Stay informed with the latest in insolvency news and industry updates. We can keep you up to date with insolvency and finance information from around the world.
According to the German business publication Wirtschaftswoche, the Austrian aircraft manufacturer Diamond Aircraft is taking over the insolvent company from
2024 has seen one of the most significant insolvency cases in recent years. In June, Justice Leech handed down his judgment on the claim brought by the liquidators of BHS against certain of its former directors for wrongful trading and misfeasance. This judgment is likely to have important consequences for the D&O market.
It was particularly noteworthy as it was the first time that the directors of a company had been found guilty of the novel claim of ‘misfeasant trading’.
Once it becomes probable that a company will enter insolvent administration or liquidation (or the company is insolvent or is bordering on insolvency), the…
The National Company Law Tribunal (NCLT), New Delhi, recently approved the Rs 41.26-crore resolution plan submitted by The Statesman Limited for the debt-ridden United News of India, or UNI.
Pooja Bahry, the resolution professional, ensured the resolution process does not drag on for years, and managed to take it to its successful closure within a period of two years. Bahry, is one of the over 450 qualified female insolvency professionals. She is affiliated with the Insolvency Professional Agency of the Institute of Cost Accountants of India.
An alumna and Gold Medalist of Shri Ram College of Commerce (SRCC), Delhi University, Bahry was among the pioneering women in India’s insolvency sector, being the third…
An events company in New Zealand has been liquidated shortly after one of its conferences suffered an outbreak of COVID-19.
Liquidators were appointed to Dinamics Destination Management on 20 March, according to the New Zealand government’s online records, exactly one week after it wrapped up the 2020 World Hereford Conference in Queenstown, held on behalf of NZ Herefords.
Over 60 delegates from Australia attended the conference, which included a wide range of bovine-related topics and agricultural tours. The event is also understood to have attracted attendees from North and South America, Europe, the UK, and South Africa.
According to Kiwi news outlet Stuff, 17 cases of COVID-19 were traced back to the World Hereford Conference,…
According to the German business publication Wirtschaftswoche, the Austrian aircraft manufacturer Diamond Aircraft is taking over the insolvent company from Bruchsal. Diamond is owned by the Chinese automotive supplier Wanfeng. According to the report, the Austrian company primarily does business with motorised gliders and small aircraft for the private market but also has ambitions in the electric aviation sector. Volvocopter itself only officially confirmed that it is still in talks with investors.
However, Wirtschaftswoche has learnt from people close to the company that a deal has been agreed with Diamond. The amount of the sale is not yet known, but the new owner intends to reduce the Volocopter team from around 500 to around 160…
Michael Sheen has written off £1 million ($1.29 million) of debt for 900 people using £100,000 ($129,000) of his own money.
The Welsh star, famed for roles in Good Omens, Twilight and more recently, A Very Royal Scandal, has started a debt acquisition company to help the group in his native south Wales. The business venture is documented in an upcoming Channel 4 documentary Michael Sheen’s Secret Million Pound Giveaway, set to air in the U.K. next week. Fremantle is handling global distribution for the title under Michael Sheen’s Debt Heist.
Sheen’s show aims to reveal how banks and finance companies are profiting from the country’s most vulnerable.
Japan’s ambassador to Sri Lanka Akio Isomata (left) with Sri Lanka finance ministry secretary Mahinda Siriwardana after signing the debt restructuring agreement (Ishara S. KODIKARA)
Sri Lanka signed a deal with Japan Friday to restructure $2.5 billion in loans, marking the first agreement with bilateral creditors who had pledged debt relief to the cash-strapped nation last year.
Japan said it was granting concessions on a 369.45 billion yen ($2.5 billion) loan under a comprehensive debt treatment plan, which the International Monetary Fund considers essential for Sri Lanka’s economic recovery.
“The development of Sri Lanka, which is located at a strategic point in the Indian Ocean, is essential for the stability and prosperity of…
To the Editor: At the Office of the Health Care Advocate, we often hear from Vermonters who are forced to make impossible choices between getting medical treatment and paying for basic needs like food, housing and heat.
Our office sees the toll that medical debt takes on families. When we interviewed Vermonters across the state about the impact of medical debt on their lives, the message was clear: they appreciate the care they received, they like and trust their providers and want them to be paid but often simply do not have the money. As a result, Vermonters too often avoid necessary care because they are…
STATEN ISLAND, N.Y. — Liquidation sales have begun at the Forever 21 store in the Staten Island Mall, with signage indicating that all merchandise is reduced by 20% to 50%, as the New Springville store is among 200 locations that will soon be shuttered.
PIX11 first reported the Staten Island closure last week, indicating that a total of 36 Forever 21 stores in the New York/New Jersey area are on the chopping block. Locations in Brooklyn and Manhattan, and the New Jersey stores in Woodbridge, Menlo Park and Freehold all made the list.
An employee who answered the phone at the Staten Island store confirmed the closure, but said they were unsure of the timeline, explaining that the location “could be open for about another two months,…
The Department for the Economy (the Department) has accepted a disqualification undertaking from the director of a company involved in unlicensed restaurants and cafes.
The undertaking was received for six years from James Deery (45) of Nutts Corner Road, Crumlin, in respect of his conduct as director of Stacks Group Limited.
The Company was involved in unlicensed restaurants and cafes with a registered office at 28a Mallusk Road, Newtownabbey, BT36 4PP. The Company went into liquidation on 17 February 2022 with an estimated deficiency as regards creditors of £131,708.33. There was a total of £5…
