Olivier Pognon is the chief executive officer of the African Legal Support Facility (ALSF). Established in 2008 under a treaty signed by African countries, the ALSF was set up to help African countries escape the trap of exploitative vulture funds – hedge or private-equity funds that invests in debt considered to be very weak or in default, known as distressed debt.
Since 2008, the ALSF, an independent organisation hosted by the African Development Bank (AfDB) at inception, has helped African governments recover over $18bn in sovereign debt negotiations and unlock $72bn in private investment – all through expert legal support on complex contracts in areas including infrastructure, energy, natural resources, and public-private…
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African nations demand debt relief, increased aid and financial reform Devex
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The hiatus at Reflections Print Finishers appears to be reaching a conclusion, with directors Luke and Paul Hastings taking steps to put the business into creditors’ voluntary liquidation.
Begbies Traynor has written to creditors explaining that, if creditors and shareholders approve, Andrew Hook and Julie Anne Palmer will be appointed as joint liquidators at the shuttered Sidcup firm.
Creditors could also decide to use a different insolvency practitioner. The decision date is 30 May.
The Begbies letter, seen by Printweek, states that the firm was first approached by the Hastings brothers on 26 February “for advice regarding the company’s financial position”.
On 10 March Begbies…
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Abiy and Macron Forge Stronger Economic Ties as France Renews Commitment to Ethiopia’s Debt Relief and Investment Future Addis Insight
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All 4Front Subsidiaries File for Court-Appointed Receiver – Company Announcement Financial Times
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A Scottish mother paid nearly £200,000 to her daughter using funds due to a supplier just days after they decided their company was insolvent and would cease trading.
Hazel Lamont, 74, and her daughter Nicola Murray, 54, were directors of Scotparts UK Ltd, which was described on Companies House as being involved in the sale of machinery, industrial equipment, ships and aircraft.
The company, which had been trading since March 2006, was in financial trouble by October 2023 and both Lamont and Murray jointly decided Scotparts should stop trading due to debts it was unable to pay.
However, just two days earlier, the company received more than £300,000 from a customer.
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Africa Delivery Technologies (ADTL), the Dutch parent company of Nigerian last-mile delivery platform Kwik, has been declared bankrupt and placed under administration by an Amsterdam court following a court dispute with a former executive to whom the company owes about $50,000.
However, Kwik CEO Romain Peroit-Lellig insists that the company is financially sound. He says the filing does not affect Kwik’s operations in Nigeria, where it serves over 300,000 merchants, and recently raised $1 million in fresh funding.
This is the second known case of bankruptcy of a prominent logistics startup in Nigeria. In January, Gokada, another prominent last-mile delivery startup, filed for Chapter 11 bankruptcy,…
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No Claim? No Problem. Rethinking Creditor Rights in Insolvency Law Polity.org.za
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Microsoft and Amazon-backed AI ‘unicorn’ files bankruptcy MSN
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Australia’s diamond industry faces an unlikely future as the company behind one of the few remaining projects in the country announces it has gone into voluntary administration.
The company that owns the Merlin diamond mine in the Northern Territory on Friday said administrators were now in control of operations.
In 2021, the ASX-listed Lucapa Diamond Company took over the Merlin project, 720 kilometres south-east of Darwin, but was yet to resume production.
While the Merlin site is famous for producing Australia’s largest rough diamond, operators have not produced commercial quantities for more than 20 years.
There are no operating commercial diamond mines in Australia, veteran diamond specialist John Chapman says.
