of Sri Rejeki Isman, or Sritex, a company with 50,000 employees, are the result of government interference. The plan to save the integrated textile company through a…
Wireless and UK Satellite Broadband ISP Brdy Facing Insolvency
Satellite internet provider Brdy, which offered a mix of satellite and wireless (5G) broadband solutions to rural parts of the UK, appears to be in difficulty after customers of the service started reporting a lack of support and connection problems. Shortly after that, the same users noted how their accounts had been taken over by…
Elon Musk 'warns' at Donald Trump's cabinet meeting: America will go bankrupt, if we don't … – The Times of India
Elon Musk ‘warns’ at Donald Trump’s cabinet meeting: America will go bankrupt, if we don’t … The Times of India Read the original article here
NCLAT sets aside insolvency proceedings against Coffee Day
New Delhi: The National Company Law Appellate Tribunal (NCLAT) on Thursday set aside the insolvency proceedings against Coffee Day Enterprises Ltd (CDEL), which owns the Cafe Coffee Day chain. A two-member NCLAT bench of Chennai bench comprising justices Sharad Kumar Sharma and Jatindranath Swain set aside an earlier order passed by the Bengaluru bench of…
Debt recovery business shut down by the Insolvency Service
A Bristol-based debt recovery company which collected debts for businesses and individuals but failed to forward on all the money has been shut down. Encore Capital Group Inc Ltd, which traded as Encore Debt Recovery, cold-called businesses and individuals offering to recover commercial and consumer debts in return for an up-front fee or a percentage…